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Recently, Chaincatcher invited Fuyao Jiang, the founder of Polkadot’s ecological project Acala and the founder of Polkawallet’s first mobile wallet, Polkawallet, as a guest at the Catcher Academy community, and held an AMA with the theme of “Exploring Polkadot Ecological New Opportunities”.
Acala is a quasi-parallel chain of Polkadot, providing the underlying financial infrastructure of DeFi, including 3 basic protocols: decentralized stablecoin, decentralized AMM transaction, and decentralized pledge liquidity protocol, allowing DeFi on Polkadot Can prosper and develop.
During the sharing period, Fuyao shared his early stories with Polkadot to community users, as well as his views on Polkadot Parachain auctions, community governance mechanisms and other issues. The full text is now compiled as follows, hoping to inspire readers.
Original title: Dialogue with Fuyao: Successful candidates for Polkadot Parachain are not necessarily good projects
The meaning and problems of Polkadot Parachain
Fuyao: The first time I liked the Polkadot community deeply was in December 2017. There was a very interesting event on the official Twitter, soliciting global community members to translate Polkadot’s Wikipedia. I was the first person in the world to translate into Chinese. , And then the official sent a T-shirt across half of the world, and I tweeted Aite me, especially with a sense of community, this feeling is very good.
Later, I often participated in the early Riot community discussions. Gavin would answer various questions in Riot. Often the answer is like writing a paper. It is very long and detailed, and not only stays at the level of the question, but the knowledge derived from it. Points will also be involved, which is very helpful for understanding.
In the early development of Polkawallet, since this is the first Polka mobile wallet, the js api is integrated in RN for the first time. There are many unprecedented pits to step on. I used to communicate with Parity’s Jaco in the early days. This is a god. , Maintaining multiple Polkadot js projects at the same time, as if there are clones, while writing and submitting code, you can also help you solve problems together.
Fuyao: As the core concept of the Polkadot network, the parachain relies on the Polkadot relay chain to provide security and communicate with other relay chains. Parachain is based on Substrate, and can exchange messages/assets between parachains, sharing the security of the Polkadot relay chain, and governance, block production, and token economy are all customizable.
For a more popular example, you can think of a parachain as a single state in the United States. Each state can formulate state laws according to local conditions, share military power (shared security on the chain), and can move and trade freely between states. Over time, each state (parachain) can focus on different functions while facilitating effective transactions to form a strong economy and ecosystem.
Compared with smart contracts, parachains can flexibly customize the blockchain according to their own needs; governance is relatively flexible and can provide more forms of governance to enable participants to obtain incentives; can freely define the technical details of the entire stack, such as the protocol can be upgraded, Including smart contracts, governance and consensus, mutual exchange of assets and information between parachains, sharing of security provided by Polkadot relay chains, and the ability to save the cost of high-capacity/value applications.
With the continuous development of Polkadot in the future, more and more projects will plan to participate in the bidding of Polkadot parachain slots and initiate the first parachain issuance. At that time, users who hold DOT/KSM can lock their DOT/KSM to help the project put in the bidding slot. Although it seems that the opportunity cost of staking income has been paid during this period, the project party will give the user the native token of their own network as an incentive .
Interoperability between parachains requires access to the Polkadot relay chain, and a large number of DOT token rental slots need to be pledged. Does it mean that projects that need to enter the Polkadot ecosystem require greater capital costs? Is there a better solution to the short-term security problem of slot renewal failure?
Fuyao: From the perspective of economic costs, although there is a certain cost to become a parachain , it is far lower than the operation and maintenance cost of a single chain. At present, the cost of providing security for mainstream chains can reach tens of millions of dollars each year, of which Ethereum and Bitcoin are even as high as billions of dollars. The cost of obtaining the same security on Polkadot is 3 to 5 orders of magnitude lower than other chains. , And it can also carry out revolutionary fast, unlimited, trustless cross-chain message transmission.
According to the preliminary modeling estimates of the Web3 Foundation, the opportunity cost of renting a parachain is estimated to be 100,000 to 200,000 US dollars a year. The monthly transaction volume of Ethereum Chainlink and MakerDAO is between 30,000 and 200,000, and it costs US$18,000 to 60,000 per month to pay Gas fees. These costs are borne by users themselves on demand, and these are small and small on parachains. Fixed value.
Parathreads (Parathreads) is designed to solve the existing Parachain slot bidding potential risk problem and launched a new access relay chain mode, it is a new access relay chain Service packages, the charging method is similar to the early mechanism of Mobike or ofo, pay a deposit of 100 yuan, and then charge according to usage. If the user does not want to use it, the deposit can be refunded.
Parallel threads and parallel chains are fully interoperable, and you can switch between them. When the slot expires, it directly rents a parallel thread with a small amount of money, and it can be easily switched over, so that the short-term security problem of failure to renew the lease can be solved smoothly.
Opportunities and future of Polkadot
On Polkadot, it must be auctioned through a parachain slot and formally become a parachain of it to become a part of its ecology. So can you judge whether a project is a high-quality project from the possibility of successfully running for a parachain?
Fuyao: I don’t think that projects that successfully run for parachains must be high-quality projects. The main reason is that “bad money drives out good money”. Inferior parachains will drive high-quality parachains to become “homeless”.
Fuyao: According to statistics, the current average daily growth rate is 0.56%, because all decentralized financial products can bring a huge increase in the number of users after each update and iteration. It is expected that the number of users will exceed 10 million in the next two years.
I think synthetic assets and sustainable governance models will be one of the mainstream trends in the future.