Rocket ICO Giving you a better way to make your decisions and enjoy the process of ICO backing

  • Lydian ICO
  • Markets
Latest News
  • LUNA falls sharply on Do Kwon’s arrest allegations   |   23 Mar 2023

  • Nimiq brings gas-abstracted USDC feature to Polygon   |   23 Mar 2023

  • Coinbase receives a Wells notice from the U.S. SEC   |   23 Mar 2023

  • Tether’s USDT receives major boost from Telegram   |   22 Mar 2023

  • Iotex price turns green after major DAO vote   |   22 Mar 2023

  • Macro strategist says Bitcoin could be in a supercycle   |   22 Mar 2023

 
Home» Cryptocurrency»Polkadot founder Gavin Wood: Decentralization shouldn’t ‘cut corners’ in favor of scalability

Polkadot founder Gavin Wood: Decentralization shouldn’t ‘cut corners’ in favor of scalability

James Gordon 29 Oct 2021 Cryptocurrency Comments Off on Polkadot founder Gavin Wood: Decentralization shouldn’t ‘cut corners’ in favor of scalability 232 Views

The blockchain revolution has made the world a more secure and decentralized place, but it is also creating scalability issues. The founder of Polkadot says that decentralization doesn’t need to cut corners when it comes to scalability if we want security.

Polkadot is a new cryptocurrency that promises to be scalable and decentralized. Gavin Wood, the founder of Polkadot, discusses what this means for the future of cryptocurrencies. Read more in detail here: what is polkadot crypto.

Polkadot (DOT) creator Gavin Wood laid out the four primary benefits of the substrate parachain platform in a keynote session at this week’s Wanxiang Blockchain Global Summit in Shanghai, as he projected that non-decentralized apps would face more legal pressure in the future. 

As Wood pondered on other future milestones within the substrate ecosystem, the network’s heterogeneous multichain architecture nears completion, with Polkadot’s first parachain slot auctions expected to commence in November.

A relay-to-relay chain bridge between the two value-bearing networks, Polkadot and Kusama (KSM), is projected to be operational by the end of this year, according to the Polkadot creator, while bridging between the underlying parachains is planned for the early months of 2022. 

True peer-to-peer, upgradeable, and logically and economically limitless flexibility

Wood spent the first several minutes of his talk outlining how substrate enables developers to update their apps and chains over time and with little effort. 

He emphasized that Metaprotocol is “essentially a protocol that is the blockchain that handles business logic constructed on top of another protocol that manages very basic levels of consensus,” and that it is the only way to update a blockchain without forking. 

Following upgradability, Wood discussed how substrate parachain’s free-execution approach gives developers greater technical flexibility when developing applications.

It allows developers to be “unrestricted by a platform’s processes for identifying and regulating user access, such as forcing users to use tokens to use the platform in order to utilize the application.”

Developers may decide if, how frequently, and when a user should be allowed to use the app because of this technological flexibility, he stated.

Other mechanisms, like as oracles, certificates, on-chain techniques, off-chain IDs, and more, may be used to ascertain this, according to Wood, who emphasizes how the model allows developers to build a means to avoid exposing their consumers to platform costs.

Looking ahead 

The Polkadot founder concluded his lecture by discussing the industry’s current “driving elements.”

“Some teams have completely forgotten that decentralization and security are not optional elements in this project.” “We can’t afford to take shortcuts here,” Wood stated, commenting on how the pursuit of scalability and high transactional throughput should be viewed.  

Non-decentralized applications are “probably not going to be feasible in the long run,” according to Wood, as regulatory pressure mounts. 

Regulators are likely to target centralized network aspects like centralized service provision, including RPC servers, custodial wallets, and even decentralized application websites with a centralized server operating behind them, according to him.

He anticipates multisig wallets, hosted wallets, and non-peer-to-peer stablecoins to have a “harder time in the future” as legislation tightens. 

Certain areas of Polkadot’s administration, according to Wood, are asking for alternatives in order to achieve a greater degree of decentralization from the bottom up.

