Crypto Review 2021: Ethereum 2.0 Versus PolkaDot, according to analyst Lark Davis
In the latest video, influential crypto KOL Lark Davis shares with his 256k subscribers the key differences between Ethereum 2.0 – the most widely adopted developer-oriented chain and Polkadot – one of the most highly-anticipated next-generation, developer-focused blockchains.
At the start of the video, the trader briefly talks about the Polkadot blockchain.
Polkadot is a third-generation blockchain that uses a hybrid proof of stake consensus. Polkadot was built using Substrate, which is a framework for creating cryptocurrencies and other decentralized systems using basically the latest most cutting-edge research in the blockchain technology sector. Basically, Polkadot reduces the time, energy, and money needed to create a new blockchain system.
“At a high level, the two projects are only partially overlapping”.
Ethereum is a platform for deploying smart contracts or pieces of logic that control the movement of native assets or state on the single Ethereum chain. In contrast, Polkadot aims to provide a framework for building your own blockchain and an ability to connect different blockchains with each other. Despite these differences, both platforms are designed for developers to build decentralized applications.
Talking about the different approaches of the two to scale their blockchains, according to Davis, Polkadot uses parachains and parathreads in order to meet scaling demands for the network.
“These two combined together create an architectural environment for Polkadot that will offer more functionality than sharding alone will do on Ethereum 2.0″.
The crypto KOL also reveals that at this point, parachains could come to the main Polkadot network in the next few months with Parachains likely to come to the little brother network Kusama much sooner.
In the next part of the video, the trader talks about Ethereum 2.0 and sharding.
“Sharding is how Ethereum plans to scale”.
“Network sharding allows for splitting of the entire Ethereum network into multiple portions or into individual shards. So let’s little shards coming together to make one whole network, each portion or each shard contains a unique set of count balances and smart contracts. Basically what we’re doing here is sharing the computational load across many different network participants instead of trying to jam everything down one road”.
He also adds that initially, it is planned that there will be 64 shards, and thus in that system with 64 shards, this will allow Ethereum to be able to do thousands of transactions per second for super low fees, which is obviously very different from how the current network works, with 15 transactions per second and eye-watering fees.
If everything goes according to the plans, we should see an ETH 2.0 with a fully sharded network launching sometime in 2022.
In conclusion, Davis says that if you are a developer researching these two platforms for your decentralized application, it is a little bit of an apples-and-oranges comparison.
However, personally, he thinks that Polkadot the most exciting, and most promising new blockchain to come to the market in the last few years and it would seem that developers agree with that sentiment there are right now.
Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.
- Analyst Mike Jenkins Says This Altcoin Could Supercharge Gaming NFTs
- Here Are The Top 6 Most Explosive Altcoins On Coinbase, According To Analyst Austin Arnold