Polkadot: A Bet Against Maximalism

Published on
January 29th, 2021
Duration
69 minutes


Polkadot: A Bet Against Maximalism

The Interview - Crypto ·
Featuring Gavin Wood and Sebastian Moonjava

Published on: January 29th, 2021 • Duration: 69 minutes

Gavin Wood, co-founder of Polkadot and co-founder and CTO of Ethereum, joins Sebastian Moonjava, Real Vision associate crypto editor, to discuss Polkadot, Kusama, and the evolving crypto landscape. Wood explains that Polkadot was created to enable faster innovation in the blockchain space, reducing the amount of work necessary to start and secure a new blockchain and connect it to others. He describes Polkadot as a layer 0 technology, a meta protocol, that is more abstract and flexible than Bitcoin and Ethereum. Wood also talks about Kusama, which utilizes the same kind of technology as Polkadot but has a completely different development philosophy. Kusama is a faster iterating, more experimental chain that acts as a “canary network”—a real value, live chain that allows for rapid development of the technology. He describes Polkadot as a revolution in blockchain technology, not just an evolution. Filmed on January 21, 2021.

Key Learnings: Polkadot enables faster innovation in blockchain technology by making it easier for people to build, secure, and connect blockchains. Kusama is a more experimental, faster iterating, blockchain utilizing similar technology as Polkadot. Wood believes that Polkadot is a bet against maximalism as he doesn’t prescribe to the idea that there is a “best” blockchain or set of rules for a chain, but that different use cases require different types, and Polkadot enables this.

Comments

Transcript

  • BM
    Ben M.
    25 February 2021 @ 09:28
    Good stuff RV!! Your interviewer has done his research and played around in the ecosystem a bit. Please get Gavin back on soon after the first few KSM auctions have played out and the successful bidders have deployed. I would like to hear how he thinks candle auctions will develop over time: Can you ask him to speculate whether he believes broader participation and greater value will be behind future auctions vs initial auctions (i.e. the first few auctions vs auctions in 6 months, a year, 5 years and 10 years). Would also like to hear Gavin speculate on whether the most successful projects on KSM and DOT will be winner takes most in terms of network activity, developer attention, value lock-ups, ect, or whether he thinks projects will somehow manage to decentralise value creation with a non-Pareto distribution. Finally, speculation on what proportion of projects Gavin think might fail to maintain longstanding slots on DOT vs KSM. He did provide general answers, but it would be great to compare his answers in a few years to what actually happens. I know Gavin likes game theory and want to hear how he thinks things might play out. Pin him to speculate like some type of gameshow, or to provide generalist answers then speculation. THANKS
  • pm
    peter m.
    18 February 2021 @ 00:47
    Excellent interview and topic thanks!! P
  • CH
    Crag H.
    30 January 2021 @ 16:15
    Imagine if the normal RV content was filled with CEOs talking about their own companies and how great and fantastic they are. What value would that bring to the paying RV subscribers? Seriously? In my mind these interviews bring ZERO added value as compared to any other podcast, Twitter discussion or Youtube channel where these guys also appear. You can literally get the same content for free on other platforms. I thought RV was about bringing otherwise unattainable content to the little guy? What happened? If you're going to keep pumping this content out then at least pair it with some sort of analysis from industry experts. It's literally impossible for people to know which one of these to "pick" since they're all being sold to us by the founders themselves or by heavy insiders. If I wasn't an early subscriber who's been given a bunch of years for free I would probably cancel my account as it stands today. The quality of the content is probably like 20% of what it used to be.
    • JC
      Joshua C.
      30 January 2021 @ 16:32
      I have no opinion on any of this other than this: Crag H and Timothy P, you are so consistent in your disgust with these videos, it is truly impressive. You guys should start a podcast together. Not joking! I'd also love to know what you think is a good source of information on these topics (I am genuinely asking, not being sarcastic).
    • CH
      Crag H.
