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Will Polkadot be the new Ethereum?

Many observers credit this hypothesis

Over the past year, Ethereum achieved growth in the order of 266%. That is double compared to the one scored by Bitcoin in the same time frame.
A trend which, however, had a not exactly negligible secondary effect and a harbinger of consequences. Many digital asset savvy investors are in fact buying tokens associated with blockchain emerging markets which could be able to erode market share of the Ethereum network. Among them, a special mention goes to Polkadot, which from its acceptance on exchange, which took place in August, recorded a growth above 44%, against the 8% scored by Ether.

Capture 6 - Will Polkadot be the new Ethereum?

What is Polkadot and why it is talked about a lot

Polkadot is a project launched by, among others Gavin Wood, which had previously distinguished itself for its participation in the launch of Ethereum. Among the objectives that the group delegated to its development set itself from the start, there were in particular interoperability with other blockchains and scalability.
The first is pursued by leveraging the framework Substrate, which allows anyone to build a blockchain on Polkadot, allowing its ecosystem to expand very rapidly.
The second was carried out through the sharding andmodular architecture. Which allow Polkadot to optimize flows and the management of transactions within it.

The importance of the concept of parachains

Another absolutely fundamental concept in Polkadot is that of parachain. What is it about? In practice of blockchains which can perform higher transaction throughput than Ethereum. Made such by the presence of a more sophisticated design.
Second Peter Mauric, responsible for public affairs of Parity Technologies, the term parachains would be nothing more than the abbreviation for “parallel blockchains”. During an interview given to CoinDesk, Mauric himself stated that by using more than one it would be possible to process more transactions of a single blockchain as the transactions would be distributed across multiple computers.
Parity Technologies is a European company that has taken a key role in the development of Polkadot. In fact, it is entrusted with the creation of tools for the project's open source platform, including, precisely Substrate.

Projects focusing on Polkadot

Currently they would be over 230 the projects focused on the Polkadot blockchain. Among which must be remembered  interlay, which is working with the aim of launching a project called "PolkaBTC" in 2021, and the cross-chain liquidity provider Equilibrium, which will in turn be the first Polkadot project to be verified by Quantstamp.
Just the projects in question they are trying to wipe out the hypothesis of a Polkadot seen as an Ethereum killer, that is the project destined to wipe out Ether's hegemony in the decentralized finance sector. Instead, aiming to present it as a complement to the general ecosystem, not a rival.
The fact remains that Polkadot is highlighting some characteristics that could in fact bring it into friction with Ethereum. Starting from the fact of not being identified with a figure like that of Vitalik Butherin regarding governance. And the ability to wipe out problems like bottlenecks and transaction throughput that are limiting Ethereum a lot. As is amply demonstrated by the high congestion and transaction fees recorded on the network over the past few months.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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