True benefits of Polkadot’s Parachain concept are about to be revealed, taunts DFG Founder James Wo

CryptoSlate caught up with James Wo, the Founder and CEO of Digital Finance Group (DFG), to speak about attention-grabbing developments which are about to unravel within the budding ecosystem between the 2 sister blockchains–Polkadot and Kusama.

DFG focuses on blockchain fairness and token funding, with a portfolio that ranges from Layer 1, Layer 2, Web3, CeFi, DeFi, NFTs, and past.

Final yr DFG allotted 80% into Dotsama, however what’s on Wo’s radar this yr?

Proceed studying to seek out out which market sector James is especially bullish about and what he needed to say about Polkadot’s rivals.

The Polkadot ecosystem arrives “at an essential inflexion level”

With already 24 parachain auctions within the bag, Kusama is forward of Polkadot, which is but to fill its first 10 slots.

Anticipating to see 30 to 40 Polkadot parachains launch in the midst of this yr, James predicts thrilling developments, with the ecosystem arriving “at an essential inflexion level.”

Amongst many components that may come into play, James addressed the primary three.

“First, we’ve seen proof that as parachain auctions advance and extra slots are received, the price for every slot in Kusama and Polkadot lower at a speedy price,” famous James, explaining it will present initiatives from alternate ecosystems the chance to combine into Kusama or Polkadot–consequently making the sister chains’ ecosystem a extra different one.

“Second, with the top-tier Kusama and Polkadot (Karura – Acala, Moonriver – Moonbeam, Shiden – Astar) initiatives operating efficiently on every of their respective chains, we must always start to see proof of collaboration and interplay amongst them,” he added, stating that true advantages of the parachain idea are but to unravel.

“Third, inside every of those initiatives lies an ecosystem able to blossom, which in flip will present the advantages of every particular person venture and the benefits it has in comparison with rivals in or out of the Kusama/Polkadot group,” concluded James.

2022 can be an attention-grabbing yr for evaluating the developments between totally different cross-chain ecosystems–comparable to EVM and IBC.

“However, there are facets that also have to be improved,” mentioned James, referencing Vitalik Buterin, who just lately delivered to mild a number of the main downsides of extremely environment friendly cross-chain options–such because the user-friendly Cosmos IBC.

Ethereum co-founder Vitalik Buterin outlined the dangers surrounding cross-chain ecosystems–stating “elementary safety limits of bridges.”

Whereas arguing why cross-chain bridges is not going to be part of the multi-chain future, Buterin broke down how a hypothetical 51% assault on a single chain may create a domino impact that might unfold into a number of ecosystems.

“As a substitute, Polkadot brings a definitive answer early on and develops the ecosystem round to help it,” argued James, including that “although all blockchains operating on parachains can be allowed to work on a distinct consensus, it will add complexity within the brief time period however allow extra range inside the ecosystem which leads to higher long-term outcomes.”

Bullish on the Metaverse

Total, James believes that the most important progress potential this yr can be concentrated across the Metaverse sector.

“The Metaverse is ready to be among the many largest growers inside Kusama/Polkadot, simply as in different protocols. Among the many largest actors on this sector are the well-known staff from Enjin and their Polkadot-native venture Efinity and Bit.Nation with their one-of-a-kind metaverse,” he identified.

He predicts related growth for the gaming sector inside Kusama/Polkadot–anticipating to see nice progress in Kanaria and RMRK, Efinity, amongst different initiatives.

“Lastly, I anticipate crypto-native community-driven initiatives comparable to those at the moment being developed on Kusama and Moonbeam to increase their use case eventualities and product choices to draw a bigger variety of potential buyers and customers,” mentioned James, noting examples that stand out–RomeDAO with their stablecoin focus, and Moonbeans as an NFT market constructed on Moonbeam.

All this mentioned, James added that DFG stays “undoubtedly optimistic on the longer term DeFi has inside the Kusama/Polkadot ecosystems.”

DeFi initiatives are already strongly represented in Dotsama and Wo sees the likes of Acala, Bifrost, Composable Finance, Equilibrium, Interlay, HydraDX, Minterest  “to develop exponentially and proceed to increase on the variety of services being provided to customers.”

Roughly a yr in the past, DFG launched an unique Polkadot fund–targeted solely on DOT ecosystem growth and growth.

All through this yr, the fund will proceed leveraging help for attention-grabbing and high quality initiatives that present the potential to contribute to the rising ecosystem–looking out for each mature initiatives eager about migrating to Polkadot, in addition to these ranging from scratch and constructing with Substrate.

The fund already contributed greater than three million DOT within the Polkadot Crowdloan, and can proceed to closely help their initiatives of selection–serving to them safe their parachain slots.

Lastly, the fund will stay dedicated to selling the Polkadot ecosystem–specializing in elevating consciousness and furthering mainstream adoption.