How Much Polkadot (DOT) Do You Need To Become A Cryptocurrency Millionaire in 2022? | Gavin Wood

all right let's get to the good stuff is polkadot and ethereum killer alright welcome back everybody to altcoin daily where you subscribe for a video on cryptocurrency every day demystifying this cryptocurrency market my name's austin in today's video i want to have a very real conversation about polka dot one of the top altcoins in the space and its potential in 2022 and beyond right from the horse's mouth gavin wood co-founder of polka dot who you see speaking dishes the dirt on what to expect as a dot holder this is from the main net 2021 conference from a few weeks ago in conversation with missouri and in today's video i want to share with you three of the most valuable clips from this conference culminating to the question how many polka dot dot tokens do you need first off give me 60 seconds let's just clue everybody in and define what exactly polka dot the cryptocurrency what is it well in simplistic terms it's known as an ethereum competitor basically a more scalable more interoperable dap platform and for context just like the internet was around in the 80s but didn't really see success mainstream till apps were built on it in the 90s apps like email apps were built on the internet dap platforms are ushering in web 3.0 allowing decentralized applications to be built on top use cases of potential killer dapps would be maybe a decentralized google decentralized twitter or facebook etc potentially ending the overreach of big tech and putting the control in the hands of the people that's the dream but the issue is and what cryptocurrencies like polka dot like cardano like cosmos etc are aiming to solve is interoperability because right now blockchains like bitcoin like ethereum etc are siloed off from each other they can't communicate but if mass adoption is going to happen this needs to change and polka dot is aiming to be that blockchain of the blockchains the internet of blockchains as they say okay i hope that was clear let's take a hard right turn into this first clip is polkadot the ethereum killer well that's like saying is microsoft a chrysler killer they're sort of going for two different things gavin wood explains in this first clip out of three watch this all right let's get to the good stuff is polka dot an ethereum killer uh cologne hell no i mean so killer i said no killer uh i mean i i don't i don't think the word killer is a very good word to use um i think uh i i think you know this i think we need to understand the difference between um product market and crypto market right um it's not that you say right we have the ftse 100 or the nyse stock of the index um and we say right well there's microsoft and there's chrysler and um you know is microsoft going to be chrysler well i mean you can say well is microsoft got a higher market cap than chrysler but does it matter why why does it matter like microsoft's doing one thing they have one product set one set of player one set of customers um chrysler have a completely different product set completely different set of customers they operate in different industries um and i think it's uh i think we need to start looking at um you know crypto ecosystems from this point of view um yes there is one crypto market the same way there's one stock market um but the different um entities that are listed in this crypto market don't necessarily have to be competing um in in the product sense um and my personal feeling is that you know para chains um for the reasons that i just explained are a fundamentally different product um to smart contracts and this is why polka dot in addition to having para chains also has smart contract power chains okay so polka dot is not an ethereum killer it's an ethereum inner operator just like polka dot is aiming to interoperate with the whole market and by the way i will link this down below in the video description check it out if you want to see the full conversation but next up just to be as accurate as possible when answering the question how much polka dot do we need next up we have to answer the question well then how is polka dot better from other competing interoperability cryptos how is it better than cosmos how is it better than eth2 when eth2 eventually launches well in this next clip listen to gavin wood explain that polka dot in his mind was designed better it's a meta block chain which gavin will explain essentially making a future proof and although this is a very technical answer really listen because after explaining future proof gavin will also explain how the chain is more secure polka dot has shared security with its pair chains which is very different from blockchains like cosmos watch this two and a half minute clip very technical but very valuable watch this without saying because polkadot is better can you help people understand some of the design uh decisions and kind of differentiation between something like the cosmos uh ecosystem or eth2 as it's conceptualized and designed we're not there yet but the goal is to have these shards which sound a lot like parrot chains they do don't they and uh if you look at the underlying designs of polkadot and e2 there's there are some similarities um which is perhaps not that surprising uh but um okay there's a few key differences uh one is that uh polka dots are fundamentally a meta protocol right this means that most of the business logic for polka dot like the parachains or the shards all of this all of this kind of stuff um staking um like nominated proof of state that's polkadot staking system um governance voting all this kind of stuff this is um this is actually encoded in