Laura Shin, crypto journalist explored on what kind of parachains we will see on Polkadot. Gavin Wood replied on what he thinks about the para chain. And, on whether the vision is appealing or if it will succeed.
In Gavin Wood’s own words: There are going to be parachains that want to specialize in smart contracts for sure just because they are an easier way of developing and deploying stuff than a full-blown blockchain. Though, interestingly enough, not that much easier.
I think we are going to see different blockchains that come with niche applications that they provide, plus a smart contract component that allows people to sort of extend those applications. So, at the moment we have in chains like Ethereum, we have a lot of smart contracts deployed into them, each one fulfilling a particular niche.
But none of them are particularly performant, none of them scale well. None of them are really utilizing the computational power of the machines. What I think we are going to end up with is having the smart contract environment primarily used for extension, like extending the functionality of things, but where the blockchain itself provides the sort of really bread and butter logic for doing flash loans, for doing decentralized exchanges for transferring funds, for governance voting functions.
This I think is going to migrate to a more fixed part of the blockchain, like basically what substrate provides to you and the smart contract the sort of fast iteration on the smart contracts where people can develop and deploy very quickly will be for more experimental and extensible stuff.
In this regard, Sydney Ifergan, the crypto expert tweeted: “Polkadot (DOT) is gaining lot of reputation and the expectation about whether the project will make blockchain great again is brewing.”
Polkadot (DOT) Great Level of Insight
The Polkadot Decoded Conference was a success. And, onlookers feel that Gavin Wood is a mastermind and that he always delivers. The interview provided a great level of insight into what Polkadot is going to provide to the world of blockchain.
In the interview a notable point delivered by Gavin is that Parachains are not just a smart contract, but an entire Blockchain. Implementing an SC is easy, but you can’t implement a blockchain inside a smart contract. This really illustrates the value of parachains in the DOT.
There are several people who do not understand Polkadot 2021 yet. Hopefully, in 2021 the launch of Polkaswap might have blockchain and crypto changing.