      30 January 2021 @ 23:26
      No opinion? Okay. Then I can only assume you're not interested in any sort of fundamental analysis of these projects. That you have no interest in understanding the long term viability if these ideas. That's fine, but I want more than that from a service that I'm paying to use. RV should aim higher. A LOT higher. Yeah, Tim and I seem to be the vigilantes on these comment sections. To me it's amazing that just TWO guys out of thousands on the RV platform seem to think that an actual ANALYSIS of these projects would be in order. Truly amazing that the supposedly sophisticated investor base of RV is so uninterested in scrutiny and getting an actual understanding of the space. If you're interested in the crypto industry as a whole then I'd suggest you listen to the On The Brink Podcast from Castle Island (with Matt Walsh and Nic Carter). Nic's writing is also fantastic, so if you haven't read his stuff then you should look it up. Well worth your time. Vijay Boyapati, Parker Lewis and Tuur Demeester are also great writers and thinkers. I also like The Rabbit Hole Recap shows on Tales From the Crypt with Marty Bent and Matt Odell as well as the What Bitcoin Did podcast with Peter McCormack. Both TFTC and WBD would be considered "Bitcoin only shows", but WBD have many "across the aisle" shows while TFTC often get a little more technical on the past weeks news which is nice. If you're interested in the tech then I'd recommend the books from Andreas Antonopoulos (https://aantonop.com/books) as well as any shows with Matt Corallo and Andrew Poelstra who I think are great communicators despite being hardcore devs (Bitcoin guys tho). And last but not least: Look for debates and arguments from both sides. Avoid the hype juice and fairy tales. Look at these things from a technical perspective rather than a social/financial one. Try to dig as deep as you can into the fundamental concepts of this space (such as "why even use a blockchain?", "what security tradeoffs are there between different consensus models?" and "who is actually able and willing to run these networks?"). If you are able to form your own opinion on the fundamentals you will find it much easier to navigate in this space.
    • JE
      JM E.
      31 January 2021 @ 08:35
      I disagree with your statement. I very much enjoyed the fact that Gavin Wood was on talking about Polkadot. Worth the price of admission to me. It's unfortunate that you're so bitter against these types of interviews. Perhaps....just don't watch them, and find another video on RV that's more in line with your echo chamber?
    • CH
      Crag H.
      31 January 2021 @ 19:15
      @JM: So just because I like Bitcoin I must live in an echo chamber? Gotcha. How about addressing my main issues instead: What's your thought on the lack of analysis on RV Crypto? What's your thought on the relative value of RV Crypto compared to the tons of free content out there providing the same stuff?
    • JE
      JM E.
      31 January 2021 @ 19:52
      @Crag. Well I love Bitcoin too, and tend to think that projects like Ethereum, Polkadot, and Cardano that usher in DeFi, is great all around. I'd like to think that a large and robust ecosystem that uses Bitcoin as its base layer store of value is good for all of us. Acala, which is a new DeFi project on Polkadot will be wrapping BTC like renBTC does for Ethereum. Bitcoin can then be used in liquidity pools. I see all of this being great for all digital assets to include Bitcoin. I don't see how Bitcoin alone without a robust growing ecosystem behind it is the best thing. Just my opinion Regarding RV. Yes the $200 price tag is a bit steep. However, most crypto centered YouTubers are just moon boys that pump projects. While that also has its place in this space, I like RV's interviews with experts in the field. I come here when I want to see what the time tested Macro guys/gals are thinking.
    • SD
      Sean D.
      15 February 2021 @ 12:18
      RV Crypto is free, and they make money by doing these infomercials. RV Crypto has an advertisement at the end of each video saying "contact us to do one of these for your company (for economic considerations, of course)."
  • AR
    Andrew R.
    31 January 2021 @ 09:48
    I understood 0% of this.
    • MR
      Marco R.
      31 January 2021 @ 17:46
      dig deeper, it is worth it.
    • JE
      JM E.
      4 February 2021 @ 02:05
      What questions do you have? I'll try and answer them
    • SM
      Sergio M.
      9 February 2021 @ 02:03
      Im with you!
    • SD
      Sean D.
      15 February 2021 @ 12:11
      Been delving into blockchain for over a year now, and I am with you. The idea that Kusama seems to be a production level testnet version of Polkadot, yet worth over $1 billion, is a sign to me that this whole space is such an irrational bubble. But then again, I didn't seem to get this at all. And I am not an idiot. I have a hard time believing that the $1 billion in Kusama "gets it" where I am clueless. It just screams "chasing momentum" and the greater fool theory writ immensely large.
