Ranked #8 in the crypto world by market cap and known as the Ethereum killer, Polkadot (DOT) is now armed to the teeth against its rivals after the successful completion of its parachain auction. The founder of the altcoin project, Dr. Gavin Wood says the new situation will give more freedom to developers who want to work on Blockchain. The founder of the project, which has become ambitious with the added functionality, is at the target of its rival, the leading altcoin Ethereum. For details of the news cryptocoin.com keep reading.
Polkadot founder: Ethereum users become its economic slaves
Dr. Following the completion of the first parachain auction, Gavin Wood explains why the network is useful and praises the project. In an interview, the founder of Polkadot states that the new model of the altcoin offers a free application model to the builders, and says that this is a significant difference between Ethereum and other competitors’ systems. Dr. Gavin Wood makes heavy criticism about the leading altcoin, of which he is also a co-founder:
Users of applications built on Ethereum become its slaves economically. These users have to trade Ether on another token that allows them to use Ethereum, and often any application built using Ethereum smart contracts.
Under the Polkadot parachain model, developers can create layer-1 Blockchains to operate within the Polkadot ecosystem while being secured by the central relay-chain. According to the Polkadot founder, these parachains have the advantages of specialization, flexibility and scalability. Basically with the idea of interoperability, Dr. Gavin Wood believes that parachains will play an integral role in the future of Blockchain technologies. Users simply rent one of the parachain slots and do not need to buy or even learn about Polkadot’s native token DOT. Also co-founder of Ethereum, Dr. Gavin Wood says that despite its seemingly innovative nature, Ethereum is not really different from Bitcoin.
It’s really Bitcoin, it’s just some extra scripts. Just as Bitcoin miners can choose to include this Bitcoin transaction instead of this Bitcoin transaction, they decide for themselves which transactions to include.
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