JAKARTA – Crypto Ethereum (ETH) is not alone as a blockchain with complex capabilities. The number two cryptocurrency by market capitalization has a rival called the “Ethereum Killer”. Polkadot (DOT) belongs to one of the cryptocurrencies that is known as the Ethereum killer.
Parity Technologies' Head of Public Affairs, Peter Mauric, assessed that Polkadot is the only suitable protocol for a scalable, fast, secure and usable blockchain.
In an interview with CryptoPotato, Mauric outlined some of the big benefits of Polkadot over Ethereum and discussed the challenges of DOT's flagship feature, parachains.
Since the official launch of the community in 2020 – three years after the ICO – the Polkadot Protocol has seen a huge increase in adoption. Despite the rising value of DOT, Polkadot's blockchain infrastructure has become home to many crypto-related tasks, along with DeFi and stablecoins.
In the interview, Mauric described this spectacular request as "everyone seems to be getting ready for an additional revolution and Polkadot is the only suitable protocol."
As a protocol that partly features similar to Ethereum, Mauric said that the two platforms are different. Nonetheless, he claims that apart from that they have important variations.
“As we have seen, every little thing in Ethereum is an iteration on a mono-chain sensible contract platform (i.e.) and Polkadot is not,” Mauric said.
According to a Coinspeaker report, Parity itself has been working on the Ethereum blockchain and is aware of its shortcomings. Mauric added: “This has always been a testament to the idea for craftsmanship, now that we have realized more of this expertise and implemented these improvements in Polkadot.”
For information, Polkadot is a blockchain with a core network — a relay chain, where other blockchains connect and communicate with each other. Relay chain also ensures security and transactions in the network so that it can function smoothly.
Polkadot Parachains
The advantage of Polkadot is that Parachains is a layer-1 individual blockchain that is able to run in parallel in the Polkadot ecosystem, both on the Polkadot and Kusama networks, reported by Cointelegraph.
Parity has outlined plans to build parachains to increase asset supply, reduce costs, and enhance consumer expertise. Parachains are connected to the core Relay Chain, it can share and benefit from Polkadot's security, scalability, interoperability and governance.
According to Mauric, these Parachains will be the next generation layer-1 blockchain protocol.
“In 5 years, I have relied on most of the useful Layer 1 blockchain protocols to host or link to Polkadot,” Mauric said. He also added that decentralized finance or DeFi is experiencing tremendous improvement, and Polkadot can go into various fields.
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