  • LS
    Leeza S.
    14 February 2021 @ 04:13
    I loved this. I'm new to Crypto having joined in November. I found RV via Raoul's pension plan videos. From then to now I consume hours and hours of content to bring me up to speed. I'm 53 female, single. Not the usual demographic that chart's their own financial independence. I now hold BTC and ETH and DOT and Cardano and a couple of other things pretty much in the allocations that Raoul advocates. So now I feel comfortable with all. So wanting to dig deeper into all as the DeFi space currently explodes. I loved this interview and appreciated so much how understandable Dr Gavin is. I now no longer worry about my melting superannuation and my fake inflating investment properties. I have a good basket of crypto I just steadily accumulate. This channel and Raoul saved my life. You do change little people's lives
  • TS
    Tobias S.
    13 February 2021 @ 19:04
    Where and how can you buy Polkadot and all the other coins? They are not available on Coinbase and so on.
  • AD
    Amir D.
    30 January 2021 @ 02:24
    This sounds like this is too good to be true and just to much for one project to tackle all at once. and while for someone who understands what polkadot is able to achieve I feel like this will confuse anyone not involved in the crypto space. I feel like this is overwhelming. but the interview is very good, interviewer is great and mr wood is a legend.
    • BC
      Bushin C.
      30 January 2021 @ 03:54
      If DOT and ADA somehow works together to tackle all issues, It is not overwhelming
    • JE
      JM E.
      12 February 2021 @ 05:42
      I like to think of the Polkadot ecosystem as a wheel. Polkadot in the hub of the wheel. It provides foundation and security by allowing the spokes (i.e. Parachains) to hook into the hub. As Gavin explains, he's only building the hub of the wheel so to speak. The individual parachains can then use a program like Substrate to build task specific Parachains to hook into the hub. Gavin has shown that you can build a new blockchain with Substrate in as little as 15 minutes. These spokes so to speak then get the security of the hub from Polkadot, and get to talk to each other as their all linked into one common point. I think its truly ingenious and revolutionary over every other project.
  • HB
    Hariod B.
    31 January 2021 @ 16:14
    Gavin is an excellent ambassador in my opinion; he's articulate and does not talk down to anyone; neither does he rant/rage as some 'ambassadors' in the crypto-sphere have been known to (by their own late admission). Gesturally and in speech, he's a touch Partridgian (UK viewers will know what I mean), and perhaps that's no bad thing. [No offence, guv (Gav).] As with metal miners, crypto projects need credible ambassadors — CEOs, whatever — to attract early interest and investment; there are no intermediaries that will do their early bidding for them. Consequently, I feel Gavin is key to the succes of Polkadot not only on the technical level, but also in his role as ambassador. That said, and if I had a criticism couched within my very limited understanding, I think he needs to talk more about the project's utility in the so-called Real World, so as to lead minds away from Polkadot appearing to be another incestuous token-swapping platform. He did that a little towards the end of the interview, but seemed to divert into technical explanations when asked earlier about Real World utility. Worth listening to again, for me.
    • JE
      JM E.
      12 February 2021 @ 05:35
      I'm American, but I think you're referencing "I'm Alan Partridge." Haha, I instantly saw what you meant.
  • RE
    Ridha E.
    3 February 2021 @ 22:33
    Hi guys. Loved the video. I was really excited learning about Pokadot and particularly the staking component. I held some DOT on liquid.com exchange and as i attempted to transfer it to my Ledger, the DOTs disappeared. I'm so livid about this experience and hope that there's a way to fix this. I emailed the support team - hopefully i hear from them soon with a positive answer. I used the chrome extension along with the https://polkadot.js.org/apps/#/accounts to set up my ledger. All was wokring 100% per the official instructions. For some reason the recepient dot address doesn't exist according link below and the balance is still 0. https://polkadot.subscan.io/account/16cNSqD34vtcGBYDDFg9DJtoUh31MP6N18SpmLETNUhKJ9xg I really hope i didn't loose my DOTs. Would appreciate some support from you guys. Cheers, Ridha
    • JE
      JM E.
      12 February 2021 @ 05:32
      I've had nothing but issues with Liquid. I hope you were able to get your tokens Ridha
  • BM
    Ben M.
