Shill or not, Polkadot and several others do threaten Eth's dominance. The road map to Eth2.0 is long and others are forging ahead without the hindrance of an existing chain to maintain and consider. It's going to be an interesting year!
True. It does indeed sound very much like what Polkadot is trying to do. It's very interesting that there is now some type of convergence of consensus about what the best ways to organize a crypto network.
>True. It does indeed sound very much like what Polkadot is trying to do.
It is literally what Polkadot is working towards. The other examples mentioned in the article have severe limitations, such as EOS being a centralized chain and Cosmos being unable to transfer smart contract logic between chains.
>Is there any alternative to the Ethereum mainnet, some network that is more free from the potential for tampering, something more globally distributed or better architected to avoid control by oligarchs? If there is, let me know. We need that to be the root chain of the Internet. Imagine if Fabric or Corda (or, EOS or COSMOS, for that matter) were set up in that role. We would be handing the ultimate point of control to whatever small group controlled their permissioned or quasi-permissioned system.
He mentions Fabric / Corda / EOS / Cosmos as a root chain, but completely forgets or isn't aware of the one with most potential: Polkadot.
Most of the examples above have sever limitations that Polkadot doesn't have. For example, EOS isn't decentralized enough (and I'm not aware of their plans to connect different chains), Cosmos will only transfer value between chains (not smart contract logic), and the others seem to be federated / private chains.
So Polkadot is the best fit for his root chain.
How will DOTs be allocated?
It is anticipated there will be 10 million DOTs as part of the Polkadot genesis block. 5 million DOTs were made available for sale in Autumn 2017.
Of the remaining 5 million DOTs in the Polkadot genesis block, it is intended that 2 million DOTs will be sold or otherwise distributed prior to genesis. The remaining 3 million DOTs will be allocated to the Web3 Foundation and retained or distributed at its sole discretion.
So up to 30%, which AFAIK many have already been sold to institutional investors.
Ethereum Foundation kept about 17% for itself, to give you an idea.
Not really, given that their foundation will hold 30% by itself. It's clear sailing to the conclusion that the founders and their close investment team bought a lot of the remaining dots. In any event given token voting apathy it's clear they will be dictating all the decisions for DOT.
The EF didn't have an enormous war chest of cash.
Anyway, Polka Dot foundation should airdrop at least half of their tokens to current ETH owners if they want network effects. Otherwise they are simply trying to take the value from current ETH holders away from them for their own competing network.
Essentially he goes on to argue that in order for blockchain tech to become "internet-scale" you need a base stateless network that acts as the root validator, so that on top you can build as many stateful networks as you want, which will be validated by the base network (this is the current eth2 roadmap btw). This allows all current altcoins to be implemented as different stateful networks (shards), with the advantage that there will already be protocols in place to allow "cross-altcoin" (cross-shard) communications in a native manner. He also argues that you would want at least the root network to be as decentralised and autonomous as possible, because if any one group owns it, you can't trust it.
It is the idea of ERC-20 tokens on top of current ethereum, but expanded to make the system fully scalable and allowing for more variation. For instance, in the current eth2 roadmap, the entire eth1 network is to become a single shard in the system (ie a stateful-network) that will be verified by the base beacon chain (ie stateless root network).
Eth 2.0 is trying to do what Polkadot is building, but the difference is that Polkadot will be able to transact value and smart contract information between chains (EOS to Eth, for example), while Eth 2.0 will only be able to transfer value and smart contract logic between Ethereum shards. Also Polkadot is coming Q3 2019 while Eth might still take years before it gets to 2.0 (estimated 2021, so realistically 2023).
But go ahead, downvote me and call me a shill. I didn't know this place became such an echo chamber (you can't even buy Polkadot atm).
You do realise words are cheap, right ? It/they have to prove it's working as advertised, not the other way around. Atleast 20 "ethereum killers smart contract platforms " launched so far. They're either too far behind or simply cut corners on scalability slider for speed.
Sure, that doesn't mean it's not possible to get ahead, it's just naive to believe that any project will **launch 100% finished**. They might get there, but in 5 years.
See when I said you have no clue as to their progress or potential I should have said that you have no clue as to their progress, potential, or goals.
>Atleast 20 "ethereum killers smart contract platforms " launched so far.
Here's Gavin on Eth vs Polkadot, (on the Riot channel, which I also pointed you towards): "Well, I think smart contracts are a different use case to parachains, so I don’t really see them as direct competitors. Polkadot aims to be a very thin and highly flexible “blockchain network” able to innovate and assimilate new technology as it comes along. Ethereum is really more of fixed functionality application base for end-users."
Simplifying it more for you: Polkadot is not a smart contract platform. They're trying to build a root chain, so that blockchains can transact both logic and value to each other, which is what the article was asking around for.
>Polkadot will launch with 1% of what it claims.
>it's just naive to believe that any project will launch 100% finished.
Do you try to make sense or just write whatever you're feeling atm? There will obviously be different upgrades to Polkadot, same as Ethereum, Bitcoin, etc.
>They're either too far behind or simply cut corners on scalability slider for speed.
Considering you have absolutely no idea what Polkadot is trying to build, and your painfully obvious ignorance on Polkadot matters, and your penchant of making ignorant wild claims, I will not take your word for this. You're a child, using childish logic, trying to argue that your blue toy car is better.
Keep your blue car, kid.
saqademus6 - 7 years account age. 700 -1000 comment karma.4 months ago
With a name like polkadot theres no surprise that people don't take you seriously. Hey guys you know which upcoming crypto can do everything Eth can do and way way more? PLOPcoin...you heard it here first. PLOP PLOP
You don't like the name? That's your argument?
>Having founded Ethereum with Vitalik, I coded the first functional implementation of Ethereum released as "PoC-1" in late January 2014, invented the Solidity contract language and wrote the Yellow Paper, the first formal specification of any blockchain protocol and one of the key ways Ethereum distinguishes itself from other blockchain-based systems.
To be honest I don't know why I even try. Should let you wallow in your self righteous ignorance.