webassembly right and it's stored on the chain what this means is that the chain can decide to upgrade this logic whenever it whenever it wants it's not beholden to um validator voting or even coin holder voting if you don't want it to be it's entirely what the logic decides and this is only possible because it's a meta protocol it's a protocol that itself runs a protocol and the base level protocol of polka dot is super simple it's actually basically the same for every power chain on polka dot including polka dot itself it's just a webassembly executor right it's like a webassembly virtual machine it doesn't include any kind of abstractions for things like accounts doesn't even include include a cryptocurrency the cryptocurrency that is the dot token is actually part of this webassembly program polkadot's core protocol doesn't include a token and it's that level of abstraction that allows us to sort of be fairly certain that we're future proof in terms of like it's called its comparison to like other chains like cosmos that really um uh sort of build themselves as an interpretability i think i think it's like not entirely unfair to characterize um characters that way but there is a really crucial difference between um pokemon cosmos and that's that polka dot is a um it's really like a community of chains that share their security this means that you get um guaranteed secure interoperability between the chains basically the chains can send messages and those messages are guaranteed to arrive and they're guaranteed um not to be in any way corrupted they're guaranteed that the sending chain won't have reverted and then finalize some other block later because of some economic attack for example and this is like i think crucially different because it allows you to build like truly composable applications rather than just kind of an almost like lossy network all right pretty interesting give me your thoughts down below in the video comment section by the way hit the like it supports me it helps get this content out there and if this is a little too technical let me know but gavin wood he's a technical guy that's his core competency and it's really interesting to live in the internet age and have access to this information before we get to the numbers and talk about how much polka dot let's play the final clip answering the question what should we expect from polka dot as dot holders in the future listen to gavin would explain that now the defy has started it has just started to go mainstream the next step is onboarding the non-crypto users the rest of the world that is not yet in crypto and that's exactly what gavin is focusing on watch this as you just take a 30 000 foot you know view of the world what do we have to solve next maybe is the the closing question here i think uh one of the things that i'm excited for um over the next year or so will is is really um uh bringing on users that don't and don't have and don't want to have crypto holdings and this is something that i think polkadot's uniquely in a position uh to capitalize on primarily because it doesn't have this users need to pay fees to the platform model so you know you want to transact on ethereum users have to hold ether to do that um that means the applications have not just to get users interested in that application proposition they also have to get users to actually get some ether to use their application and this i think is is a huge barrier and one that i would like to see teams within the polkadot ecosystem um remove completely by having for example um you know users proved maybe through an sms maybe through other social media accounts that they are an individual person and then giving them transactability for free so not relying on this need to hold tokens to actually use a crypto application and uh yeah i think i think that's really a needed hurdle yes to get over before we can truly get to mainstream adoption the holy grail of uh much like the internet having people use crypto without knowing that they're using crypto exactly like he said next step is onboarding the rest of the world give me your thoughts down below but having settled that now that we understand what polka dot is and the value that polka dot may potentially have in the future let's talk numbers how much polka dot do you need to become a cryptocurrency millionaire and by the way i am not a registered financial advisor i have no clue what the price of any of these cryptos will do tomorrow and neither do you but it is fun just to look at some of these numbers right that's the fun of crypto right now the price of polka dot is around thirty four dollars well what if we can get to a hundred dollars if dot goes to a hundred dollars then you'll need ten thousand dot to be a crypto millionaire if dot goes to five hundred dollars you'll only need two thousand dot and if dot goes to one thousand dollars per coin then you'll need a thousand dot tokens now what's the most realistic well i would say for this bull run if bitcoin can crack over a hundred thousand dollars whether it's this year or 2022 i would say that dot going to a hundred dollars would be the most realistic now polka dot by the year 2030 by the year 2040 dare to dream anything is possible with crypto although investing is extremely risky so never invest more than you're willing to lose but it's fun fun to check out the numbers if you got value from today's video give it a like if you would like this sort of analysis with a different altcoin comment below i'm always checking the comments but like always check out our gene simmons interview just dropped yesterday and see you tomorrow [Music]

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