    10 February 2021 @ 09:18
    Can anyone please explain staking to me...? how to stake, what involved in this, available via all exchanges? pros cons? etc...
    • JE
      JM E.
      12 February 2021 @ 05:31
      Hi Ben, You can stake through Polkadot.js.org, which is is Polkadot's UI on how to engage in the democracy of Polkadot such as voting in referenda/proposals, etc.; as well as how to stake. It's difficult to explain on here, so I would go on Youtube. There is a video on there by Bill Laboon of Polkadot on how to use Polkadot.js.org to include staking. An easier way to stake is on the exchange Kraken. It's very easy. I stake on both Polkadot.js.org and Kraken as there are advantages and disadvantages to each. For example, if staked on Kraken there is no unlock period. This period is 28 days through Polkadot's UI. I put some on Kraken so I have them ready to use immediately for a Parachain Lease Offering, but still staked so I earn interest. Hope that helps
  • SM
    Sergio M.
    6 February 2021 @ 01:32
    I'm convinced Polkadot is going to play a huge rule in changing how we govern our lives and I love that. How to do I start making a career inside of the Polkadot ecosystem? I have no tech experience - but I get logic being a student of technical analysis. Any suggestions/thoughts so greatly appreciated! Cheers mate
  • NC
    NATHAN C.
    31 January 2021 @ 03:38
    This is useful. But RV is mostly an investment channel. I'd like another exploration focused on one vulgar question: How can we make money by buying DOT?
    • MH
      Michael H.
      31 January 2021 @ 06:55
      Totally agree. It can't be a store of value as its inflationary so it has to offer a yield to holders. I watched dozens of interviews with Gavin Wood and he only talks about the technology. Is there a business model which could justify the market cap of $15bn? I'm certain that if it were a traditional company backed by VC's its value would be a fraction of that at this early stage. I can't help thinking that many of these platforms are playgrounds for computer scientists and the business model is an afterthought.
    • JE
      JM E.
      31 January 2021 @ 08:29
      DOT is Proof of Stake. This is a transition away from previous blockchains like Bitcoin which is Proof of Work. In Proof of Work, the miners get the block rewards for mining newly minted Bitcoin and verifying transactions. In Proof of Stake, the token holders (i.e. you and I) get staking rewards, by staking our DOT tokens with a block validator. Block validators verify transactions and secure the network. They then get rewards as a result. Polkadot pays 12% APY for staking your coins. That's one helluva dividend. Furthermore, when you stake coins it reduces the supply and makes the tokens more scarce. Polkadot also has Parachain Lease Offerings (PLO). This is where you loan out your DOT tokens to certain projects (no risk of losing them as they never leave your wallet) to projects that you feel are deserving of a Parachain. They will then reward you with tokens for their project in exchange for you having loaned them tokens. Those are two reasons of how you can make money off of it, in addition to the price just going up due to investors buying it.
    • dp
      daniel p.
      5 February 2021 @ 00:01
      this is a 1 hour advert as to why you would by DOT tokens - the total market cap of DOT will measure the total value of the polkodot base network and relay chain
    • EC
      Edward C.
      5 February 2021 @ 16:46
      I'm with JM E on this. The inflationary component (And yes, I think inflation in the FIAT sense of the practice is a stealth tax - hence my belief in Bitcoin and Gold) is very interesting in that it encourages staking and thus enhances the security of the network. So if you are not staking and not contributing, you get diluted at the expense of those whom are staking. Love the game theory.
  • CU
    Christian U.
    4 February 2021 @ 05:02
    Amazing Video. Please more videos that go into how stuff works. My understanding of dot has increased a bunch. thank you for that. I would like 5 hours of this with lots more technical details. Dot is one of the big projects and understanding it is important. I dont mind the selling, as long as I get educated at the same time.
  • OQ
    OLIVIER Q.
    29 January 2021 @ 23:21
    I had 90/10 allocated on Cardano/Polkadot before this interview. I will be now 100/0. The match CH/GW is won by Charles by a mile. Clear vision, able to articulate complexities into simple concepts, inspiring, leader for the community. I got so lost in this interview. I may be wrong.
    • BC
      Bushin C.
