Peter Mauric, Head of Public at Parity Technologies, said Polkadot is the only protocol that is suitable for a scalable, fast, secure and usable blockchain.
In an interview with CryptoPotato, Mauric outlined the advantages of Polkadot over Ethereum and spoke about the project’s parachains.
Since the network’s official launch in 2020 – three years after the ICO – the Polkadot Protocol has seen a significant increase in adoption.
Aside from DOT’s price hike, Polkadot’s blockchain infrastructure has become home to countless crypto-related projects, including DeFi and stablecoins.
In the interview, Mauric describes this impressive demand as “everyone is preparing for another revolution and polkadot is the only protocol that fits”.
As a protocol that is partially similar to Ethereum, Mauric compared the two platforms. However, he claims that they also have significant differences.
“As we’ve seen, everything on Ethereum is an iteration on mono-chain smart contract platforms and Polkadot isn’t,” said Mauric.
Additionally, he noted that Parity has worked on the Ethereum blockchain itself and is aware of its shortcomings. Mauric added: “It has always been a proof of concept for the technology, we have learned a lot from this experience and implemented these improvements in Polkadot.”
One of those upgrades is a better approach to scalability. Polkadot also has “representative governance of the stakeholders in the chain – something Ethereum never planned”.
Polkadot has been developing Parachain for about a year due to some scalability issues in other networks. Parity has outlined plans to build parachains to improve asset delivery, lower fees, and improve the user experience.
Describing it as “the next generation of Layer 1 blockchain protocols,” Mauric explained that Polkadot’s relay chain is not Layer 1, but rather a “micro-protocol – a layer beneath the blockchains.” That Parachain network is Layer-0.
“Parachain can be linear mono-chain smart contract protocols like Ethereum, Tezos, Solana or Cardano. They can be UTXO chains like Bitcoin or Zcash or they can focus on optimizing certain infrastructure elements like Oracle, forecast markets or stablecoins. “
Mauric continued the role of Kusama – a “canary in the coal mine” for Polkadot.
Launched by Polkadot a year before the mainnet, Kusama is not a testnet because it has real value, but neither is it a mainnet because the community uses it to deliver uncensored code. That’s why Parity makes sure everyone is prepared for chaos.
Regarding potential developments around Polkadot and DeFi in general over the next five years, Mauric added:
“In 5 years, I expect a significant portion of the useful Layer 1 blockchain protocols to be hosted or connected to Polkadot.
That includes DeFi, which is going to be a huge improvement and, in my opinion, an improvement – as it learns to live in both synchronous and asynchronous multichannel environments. “
Good business
According to Cryptopotato
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