Ether is the second largest cryptocurrency after Bitcoin, but the two don’t always compete. In fact, many projects are currently emerging that are considered destroyers of Ethereum. And the most notable name is polkadot. This argument was also supported by Capital2Market President Keith Bliss.

Keith Bliss, President of Capital2Market

Will Polkadot become the destroyer of Ethereum?

Bitcoin is considered a store of value, while Ethereum’s blockchain enables the development of smart contracts and various applications, which in turn leads to more useful applications. So when talking about real competitors, Polkadot is a worthy name.

This is what Keith Bliss, President of Capital2Market, a company that provides technology solutions to the financial sector, said. Bliss’ career has largely centered around fintech since the late 1990s when he sold his order management system to large asset managers. He then switched to an electronic trading system that connects buy-side players with sell-side players to trade Wall Street stocks.

In sharing with Business Insiderthe President of Capital2Market said that developers are increasingly turning to Polkadot to develop their platforms.

Bliss is someone who has seen fintech grow over the past two decades. That is why he is optimistic about the development of cryptocurrencies. When it comes to the process of converting some form of equity or assets into a token that can be traded on the blockchain, Bliss is thrilled.

The Chairman of Capital2Market said that both Ethereum and Polkadot have automated trading logs that control and record legally relevant events on the blockchain. He added, “But Polkadot can connect and interact with other blockchains, including Ethereum,” which means that “Polkadot doesn’t need to have applications built directly into the main blockchain, but it can still connect them across the bridge”. And that makes Polkadot a scalable, omnidirectional platform.

“So this is where you start to see blockchain interoperability around the world,” said Bliss. “That is what Polkadot deals with. One of the biggest problems is, OK, how do blockchains connect to each other? “

One of the things that developers flock to Ethereum is that the network is open source and easy to use. Those two things have increased the number of applications using this blockchain, he said. But only that, the project has nothing groundbreaking yet. As applications continue to be built, the biggest concern is that the network’s processing capacity needs to be fast enough, Bliss said.

As with any innovation, once this project is out in a couple of years you will see problems it won’t solve, and this is Ethereum’s current predicament, Bliss said. In the meantime, Ethereum co-founder Gavin Wood has developed Polkadot and fixed the shortcomings of Vitalik Buterin’s favorite project.

But Bliss said he doesn’t expect Ethereum to be superseded either. Like Bitcoin, ether has been adopted by many large institutions and is increasingly gaining broad acceptance. And the project will be updated soon on the way to development. However, he also believes that Polkadot will complement the flaws and compete with Ethereum.

Future price forecast

When it comes to the future price of Polkadot, Bliss thinks it is a little more difficult than forecasting for Ether and Bitcoin. Top crypto investment firms like Grayscale have developed products around Ether, such as Ether Exchange Traded Funds. Investors can also trade futures on both BTC and ETH, unlike Polkadot, which was only recently listed on Coinbase.

“But it is also wrong to expect the DOT to return to a record high of $ 48.68. Polkadot could see that price before the end of the year, ”he concluded.

And given what Polkadot has shown, there is no reason the DOT shouldn’t go above $ 100 in the next three years, according to Bliss, which would be a significant increase of up to 650% at current prices. He added that this will depend on Polkadot’s ability to keep developing and adding parachains. In addition, it must continue to attract developers until it becomes a decentralized financial application protocol.

Veronica

According to the AZCoin News

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