      30 January 2021 @ 03:59
      I am like 95 Cardano / 5 Icon....Not holding any DOT
    • TZ
      Toomas Z.
      30 January 2021 @ 13:19
      Don't understand why Cardano has all this hype, it seems like a dumb money trap to me. Who is using/building on Cardano, who is going to build on Haskell when there are so many other options for platform migration? This is what worries me, although a rising tide lifts all boats. All the big dApps are moving over to Polkadot due to scalability/architecture of the platform.
    • VM
      Victor M.
      30 January 2021 @ 16:52
      Considering the title of the video, you clearly missed the point...
    • VM
      Victor M.
      30 January 2021 @ 17:02
      And How can you say that Charles won it by a mile when Gavin has coded Ethereum, which is home to Defi, the biggest thing in crypto since a year?
    • SB
      S B.
      30 January 2021 @ 20:38
      I would never allocate in a shady project that over promises and under delivers such cardano. Charles is all talk no delivery.
    • DM
      Dominic M.
      31 January 2021 @ 03:44
      It's not a popularity contest among founders. I think they're both great projects, and that the only real "competition" right now is for developer interest, which Polkadot is winning by a country mile. But I hold significant stakes in both (2.5:1 DOT) because the TAM is ginormous, to the extent that actual competition among projects for "customers" (whatever that means for each project) is moot. Projects will specialize over time. Both DOT and ADA have enormous potential IMO. (Also: AAVE, UNI, SNX, ENJ, LINK, etc.)
    • JE
      JM E.
      31 January 2021 @ 08:41
      Why are all ADA holders so bitter against any other project (i.e. ETH and DOT)? I swear ADA maximalists are the Peter Schiff's of the crypto space. There is room for both. Some of us, like me, hold both. Plenty of room at the table.
    • OQ
      OLIVIER Q.
      31 January 2021 @ 17:11
      As I said, I may be wrong. I follow Cardano very closely and they deliver every bits on schedule. Hours of research. But I can still be wrong. Do your own research.
    • JC
      Joshua C.
      1 February 2021 @ 16:44
      JM E., Olivier already said "I may be wrong." In addition, whereas his portforlio balance is his own personal matter, he is not disrespecting others' rights to favor Polkadot, so IMO 'maximalist' is not the right term here; he is just sharing personal opinions and views. If you can't share an opinion without risking being called 'maximalist', then there is too much political correctness for healthy discussion.
    • JC
      Joshua C.
      1 February 2021 @ 16:53
      Toomas, regarding what you said about Cardano may I suggest that you read up on the motivation for Cardano but especially on the origin of ETH vs ETC? The disaster leading up to the fork comes from people being too careless with their code. With this sort of thing where trillions are at stake paranoia is the right attitude towards technology management, lest one ends up being the hare that loses the race to the tortoise; number of dapps may be a useful metric for behavioral economics used for short-term trading but maybe not so much for long-term and potential and success.
    • JE
      JM E.
      1 February 2021 @ 22:27
      Joshua C. He literally said "I had 90/10 allocated on Cardano/Polkadot before this interview. I will be now 100/0." If holding 100% of one project is not a maximalist....then I don't know what is. Also, i'm not calling out Olivier specifically. I'm saying that a lot of those in the Cardano camp (go on YouTube and you can easily see this), are all Cardano, all the time. They think every other project is garbage. It's very cult like. I hold Cardano, because I see it's value and find Charles brilliant. Not going to lie though, the ADA maximalists are a bit ridiculous.
    • CR
      Carlos R.
      2 February 2021 @ 16:59
      Mr. Adenuga, is that you? 👊 / Just yesterday Outlier Ventures released their Q1 Blockchain Dev report. It's a must read for everyone in this thread. It would be awesome to have their CTO Aron van Ammers on the show! On Polkadot itself, it goes without saying, but Gavin F**in Wood is Ahmazing. But, I have been very concerned with the quality of some of the popular projects building on the platform so far. Seeing projects like BMI launch with crazy hype and just a couple of design files as their product demo, is a huge cause for concern, and very reminiscent of 2017. Hopefully that changes as more and more projects come to market with their MVP's. Also surprising to not see many mentions of Cosmos on this thread. Some of the projects building on the platform have delivered really high quality products that work, and are a joy to use. INJ, MIR, LUNA, RUNE are all fast, cheap, and delivering the kind of experience I've been imagining in DeFi for the last 2 years TODAY. Either way, we're really at the beginning of something truly special.
