Polkadot Founder on Uniting All Crypto Networks for a Web 3.0 Future
You came up with the technical specs to back it up now, youre working on polka dot, which is, i understand it is supposed to bring blockchains together. What is the potential of this um Music well, thats part why we actually started making polka dot, um curiosity and its the same reason that we sat down the path of ethereum back uh eight years ago, its uh always difficult to predict the real potential of technology Until you build it and try it out, but what were sure of is that polkadot provides a fundamentally different possibility for the use of blockchains, so how much traction is polkadot getting with users with developers and who do you consider the main competition? Well. Last time i checked, we were the second biggest developer community outside of ethereum, so Music pretty well, i would say – and i think thats a testament to the uh fundamental, like possibilities that polkadot offers developers uh beyond the smart contract model that we pioneered with ethereum. Is it a race to out compete, ethereum and, if so, whos winning um, not so much necessarily out compete, but rather really provide an alternative model of what is possible, something more generalized, something more abstract, something whose capabilities and power are just a fundamentally a step greater Than what we, what we imagined back in 2014, when we uh designed and built ethereum now there are very strong, passionate but disparate communities in the cryptocurrency industry. Bitcoin maximalism is strong.
Then theres ethereum with a super passionate um user base and supporter base is the goal to bring bitcoin and ethereum and bring those communities together. Yeah thats right in part uh, one of one of polkadots desires. Um was always to build bridges into other uh sort of crypto um systems. Uh. These systems are often essentially moted properties that have very little possibility for interacting between themselves and certainly not in a fast and secure way. So one of the things that we wanted to solve with polkadot was the possibility of uh exp, um experimentally, and experimenting in many different directions: uh, whilst also allowing uh the fruits of these experiments um not to have to be a sort of independent and isolated hub. But uh be able to um uh interoperate uh with each other. Do you think theres a drawback to bitcoin maximalism, and you know you know the same kind of passion behind the ethereum community? Does that worry you yeah? I mean you know back when we were um back when we were first beginning ethereum. There were a lot of, as we say, bitcoin, maximalists and uh, and these guys were sort of shouting us down and saying stuff like itll. Never work, and you know you should just give up now and all the rest of it and its um. You know its unfortunate that when youre just there to push forward the technology um there is this uh and often with the same ultimate sort of goals.
Uh uh, you know you want to sort of help decentralize the world. You want to help reduce transaction friction between um economic activities, um and its kind of unfortunate that um. You know that that we have this almost football team mentality, where its like the thing that im behind is good and the thing that everyone else all the stuff that everyone else is behind is bad and i think uh part of what polkadots about is trying to Build bridges between those ecosystems and allow this like um, a more sort of motless, less nationalistic, less maximalistic attitude for these projects. Now there are big concerns about regulation, especially in the crypto community, about what looming regulation could mean some of sec chair gary genslers latest remarks. Have you hired any lobbyists or are you in touch with anyone in washington about regulation of the crypto industry? Uh i mean yeah. We have a few people that that are sort of connected into these conversations and i think um. You know honestly. I i i think regulation is uh. It can be a useful driving force for decentralization um. What i see a lot these days is these kind of semi or pseudo decentralized projects that are that are sort of decentralized in name but in the technology and the reality of their um of their implementation are really not very decentralized at all, and this is unfortunately Having a warping effect on the market, its changing uh, the direction that resources are flowing to um and its confusing people, and i think uh.
I would hope that regulators can help set this straight a little bit and identify these kind of pseudo decentralized projects. Make it clear who these who these projects are and and basically either either force projects to really be decentralized or bring them in under the same rules? Um that the uh that the centralized projects that driving providing similar services um have to work under the problem that ethereum is battling right now is this issue of flash trades whereby transactions on ethereum are visible for a period of time that makes them vulnerable to these Robo traders picking up a coin and selling it back quickly at a higher price. This has exploded recently with the help of open source tools. How big a problem do you think this will continue to be um for ethereum and other smart contract platforms? Um, a pretty big problem – and this is a this – is a pretty good example of of why uh why we started down the path of polka dot. You see smart contract platforms um, although theyre often called sort of touring complete or whatever they dont really have a very um liberal, uh execution model in terms of how you get code to execute on the chain. So the reality is that with ethereum we have a another smart contract platforms. I dont really want to just single out ethereum. Here we have a transactive execution model. What this means is that the code on the chain, this business logic, thats driving this trading, is only run its only executed at the behest of users, transactors and miners, and this is different to um to the free execution model, polka dot espouses where its applications um.
The ones that actually you know um provide the the business logic that get to determine what executes and when. And that means that the application can essentially reorder reinterpret, postpone delay.