Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

How Polkadot’s parachain auctions make a decentralized Web3 possible

Published 02/12/2022, 12:13 PM
Updated 02/13/2022, 02:20 PM

When Gavin Wood co-founded Ethereum, he stated that it would “allow people to interact in mutually beneficial ways without anyone needing to trust each other.” In theory, such a platform would pave the way for Web3, characterized by decentralized or distributed network architectures, that would lay the groundwork for a truly open internet where we would not have to blindly entrust our data to monopolistic corporations or get permission from them in order to participate.

Since its inception in 2015, however, Ethereum has simply failed to adapt fast enough and keep up with the pace. Transactions costs for decentralized applications (DApps) have been too high while transaction speeds have been too slow. Wood left the Ethereum team in 2016 and founded the framework for a decentralized Web3: Polkadot.

James Wo is an experienced entrepreneur and investor in the digital assets space who founded Digital Finance Group in 2015, where he oversees over $1 billion assets under management. He is an early investor in companies like LedgerX, Coinlist, Circle, 3iQ. James is also an early investor and supporter of Polkadot and Kusama Network. He contributes substantially to the ecosystem through capital allocation, donations and actively supporting the Parachain Auctions. Additionally, James serves as the board and committee member of the Chamber of Digital Commerce and acts as chairman at UAE Licensed Matrix Exchange.

Continue Reading on Coin Telegraph

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.