Polkadot CEO says that Parachains should give developers freedom from Ethereum
Polkadot CEO says that Parachains should give developers freedom from Ethereum
- The CEO of Polkadot said that the developers of Ethereum were enslaved by using the ETH.
- He said that by breaking this pattern developers with a free execution model, Polkadot will offer more freedom.
The "Ethereum-Killer" Polkadot (DOT) was in the news for the introduction of his highly awaited parachain. The Polkadot ecosystem started the auctions for its parachainus, which are to be carried out in the next few weeks.
The first parachain auction has already been completed and the Defi liquidity network Acala Network has won the slot. On this topic, Polkadot CEO GAVIN WOOD said that Polkadot-Parachain's projects offer a free execution model in your network and thus offer freedom from other economic constraints.
He added that the economic model of Parachain leasing does not require that users buy a platform token or find out more about the DOT framework. For example, developers have to use native ETH tokens on Ethereum blockchain. This drives the transaction fee of the Ethereum network to new highs. The Polkadot CEO Gavin Wood added:
Users of applications based on Ethereum are economically enslaved. These users must have an ether on Ethereum and often another token that enables them to use any application created with Ethereum Smart Contracts. This is an enormous restriction.
Polkadot Parachains and effects on the DOT price
Many market analysts have spoken of the fact that the introduction of the polkadot parachain will have a positive effect on the DOT price. Due to the increase in the percentage of the defined DOT in parachain auctions, the circulating range of polar cadot has dropped.
The polkadot network includes a main chain called the "relay". There are also several parallel chains created by the user. One of the polkadot infrastructure experts, bison trails explained :
The Relay-Chain is responsible for reaching a consensus and transaction delivery ... between parachain. Parachains ... are application-specific blockchains within the polkadot network. Each parachain is a complete blockchain in itself, with its own logic and your own functions.
One of the largest use cases for Polkadot was that it previously combines incompatible blockchain networks. This enables the sending of values and data via several blockchains via a connecting layer called "Bridge". In addition, Polkadots Native Crypto Dot also makes two important functions of governance and staking.
Analysts have recently given different price targets for polkadot. Polkadot (DOT) was one of the most powerful old coins this year 2021. Since the beginning of 2021, the DOT price has been traded with 4x or 400 percent profit. At the time of printing, DOT lists $ 39.4 billion at $ 40.00.
Polkadot is currently the eight-largest cryptocurrency and analysts expect their price to exceed the $ 50 brand in the near future. If the wider cryptom market supports this, the DOT price can also rise to the high of $ 70.
Source: Crypto-news-flash.com
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