Polkadot is live – at least in a first, rudimentary version. Can Ethereum wrap up now?
Polkadot takes the step into the Mainnet: On May 26, the Web3 Foundation, the organization behind the blockchain project, launched the first version of Polkadot. The protocol enables the networking of different blockchains such as Bitcoin or Ethereum. For Gavin Wood, founder and CEO of the Web3 Foundation, Polkadot is the opposite of maximalism, meaning that a single blockchain will dominate the entire crypto sector in the future:
“Polkadot is in many ways the biggest bet in this ecosystem against blockchain maximalism. Even if there were the perfect [blockchain], I don’t think it would stay perfect for a very long time. I would argue that it’s not a good plan to focus too much on supporting a single “winner” “, says Gavin Wood.
Polkadot, the Ethereum killer
It is not far from suspecting that Gavin Wood’s plea against maximalism was primarily related to Ethereum. So far, the second largest crypto network by market capitalization has dominated the burgeoning DeFi sector. This is mainly due to its advantage as a “first mover”. Ethereum was the first crypto project to support smart contracts – one of the foundations for decentralized applications. However, Ethereum has been operating at its capacity limit for some time: The average of only 12 transactions per second (TPS) that Ethereum can process is far from sufficient to meet its claim as a “world computer”.