When Polkadot Parachains!? Gavin Wood “TELLS ALL” & Drops the Bomb!! 100x Soon!?

[Music] yo what's going on with the viewers of the tube tyler here of chico crypto and guess what i have right next to me the man himself gavin wood founder of polka dot you know creator of some of the best projects in the cryptocurrency space i mean if you know you know so thanks for being here gavin thanks crypto chico no problem no problem so my first question for you is you know polka dot is coming in hot a lot of people are excited about the parachain structure what do you think is you know one of the biggest things that polka dot is going to prove to the crypto space that other blockchains aren't doing uh i think well firstly we're going to get sharding going with the uh you know in the blockchain space and i think that's something that i'm personally super excited about and uh really going to show how these different ecosystems like i just read today moon river you know 100 000 transactions in whatever three weeks it's like this is really uh starting to show that these different chains can live under a common umbrella common security all under in this case kusama but uh while building by really focusing on building their own ecosystem up as a platform ecosystem so getting you know if if polka dot or kasama is layer zero we see the first layer ones and we're starting to see like the layer two applications sitting on those layer ones and when people really start to realize just how hierarchical this is and how much you can project from these layers here from a layer zero and i think it's gonna be uh it's gonna really kindle some imagination yeah so one thing that kindled my imagination was from your talk you had and how you explained you know the shared security of these para chains so could you explain that to my viewers a little bit further how this shared security model works within kusama and polkadot sure yeah so i mean shared security is all about having these uh the single token a single validator set um all securing many different blockchains right normally for a blockchain it has its own token there's some stakers miners validators whatever that sit behind the token sit behind the chain and make sure that the chain is secure make sure that it doesn't get reverted make sure block's still getting produced all the rest of it now with this shared security model you can have these different chains you can have a carla you can have plasm you can have moon beam whatever you can have all of these different chains they're they're sovereign block chains they can do what they want they can be engineered however they like they get all the freedoms of have being like you know a blockchain but they don't have to bootstrap their own security and they get super um effective efficient low latency secure communication between themselves right yes so that's one thing that gets me excited but also what got me super excited during your talk i just listened to was the code execution you know you're talking about how um polka dot is different than ethereum with code execution so could you explain that to the viewers yeah this is super crucial right um i think i think this is something this is something that i've only just started thinking about actually so there's a um really what is what is fundamentally different from polkadot and smart contract platforms right in smart contract platforms it's transactions that result in applications getting executed right you cannot deploy an application and expect it to be running on the chain until there's a user who gets a transaction into it now when the chain is full or when there's it's just busy yeah or when i don't know someone might be attacking it or maybe the user doesn't want to pay these fees or whatever it is under certain situations often times when you know you really need the code to execute yeah those transactions don't get through and that code doesn't get executed right and this is a fundamental to the design of a theorem it's fundamental design of smart contract platforms like it with polka dot it's fundamentally different the code executes guarantees the application code gets executed once every block every power chain block that code gets executed para chains come in every the blocks come in every six seconds they are allowed about two seconds worth of execution time that's guaranteed so about a third of the time these chains are executing and it's that code that chooses whether what to do whether to you know interpret some transactions or not who knows what the code wants to do d5 maybe it wants to not interpret transactions this block because there's a big liquidation going on and it wants to get through the scheduled liquidations you just can't do that in ethereum right because those those liquidations can only happen as a result of transactions coming in and if there's a big ico going on at the time good luck getting those transactions so is this something you know and that's what i was thinking about you know is this execution model is something that can stop some of the big you know blockchain attacks like ddos attacks you know that's right now because the fact of the matter is that not only when you're using an application that sits on ethereum are you competing with the other users of that application but you're also competing with all the users of all the other applications that sit on it right yep and with with polkadot these applications are set in different power chains and that means that they're independent that they can decide what's important what needs to get through what needs to get done and what's less important what does it need to get through right now or what doesn't really need to be done quite yet and that's super important that they have this resource allocation that they can split up according to how they want yeah that's going to be fundamentally game changing so i the viewers will not like if i do not ask this question they will get mad at me if i do not ask this question so when polka dot para change uh we i i i i'm sorry tightly i can't give you this uh this like date i'd love to but it's uh but what i can tell you is um things are going well um on the kasama side for trying out power chains the audit uh i'm not sure if it's complete yet but if it's not the complete is going to be completed in the next day days right it's days not weeks um we need to fix any of the issues that came from the audit you know i as far as i know uh this is these are relatively small issues nothing nothing huge um and then after that it's uh it's really just um you know up to the governance of pocono polka dots a meta protocol exactly governable metaphorical we have to get this through governance i can't i can't flick the switch myself but what i what i'm able to do is say technologically speaking paratrains are ready uh and it's up to the governance of polkadot to um to get them out there hey that means polka dot holders it's not up to this guy get moving get moving guys so my last question i want to ask you is more not about cryptocurrency uh but a little bit is the kusama logo it's always interested to me where did the idea for the kusama bird and logo come from uh so kusama is as you know an experimentalist network right it's there to uh to try out all the new technologies that we want to build into polka dot or that we might want to build into polka dot if they work out on kosama um the uh the name uh i mean the name obviously is uh is a beautiful name that that uh i think in some uh people conjures up uh the idea of polka dots um but really the the the logo the symbol comes from this idea of um a canary network right now this comes from the old days in the mining days right and uh deep in these underground mines where you're getting like coal out sometimes there's uh noxious gases like poisonous gases down there and you don't want to like send miners down there and then just have like loads of dead miners on your hands yeah so rather than doing that you um you send something some unfortunate unsuspecting uh canary down there right and uh and and if the canary is good because the obviously they they they presumably die a bit faster uh than than a human right so if they're good then you know it's good for the miners to come down and and carry on mining so that's it miners would carry down especially the first ones would carry down this like little cage with a canarian and keep a damn close eye on this canary because the canary is living they're good the canary starts falling over they're gonna clear out pretty quick well no that is excellent um i know this is a short one you got a lot of stuff going on today so gavin i can't um thank you enough the viewers of the tube are gonna freak out that i was actually able to get you on camera and talk about polka dot kusama and win pair chains so yeah thanks man it's a pleasure [Music] you

