Parity Interview: Polkadot is the only protocol that meets the requirements of the blockchain revolution

The head of public affairs at Parity explained why Polkadot is better than Ethereum, how the parachain works, the role of Kusama, and so on.

Peter Mauric, director of public affairs at Parity Technologies, said that Polkadot is the only protocol that meets the requirements of blockchain projects and provides greater scalability, speed, security and utilization.

In an interview with CryptoPotato, Mauric briefly explained the advantages of Polkadot over Ethereum and talked about the parachain of the project.

Polkadot is better than Ethereum

Since the network was officially launched in 2020, the adoption rate of the fragmented heterogeneous multi-chain protocol Polkadot has increased significantly.

As a blockchain infrastructure, Polkadot has also become the home base for countless cryptocurrency-related projects (including DeFi and stablecoins).

CryptoPotato recently had the opportunity to communicate with Peter Mauric, Director of Public Affairs at Parity Technologies, the organization behind Polkadot. In the interview, he described this strong demand as “people are ready for another revolution, and Polkadot is the only agreement that meets its requirements.”

As a protocol similar to Ethereum to some extent, Mauric talked about the comparison between the two. However, he also emphasized that there are significant differences between the two.

“Since Gavin (Wood) and the team launched Ethereum, everything we have seen is an iteration based on a linear single-chain smart contract platform, which is not the case with Polkadot.”

In addition, Mauric pointed out that Parity , which also works on the Ethereum blockchain, is “very aware of its shortcomings.” He added, “ In the past, we have always been doing proof of concepts for technology. We have learned a lot from these experiences and we have implemented these improvements in Polkadot. ”

According to him, one of Polkadot’s upgrades is a better scalability method. Polkadot also has “representative on-chain stakeholder governance-something that Ethereum never planned to implement.”

Parachain: the next generation of blockchain

In view of some scalability issues on other networks, Polkadot has been developing parachains for about a year. As previously reported, Parity has outlined a plan to build a parachain to strengthen asset deployment, reduce costs, and improve user experience.

Mauric described them as “the next-generation Layer 1 blockchain protocol” and explained that Polkadot’s relay chain is not Layer 1, but a “meta-protocol that exists under these parachain networks. It is a Layer 0 protocol.” .

“Parachains can be linear single-chain smart contract protocols, such as Ethereum, Tezos, Solana, or Cardano; they can be UTXO token transfer chains like Bitcoin or Zcash; or they can focus on optimizing specific infrastructure, Such as oracles, prediction markets or stablecoins.”

Parity Interview: Polkadot is the only protocol that meets the requirements of the blockchain revolution

Parallel chain diagram

The head of public affairs at Parity further talked about Kusama’s role-this is Polkadot’s “canary in the coal mine”. (Note: Early coal miners brought canaries into the mine to observe whether there was a gas leak in the coal mine, to eliminate the risk in advance)

Kusama was launched a year before the Polkadot mainnet. It is not a testnet because it has real value, but it is also not a mainnet because the community uses it to publish unaudited code. This is why Parity ensures that everyone is prepared for chaos.

When talking about the potential development around Polkadot and DeFi in the next five years, Mauric added:

“In five years, I expect that most useful Layer 1 blockchain protocols will be hosted on or connected to Polkadot.

Including DeFi, in my opinion, it will experience a huge improvement-because it has learned to survive in a synchronous and asynchronous multi-chain environment. “

Original: https://cryptopotato.com/polkadot-is-the-only-blockchain-protocol-fitting-the-revolutionary-bill-interview-with-parity/

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/parity-interview-polkadot-is-the-only-protocol-that-meets-the-requirements-of-the-blockchain-revolution/
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