Bitcoin Global News (BGN)
October 23, 2018 -- ADVFN Crypto NewsWire -- Vitalik Buterin was
not the only founder of Ethereum. The group of initial developers
includes several who have gone on to truly make names for
themselves in the Blockchain industry, beyond their first
endeavor.
Gavin Wood is one of those developers. In truth, he once help the
title of Chief Technological Officer at the Ethereum project,
before it was effectively released into the hands of just about
anyone who was interested in working on it. After founding two
companies, he has now moved on to specifically trying to make it
easy for anyone to build a Blockchain. So far, the result of these
efforts is a tool called Substrate, which is still being developed
by his company, Parity Technologies. As of now, there isreportedly
no official white paper on Substrate, though in truth, it is
possible to get a deeper understanding of what it can do, through
the lens of an existing project called Polkadot.
In a nutshell, Substrate allows Polkadot to exist as a special sort
of sidechain, which is a Blockchain that is connected to another
Blockchain, with the second one serving as its main and
foundational network. In this special chain, transactions are
distributed as if the primary sidechain is an atom and the other
chains, which are called parachains, are molecules that exist
around it. In doing this, the Parity company claims that its
technology creates unprecedented transaction speeds on the
Blockchain.
Since Polkadot was apparently built with the Substrate framework,
which together, are supposed to be a Blockchain kit for the average
person, it is easy to see how such technologies could lead to more
good things for the industry.
As with most Blockchain projects, since Substrate was released
today and Polkadot will not be released until some time in the
third quarter of this year, the true utility of both projects will
not be revealed until they have been tested on the open
market.
If, in the end, all of the Parity team’s claims about these
projects prove to be true, all they are really missing is a
compelling message for why the average person or even the average
business, needs a Blockchain.
By: BGN Editorial Staff