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.
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