    • CU
      Christian U.
      4 February 2021 @ 04:48
      Cardano wuut?
  • TJ
    Tarpley J.
    4 February 2021 @ 03:23
    Gavin is a pioneer, and within the next few years people will talk about Polkadot like Ethereum today.
  • TP
    Timothy P.
    29 January 2021 @ 17:59
    RV Crypto - all "Maximalism" all the time. You guys are something else -- let me know when you get tired of trotting out that trope coined by Vitalik Buterin. He's a petty little man with a vengeful streak, which is why that term got coined to begin with. No wonder he made such a mess with the DAO rollback. Vitalik focuses on short-term easy answers, which ultimately will doom his ETH experiment. Another day, another head-nodding interview with no hard questions asked.
    • AP
      Antonio P.
      29 January 2021 @ 19:49
      Go to the maximalist forums. You are a bore and not funny. YOU ARE JUST A PAIN IN THE ASS!
    • DW
      Dean W.
      30 January 2021 @ 01:28
      An ad Hominem is the last resort of a lazy mind with an empty arsenal.
    • JC
      Joshua C.
      30 January 2021 @ 16:34
      Timothy P, see my post on Crag H's comment above. Genuine question: what are the sources of information on these topics that you do appreciate?
    • MR
      Marco R.
      30 January 2021 @ 19:43
      Timothy, you are really annoying. Everyone knows that you are a Maxi, great. BTW. Who cares
    • JB
      J B.
      2 February 2021 @ 22:06
      This comment should be deleted. It doesn't add any value.
  • rs
    ritchie s.
    31 January 2021 @ 21:24
    pertinent well thought out questions by an interviewer enthusiastic but respectfully restrained, the interviewee doesnt require introduction or praise, he is a giver! thank you guys for a knowledge packed interview 9 out of 10 for me,.... i never give 10, thats my rule;) richard luxembourg
  • SK
    Steven K.
    31 January 2021 @ 20:41
    Few questions maybe someone here can help clarify. Is the staking reward always going to be 12% or is this controlled by someone? If the reward goes to 6% will demand increase because supply is decreasing, or, will price collapse because it's the staking yield attracting the capital? Second, I really only see the price of Polkadot increasing when the demand to access there finite amount of parachain space is reached. Is there really that much short term demand for these projects? If there are only 75 active projects there is no bidding scenario that Gavin described. Those 75 projects can be earth shattering innovations but I don't see how that increases the price of a DOT. Anyone got any thoughts on this?
  • WC
    Wei C.
    31 January 2021 @ 19:55
    $200 Polkadot by end of the year! This is revolutionary!
  • DR
    Denislav R.
    31 January 2021 @ 11:38
    Gavin is a money grab. He is not about decentralization, he only cares about making money and dumping on you. When he worked on Ethereum he was against a NON PROFIT foundation, he wanted to create a company behind it. This is against the ethos of decentralization. His gains were not enough for him and most of it he lost with Parity after deploying multiple vulnerable code which was exploited multiple times. That's why he created Polkadot.
    • JE
      JM E.
      31 January 2021 @ 19:46
      "Gavin Wood is a co-founder of Ethereum, the world’s second-largest cryptocurrency by market cap, and former chief technology officer of the Ethereum Foundation, a NON-PROFIT organization guiding the cryptocurrency. More recently, he founded Parity Technologies and the Web3 Foundation." https://www.coindesk.com/people/gavin-wood
  • MJ
    Michael J.
    31 January 2021 @ 17:41
    This was a great interview. 2021 will be a huge year for Polkadot. Love to see you do AVAX (Emin Gün Sirer). Permissionless blockchain with a consensus mechanism that has high enough throughput (>6500 tps) and low enough latency (1s transaction finalization vs 10min on bitcoin) to replace the archaic credit card rails.
  • AW
    Abigail W.
    31 January 2021 @ 16:47
    okay, I found it easier to understand DOT reading the white paper, anyhow, love what this project is building and the additional staking reward over 10% is the cherry on the top.