In order to eliminate RPC servers, Polkadot Council, which is basically a multisig, as well as Light clients, will need to be invented, he stated.

“There will be other technologies as well,” Wood said, adding that “a certain amount of bootstrapping” would be done over the next 12 months to enable nodes operating on the network to have a degree of privacy amongst each other for maximum levels of security while being decentralized.  

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Deposit and Earn Up to $3000 Bonus

Like what you’ve seen so far? Stay up to date by subscribing.

Related Tags

  • what is polkadot
  • is polkadot a good investment
2021-10-29
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : James Gordon
Previous Article :

Op-Ed: The merging of decentralized and traditional finance is inevitable

Next Article :

CryptoPunk NFT sold for over $500 million in suspicious sale

Related Articles

Footprint Analytics: Guide to Moonriver (MOVR)

Footprint Analytics: Guide to Moonriver (MOVR)

James Gordon 24 Dec 2021
Why is Singapore rejecting the majority of crypto licensing applications?

Why is Singapore rejecting the majority of crypto licensing applications?

James Gordon 22 Dec 2021
Less than 1% Bitcoin addresses control 27% of its total supply

Less than 1% Bitcoin addresses control 27% of its total supply

James Gordon 22 Dec 2021

ABOUT ME

lourari bra

lourari bra

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus pulvinar eros id diam gravida, id pharetra ligula cursus. Sed dapibus lectus augue, non volutpat lorem porttitor vel.

Popular Posts

LUNA falls sharply on Do Kwon’s arrest allegations
Markets

LUNA falls sharply on Do Kwon’s arrest allegations

rocketman 23 Mar 2023
Bitcoin Profit Review 2021: Is It a Scam Or Legit?
Reviews

Bitcoin Profit Review 2021: Is It a Scam Or Legit?

rocketman 22 Jul 2021
Yuan Pay Group review 2021 – Is it a Scam or Legit?
Reviews

Yuan Pay Group review 2021 – Is it a Scam or Legit?

rocketman 26 Jul 2021
Immediate Bitcoin Review: Does it work?
Reviews

Immediate Bitcoin Review: Does it work?

rocketman 27 Jul 2021
Bitcoin Era Review: Is this a scam?
Reviews

Bitcoin Era Review: Is this a scam?

rocketman 27 Jul 2021

Advertisement

Recent Posts

  • LUNA falls sharply on Do Kwon’s arrest allegations

    LUNA falls sharply on Do Kwon’s arrest allegations

    rocketman 23 Mar 2023
  • Nimiq brings gas-abstracted USDC feature to Polygon

    Nimiq brings gas-abstracted USDC feature to Polygon

    rocketman 23 Mar 2023
  • Coinbase receives a Wells notice from the U.S. SEC

    Coinbase receives a Wells notice from the U.S. SEC

    rocketman 23 Mar 2023
  • Tether’s USDT receives major boost from Telegram

    Tether’s USDT receives major boost from Telegram

    rocketman 22 Mar 2023
  • Iotex price turns green after major DAO vote

    Iotex price turns green after major DAO vote

    rocketman 22 Mar 2023

htmagazine
About HTmagazine was created in 2015 , and covers the intersection of Technology, Lifestyle, Business, Entertainment, and Culture.

Follow us

Newslater

Those an equal point no years do. Depend warmth fat but her but played. Shy and subjects wondered

Random Posts

LUNA falls sharply on Do Kwon’s arrest allegations

LUNA falls sharply on Do Kwon’s arrest allegations

Nimiq brings gas-abstracted USDC feature to Polygon

Nimiq brings gas-abstracted USDC feature to Polygon

Coinbase receives a Wells notice from the U.S. SEC

Coinbase receives a Wells notice from the U.S. SEC

Tether’s USDT receives major boost from Telegram

Tether’s USDT receives major boost from Telegram

Iotex price turns green after major DAO vote

Iotex price turns green after major DAO vote

Tags

Binance Bitcoin BTC buy CEO crypto cryptos heres launches market places price today token top
© Copyright 2021, All Rights Reserved