How Much Polkadot (DOT) Do You Need To Become A Cryptocurrency Millionaire in 2022? | Gavin Wood
Alright, welcome back everybody to altcoin daily, where you subscribe for a video on cryptocurrency every day, demystifying this cryptocurrency market, my names austin in todays video. I want to have a very real conversation about polka dot, one of the top altcoins in the space and its potential in 2022 and beyond right from the horses mouth gavin, wood, co, founder of polka dot, who you see speaking dishes the dirt on what to expect. As a dot holder, this is from the main net 2021 conference from a few weeks ago, in conversation with missouri and in todays video, i want to share with you three of the most valuable clips from this conference, culminating to the question how many polka dot dot Tokens do you need first off, give me 60 seconds, lets just clue, everybody in and define what exactly polka dot the cryptocurrency. What is it well in simplistic terms, its known as an ethereum competitor, basically, a more scalable, more interoperable dap platform and for context just like the internet was around in the 80s, but didnt really see success. Mainstream till apps were built on it in the 90s apps like email apps were built on the internet. Dap platforms are ushering in web 3.0, allowing decentralized applications to be built on top use cases of potential killer. Dapps would be maybe a decentralized google, decentralized, twitter or facebook, etc, potentially ending the overreach of big tech and putting the control in the hands of the people thats the dream.
But the issue is and what cryptocurrencies like polka dot, like cardano, like cosmos, etc, are aiming to solve, is interoperability because right now, blockchains, like bitcoin, like ethereum, etc, are siloed off from each other. They cant communicate. But if mass adoption is going to happen, this needs to change and polka dot is aiming to be that blockchain of the blockchains, the internet of blockchains, as they say. Okay, i hope that was clear. Lets take a hard right turn into this. First clip is polkadot. The ethereum killer well thats, like saying, is microsoft, a chrysler killer, theyre sort of going for two different things. Gavin wood explains in this first clip out of three watch. This all right lets get to the good stuff, is polka dot, an ethereum killer, uh cologne, hell! No, i mean so killer, i said no killer. Uh i mean i i dont, i dont think the word killer is a very good word to use um, i think uh. I i think you know this. I think we need to understand the difference between um product market and crypto market right um, its not that you say right. We have the ftse 100 or the nyse stock of the index um and we say right well: theres, microsoft and theres, chrysler and um. You know, is microsoft going to be chrysler? Well i mean you can say well. Is microsoft got a higher market cap than chrysler, but does it matter why? Why does it matter like microsofts doing one thing they have one product set, one set of player, one set of customers: um chrysler, have a completely different product, set completely different set of customers.
They operate in different industries, um and, i think its uh. I think we need to start looking at um. You know crypto ecosystems from this point of view, um. Yes, there is one crypto market, the same way: theres one stock market um, but the different um entities that are listed in this crypto market dont necessarily have to be competing um in in the product sense um and my personal feeling is that you know para chains. Um, for the reasons that i just explained are a fundamentally different product um to smart contracts, and this is why polka dot, in addition to having para chains, also has smart contract power chains. Okay, so polka dot is not an ethereum killer, its an ethereum inner operator. Just like polka dot is aiming to interoperate with the whole market and by the way i will link this down below in the video description check it out. If you want to see the full conversation, but next up just to be as accurate as possible, when answering the question, how much polka dot do we need next up? We have to answer the question. Well then, how is polka dot better from other competing interoperability cryptos? How is it better than cosmos? How is it better than eth2 when eth2 eventually launches well in this next clip? Listen to gavin wood, explain that polka dot in his mind was designed better its a meta block chain, which gavin will explain essentially making a future proof.
And although this is a very technical answer, really listen because, after explaining future proof, gavin will also explain how the chain is more secure. Polka dot has shared security with its pair chains, which is very different from blockchains, like cosmos watch, this two and a half minute clip very technical but very valuable watch this without saying because polkadot is better, can you help people understand some of the design, uh decisions And kind of differentiation between something like the cosmos, uh ecosystem or eth2, as its conceptualized and designed were not there yet. But the goal is to have these shards, which sound a lot like parrot chains. They do dont they and uh. If you look at the underlying designs of polkadot and e2 theres, there are some similarities, um, which is perhaps not that surprising uh, but um, okay, theres a few key differences. Uh one is that uh polka dots are fundamentally a meta protocol right. This means that most of the business logic for polka dot, like the parachains or the shards, all of this all of this kind of stuff um staking um like nominated proof of state thats polkadot staking system, um governance voting all this kind of stuff. This is um. This is actually encoded in webassembly, right and its stored on the chain. What this means is that the chain can decide to upgrade this logic whenever it whenever it wants its, not beholden to um, validator voting or even coin holder voting.