  • WC
    William C.
    31 January 2021 @ 16:44
    Interesting to hear details about polkadot’s implementation and aims from the founder himself but unfortunately seemed like the interviewer wasn’t able to keep up
  • RM
    Ryan M.
    29 January 2021 @ 21:47
    Personal opinion: Gavin and the team are crazy intelligent and innovative, and from a technical perspective, I think the DOT tech stack is pretty cool. However, I think Polkadot is WAY too complicated, in no way permissionless to use since you have to win a bid to get a parachain, and insanley expensive to use because you have to "rent" a parachain over time. I think that the much simpler, cheaper, and permissionless solutions like Solana and NEAR are more likely to compete with Eth for layer-1 market share long term.
    • VM
      Victor M.
      30 January 2021 @ 16:48
      I think you did not understand the concept of Polkadot. Polkadot wants to be the link between the blockchains you just mentionned, it does not want to compete with Eth or any other blockchain. A competitor to Polkadot you could look at would be Cosmos.
    • JE
      JM E.
      31 January 2021 @ 08:47
      You don't have to rent a Parachain necessarily. He also has Parathreads where you can pay as you go to use the chain. He explains it in more detail in the Unchained Podcast piece
  • RW
    Raymond W.
    29 January 2021 @ 22:33
    So how and why does the DOT token increase in value?
    • MH
      Michael H.
      30 January 2021 @ 17:12
      Exactly,. I've yet to see any interview which actually talks about the business model of the alt coin world and how the returns flow to token holders. I don't see DOT as a store of value like BTC as each year the supply of increases by 10%., so it must stand as an investment which provides a yield. It seems the yield is created by staking coins for 12 months, but this is just coming from inflation which means in real terms its zero return for no liquidity? That is unless you rent your staked coins for others to gain access to the platform. The problem is the more valuable DOT becomes the more expensive this rent needs to be, If, in real terms you are losing 10% of your money each year by staking due to the inflation in the network, wouldn't you want say 20% return for leasing out your staked coins? On a market cap of $20bn this means paying in aggregate $4bn per year to access the network? Does this sound like a lot of money compared to how much it costs to build and run a network like this? Please can someone produce some analysis of these models as so far it seems everyone is focussed on the potential of the tech and not how they can monetise it.
    • SB
      S B.
      30 January 2021 @ 20:40
      Polkadot is layer 0. Eth is layer 1 and sluggish. Polkadot could host eth.
    • JE
      JM E.
      31 January 2021 @ 08:45
      Michael, you're still making 5.2% APY adjusted for inflation. https://www.stakingrewards.com/earn/polkadot The price goes up when you stake the token. Less free floating supply, and its more scarce. Most individuals automatically reinvest their DOT tokens.
  • DW
    Dean W.
    30 January 2021 @ 01:10
    Sebastian - probably the best interview I've seen you do, glad it was you doing the RV interview. Clearly did your homework, asked great questions, were obviously personally interested in what Gavin was discussing. Looking at the comments below, I can see how some people, if this was their first exposure to DOT, were like wtf, what's web assembly language, why does it matter, what's a L0 blockchain, what are heterogenous shards? As others have noted, DOT is a very complex system but it has the potential to be huge. Lots more information here: https://wiki.polkadot.network/docs/en/learn-DOT Glad to be hodling DOT. You can stake on Kraken for 12% apy with no lockup period.
    • MH
      Michael H.
      31 January 2021 @ 07:02
      How is the 12% generated other than through inflation which just debases the value of the token? I am new so I am struggling to get my head around it.
    • JE
      JM E.
      31 January 2021 @ 08:39
      Adjusted for token inflation it is only a net gain of about 5.23% APY https://www.stakingrewards.com/earn/polkadot
  • BM
    Ben M.
    30 January 2021 @ 18:58
    Thks RV team, Interesting interview. Would have been interesting to dive into his reasons behind leaving ETH..... One question if anyone can help is around the decision to include inflation (up to 10% pa) rather than choosing the dis-inflation or deflation route....pros & cons of this and likely effects on price & innovation, and if the value gain of additional innovation would outweigh the value loss of effective money printing (if my understanding is correct) ?
    • MJ
      Michael J.