Channel: Chico Crypto

Views: 85,507

Rating: 4.9639373 out of 5

Keywords: Polkadot, polkadot parachain, polkadot parachain auction, polkadot crypto, polkadot price prediction, kusama, kusama crypto, kusama price prediction, kusama parachain auction, gavin wood, gavin wood interview, bitcoin, bitcoin news, bitcoin news today, btc, btc news, ethereum, ethereum news, ethereum 2.0, eth, altcoin, altcoins, altcoin news, crypto, crypto news, crypto news today, cryptocurrency, cryptocurrency news, chico, chico crypto, crypto chico, chicocrypto, moon river crypto

Id: 8_Vot1ONYGQ

Length: 9min 26sec (566 seconds)

Published: Tue Sep 21 2021

Reddit Comments

[u/nWo4lyfe2sweet]

lol. i had to watch this interview twice yesterday. Beyond excited. Favorite projects/coins.

lol I wonder about the 100x, 2-300$ dot? It makes sense to me!

[u/gimmeurdollar]

In other words, we should stop comparing polkadot to layer 1s. Gavin said polkadot is layer 0 and they are building it until it reaches to a point where there is very little tweaks to be done. He pointed out that Moonbeam/Moonriver is a promising layer 1 in the Polka ecosystem BUT anyone can build layer 1s on the substrate. Hence, moonbeam should be compared to other layer 1s like ethereum, avalance, fantom, harmony, terra, etc2x

[u/SlaveOfTheOwner]

That was quite informative. I’m getting excited for the layer 3s now!!