If you dont want it to be its entirely, what the logic decides – and this is only possible because its a meta protocol, its a protocol that itself runs a protocol and the base level protocol of polka dot is super simple, its actually, basically, the same for every Power chain on polka dot, including polka, dot itself, its just a webassembly executor right its like a webassembly virtual machine. It doesnt include any kind of abstractions for things like accounts. Doesnt even include include a cryptocurrency. The cryptocurrency, that is the dot token, is actually part of this webassembly program. Polkadots core protocol doesnt include a token and its that level of abstraction that allows us to sort of be fairly certain that were future proof in terms of like its called its comparison to like other chains, like cosmos that really um uh sort of build themselves. As an interpretability, i think i think its like not entirely unfair, to characterize um characters that way, but there is a really crucial difference between um, pokemon, cosmos and thats, that polka dot is a um, its really like a community of chains that share their security. This means that you get um guaranteed secure interoperability between the chains. Basically, the chains can send messages and those messages are guaranteed to arrive and theyre guaranteed um, not to be in any way corrupted, theyre guaranteed that the sending chain wont have reverted and then finalize some other block later because of some economic attack, for example – and this Is like, i think, crucially, different, because it allows you to build like truly composable applications, rather than just kind of an almost like lossy network.
All right, pretty interesting. Give me your thoughts down below in the video comment section by the way hit the like. It supports me, it helps get this content out there and if this is a little too technical, let me know but gavin wood hes, a technical guy, thats his core competency and its really interesting to live in the internet age and have access to this information before We get to the numbers and talk about how much polka dot lets play. The final clip answering the question: what should we expect from polka dot as dot holders in the future? Listen to gavin would explain that now the defy has started. It has just started to go mainstream. The next step is onboarding the non crypto users, the rest of the world. That is not yet in crypto and thats. Exactly what gavin is focusing on watch this, as you just take a 30 000 foot. You know view of the world. What do we have to solve? Next, maybe is the the closing question here. I think uh, one of the things that im excited for um over the next year or so will is, is really um. Uh, bringing on users that dont and dont have and dont want to have crypto holdings, and this is something that i think polkadots, uniquely in a position uh to capitalize on primarily because it doesnt have this users need to pay fees to the platform model. So you know you want to transact on.
Ethereum users have to hold ether to do that um. That means the applications have not just to get users interested in that application proposition. They also have to get users to actually get some ether to use their application, and this, i think, is, is a huge barrier and one that i would like to see. Teams within the polkadot ecosystem, um remove completely by having, for example, um. You know users proved maybe through an sms, maybe through other social media accounts, that they are an individual person and then giving them transactability for free. So not relying on this need to hold tokens to actually use a crypto application and uh yeah. I think i think thats really a needed hurdle yes to get over before we can truly get to mainstream adoption. The holy grail of uh, much like the internet, having people use crypto without knowing that theyre using crypto exactly like he said next step, is onboarding the rest of the world. Give me your thoughts down below, but having settled that now that we understand what polka dot is and the value that polka dot may potentially have in the future. Lets talk numbers how much polka dot do you need to become a cryptocurrency millionaire and by the way i am not a registered financial advisor? I have no clue what the price of any of these cryptos will do tomorrow and neither do you, but it is fun. Just to look at some of these numbers right, thats, the fun of crypto right now, the price of polka dot is around thirty four dollars.
Well, what if we can get to a hundred dollars if dot goes to a hundred dollars, then youll need ten thousand dot to be a crypto millionaire. If dot goes to five hundred dollars, youll only need two thousand dot, and if dot goes to one thousand dollars per coin, then youll need a thousand dot tokens now whats the most realistic. Well, i would say, for this bull run, if bitcoin can crack over a hundred thousand dollars, whether its this year or 2022, i would say that dot going to a hundred dollars would be the most realistic, now polka dot by the year 2030 by the year 2040. Dare to dream anything is possible with crypto, although investing is extremely risky, so never invest more than youre willing to lose, but its fun fun to check out the numbers. If you got value from todays video give it a like.