Gavin Wood: Polkadot completed the first Auction, heralding the escape from the “economic slavery” of Ethereum

Polkadot founder (and Ethereum co-founder) Gavin Wood stated that Ethereum is actually closer to Bitcoin than many of its advocates admit.

For Gavin Wood, the founder of Polkadot, the completion of the first Polkadot Parachain auction heralds the freedom from the constraints of the Ethereum smart contract economy and usher in new freedom.

Wood is the co-founder of Ethereum, who helped develop the smart contract programming language Solidity. He said that Polkadot’s parachain (as its literal meaning, means a parallel chain) economic leasing holding model is precisely that users do not need to purchase platform access There is no need to understand the reason for the overall native token DOT of the framework.

Wood said that this model is in sharp contrast to Ethereum and most of its competitors.

“In an economic sense, users of applications created on Ethereum are being enslaved by Ethereum,” Wood said in an interview with CoinDesk. “These users must have Ether on Ethereum, and usually some other tokens, in order to use any application built with Ethereum smart contracts. This is a huge limitation.”

Wood said, imagine if you have to pay Google a tenth of a cent for electricity every time you search on Google.

“It doesn’t make any sense,” he said. “This is the main difference between Polkadot’s free execution application model and the smart contract transaction execution model of Ethereum and its competitors.”

Polkadot’s approach

From a high-level point of view, the Polkadot framework allows application developers to use custom rules to build their own blockchains, and these chains can communicate with each other.

The interconnected blockchain system benefits from the shared security guarantee of the relay chain, which connects various parallel chains and plays an important role in verifying Polkadot’s random equity proof consensus mechanism.

Change the Bitcoin mindset

Wood stated that Ethereum is actually closer to Bitcoin than many of its advocates admit.

“Ethereum is a lot like Bitcoin, but with some additional scripts,” he said. “Which transactions will be included depends on the Ethereum miners, just as Bitcoin miners can choose to include this Bitcoin transaction instead of that Bitcoin transaction.”

The elusiveness of Ethereum miners is just the tip of the iceberg of another more basic problem-its blockchain implementation is not designed to adapt to application-level operations or tasks. Wood said that in smart contracts, everything happens at the user level.

Parachain race

Polkadot’s first fierce auction witnessed two leading projects, Moonbeam and Acala, each of which collected more than $1.3 billion worth of DOT to seize the first parachain slot. With this in mind, some people say that Polkadot’s expensive competition for rental incentives is different from Ethereum’s open system.

Wood pointed out that the economic model of parachain auctions can also use “parallel threads”, which is a pay-as-you-go method, which is between the parachain model and the smart contract model where users pay. But there is an important difference. He said that on Polkadot, it is still the cost of the blockchain payment system, so users of the blockchain do not have to hold a token or pay for the application.

“As an application provider, you get more freedom,” Wood said. “It has economic freedom. It will not allow users to have access to DOT tokens as required by Ethereum. There is also technical freedom that allows you to actually use all Blockchain capabilities.”

Look to the future

The first batch of auction winners will be launched together in mid-December, and more winners will follow. Looking to the future, Wood pointed out some areas of technology that he is interested in seeing these technologies in the Polkadot world.

This includes asynchronous smart contract platforms that focus on achieving future levels of composability between blockchain and blockchain sharding. He called it “Smart Contract 2.0”. Other interesting areas solved with Substrate are the use of trusted execution in Intel SGX-type environments, the use of zero-knowledge proof technology for shielding and privacy, and rollups to improve throughput efficiency.

He also mentioned more “crazy things”, such as parachains of public welfare with non-profit motives.

“I try my best to build something very abstract and universal so that it can be used for things I can’t imagine,” Wood said. “When you see the things you build and are used for things you can’t even think of, there will definitely be a sense of accomplishment.”

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