According to Gavin Wood, who helped develop Ethereum’s Solidity smart contract programming language, Polkadot’s parallel blockchain economic model has undeniable advantages over Ethereum and other blockchains for decentralized applications. The main advantage is that users do not need to own the platform’s native token.
“The users of applications that are built on Ethereum are enslaved to it in an economic sense,” said Wood in an interview with CoinDesk. “These users have to own ether on Ethereum and oftentimes some other token that allows them to use whatever application that is built using Ethereum smart contracts. This is a huge limitation. Imagine if every time you did a Google search you had to pay Google a tenth of a cent for electricity.”
Polkadot allows app developers to create custom blockchains with their own rules so that these chains can interact with each other.
“You get much more freedom as an application provider, both the economic freedom to not pass on this exposure to DOT tokens the way Ethereum requires you to do, and technical freedom to allow you to actually use the full gamut of blockchains capabilities.”
“It’s really Bitcoin, but with some extra scripting,” he said. “It’s up to the Ethereum miners which transactions they include, in exactly the same way as Bitcoin miners can choose to include this Bitcoin transaction rather than that Bitcoin transaction.”