The completion of the first Polkadot parachain auction was occasion for its creator, Gavin Wood, to herald a newfound freedom from the economic constraints of Ethereum smart contracts.
Wood, a co-founder of Ethereum who helped develop the smart contract programming language Solidity, said Polkadot’s financial lease-holding mannequin for parachains (actually, parallelized chains) is precisely why customers don’t want to purchase a platform token, or must know something concerning the framework’s overarching native token, DOT.
It’s a mannequin that stands in stark distinction to Ethereum and most of Ethereum’s rivals, in response to Wood.
“The users of applications that are built on Ethereum are enslaved to it in an economic sense,” mentioned Wood in an interview with CoinDesk. “These users have to own ether on Ethereum and oftentimes some other token that allows them to use whatever application that is built using Ethereum smart contracts. This is a huge limitation.”
Imagine, mentioned Wood, if each time you probably did a Google search you needed to pay Google a tenth of a cent for electrical energy.
“That just doesn’t make any sense,” he mentioned. “This is the key difference between the application model of free execution with Polkadot versus the smart contract model of transactive execution that you get with Ethereum and Ethereum’s competitors.”
From a excessive degree, the Polkadot framework permits utility builders to construct their very own blockchains with their very own guidelines, and for these chains to have the ability to talk with each other.
The interlinked blockchain system advantages from the pooled safety ensures of the Relay Chain, which connects the assorted parachains and serves an necessary position in validating Polkadot’s randomized proof-of-stake consensus mechanism.
Bitcoin thoughts warp
Rather provocatively, Wood mentioned Ethereum is definitely nearer to Bitcoin than lots of its adherents would freely admit.
“It’s really Bitcoin, but with some extra scripting,” he mentioned. “It’s up to the Ethereum miners which transactions they include, in exactly the same way as Bitcoin miners can choose to include this Bitcoin transaction rather than that Bitcoin transaction.”
The vagaries of Ethereum miners are a part of a extra elementary drawback with a blockchain implementation that was not designed to accommodate actions or duties on the utility degree. Everything occurs on the person degree in sensible contracts, mentioned Wood.
Polkadot’s first carefully fought public sale noticed the 2 main tasks, Moonbeam and Acala, accumulate over $1.3 billion value of DOT every in a bid to snag the primary parachain slot. Taking this under consideration, it’s been mentioned Polkadot’s costly competitors to safe leasing awards isn’t an open system in the identical manner that Ethereum is.
Wood identified the financial mannequin of parachain auctions nonetheless permits for “parathreads,” a pay-as-you-go method that’s someplace between a parachain mannequin and the sensible contract mannequin the place customers pay. But with an necessary distinction. On Polkadot it’s nonetheless the blockchain paying the system, he mentioned, in order that blockchain’s customers don’t have to carry the token and don’t must pay for the appliance.
“You get much more freedom as an application provider,” mentioned Wood, “both the economic freedom to not pass on this exposure to DOT tokens the way Ethereum requires you to do, and technical freedom to allow you to actually use the full gamut of blockchains capabilities.”
Read extra: Acala Wins First Polkadot Parachain Auction, With $1.3B in DOT Committed
The winners of the primary batch of auctions will go dwell collectively in mid-December, with many extra to comply with. Looking forward, Wood pointed to some expertise areas he’s to see being labored into the Polkadot universe.
This included asynchronous sensible contract platforms centered on future ranges of composability between blockchains and blockchain shards, which he referred to as “smart contracts 2.0.” Other attention-grabbing areas being tackled utilizing Substrate had been trusted execution utilizing Intel SGX sort of environments, and zero-knowledge proofs tech, each for shielding and privateness, in addition to throughput effectivity by way of rollups.
He additionally talked about extra “crazy stuff,” resembling common-good parachains with non-profit motives.
“I do my best to build something very abstract and general, so it can be used for things beyond what I can see,” mentioned Wood. “There’s definitely a feeling of accomplishment when you see what you’ve built being used for something you didn’t envisage.”