      30 January 2021 @ 20:20
      Not sure if this answers your question directly, but blockchains require security. In proof-of-stake currencies (like Polkadot), this security requires a significant portion of the tokens be locked (not tradeable). Owners of dots who decide to participate in the staking and lock their tokens (validators and nominators) won't voluntarily lose DOT tradeability - they need to be compensated for it. Inflation is simply the price that must be paid to stakers to secure the network. They might have carved out some of the inflation for council, developers, and ecosystem - I don't remember all the details.
    • MH
      Michael H.
      31 January 2021 @ 06:59
      Inflation seems to be a way of giving a return to holders who stake their tokens at the expense of non stakers. If everyone stakes then there is no return as the dilation just cancels out the return you made one for one - i.e. zero return for hard locking up your investment in a risky project.
    • CH
      Crag H.
      31 January 2021 @ 08:28
      Proof of Stake systems are inherently leading to inequalities since staking rewards are proportional to the size of your stake. Large holders with big stakes thus continually get more rewards than the rest which makes them even bigger. In a Proof of Work system the miners have operational costs which forces them to sell coins to pay their bills. This is helpful in terms of coin distribution.
    • JE
      JM E.
      31 January 2021 @ 08:31
      In this video (linked below), Gavin explains why he left Ethereum. It's essentially because they weren't scaling fast enough. https://www.youtube.com/watch?v=GcOKXAOh4Xw
  • TX
    Ticker X.
    30 January 2021 @ 22:06
    Yea, great discussion fellas. Trying to get an account setup with Kraken to buy me some DOTS. Why doesn't Coinbase offer it? I found that strange.
  • TV
    Tyrell V.
    30 January 2021 @ 10:19
    Pushes me further into the Bitcoin maximalist camp. I can see how the CBDCs will do their digital run outs however - it will be like a polkadot business overlay.
  • MS
    Madeleine S.
    30 January 2021 @ 10:14
    Happy to be holding ADA!
  • TM
    Tyler M.
    30 January 2021 @ 03:17
    Thoroughly enjoyed. It was nice hearing the man himself dive deep into what DOT and Kusama are all about. Good advice at the end, ;)
  • CK
    Chris K.
    30 January 2021 @ 00:38
    Great interview. DOT sounds super interesting.
  • JK
    Joe K.
    29 January 2021 @ 23:35
    Most exciting innovation ever
  • bf
    bill f.
    29 January 2021 @ 23:00
    is a coin that does multiple things better than a coin that does one thing, but it does it really good. i'm trying to weigh this up
  • bf
    bill f.
    29 January 2021 @ 21:12
    there seems to be a lot of manual intervention in this coin and i'm not sure if thats good or bad
  • bf
    bill f.
    29 January 2021 @ 20:53
    after a while i got lost. it would be good if they could break it into more videos and use a whiteboard like george gammon to break things up. i will continue to the end of the video
  • VF
    Vassilios F.
    29 January 2021 @ 18:10
    Love his Lord of The Rings like sales pitch: "Platform of Platform, Blockchain of Blockchain"
  • AF
    Andrew F.
    29 January 2021 @ 10:54
    You might consider following Polkadot on Crowdcast to stay current on their developments. https://www.crowdcast.io/polkadot
  • BI
    Brett I.
    29 January 2021 @ 09:14
    I was really excited to see this interview pop up, because I have a lot conviction around the Polkadot concept and want more people to understand it. However, I don’t think this interview did it justice. A lot of the RV audience are very intelligent and interested to learn, but Polkadot needs quite a deep level of understanding of the space. I felt that this interview had a really slow start and, to me, was a bit muddled. Had I not really wanted to watch it, I probably would stopped in the first 10 minutes. If anyone reads this before watching the video, I would suggest watching sections 1&2, then skipping to sections 8&9 then going back to section 3 and watching the the rest.
    • AF
      Andrew F.
      29 January 2021 @ 10:51
      I think the problem is Polkadot is so broad and deep, it's hard to dig into any details without spending 10 hours. But I too would like to go down a level and learn more details. This summary of Polkadot is already on youtube. I'm a very strong believer in Polkadot and owner of DOT. You might consider watching some of the videos they host on Crowdcast. Those have more detail.