Polkadot is Not an Etherium killer
Calling Polkadot an Etherium killer is a bit like calling Facebook an email killer. Yes they both involve us sending pictures, videos and messages to our connections but neither is a killer of the other just one natural evolution as we discover what technology is capable of after another.
Long term Polkadot is bigger than etherium just like etherium is bigger than bitcoin.
The reasoning is simple.
If you look at engagement. Most bitcoiners do a few transactions a year if that. Basically they buy and hold. How many times do you need to make a change to where you store your store of value.
On Etherium I am transacting many times in a day. Buying selling, farming, staking etc.
Unfortunately at 10 to 50 USD for a simple transaction Etherium is severely limited in the number of transactions that I can afford to engage in per day.
The generalised programming language, single pool for all transactions are a symptom.
The biggest problem is however the way that Etherium is organised at its core. With an Etherium foundation trying to guide things without codified agreements on how and who has any authority it has resulted in Etherium being very slow in its capacity to adapt and change and ungrade. I.e. Etherium is not able to dynamically adapt to rapidly changing conditions. This is a mix of some poorly written code in the beginning and not having organisational structures that allow for rapid decision making while having all participants feel included.
We have known that gas fees are a problem that will throttle Etherium ambition ever since krypto kitties in 2017 and yet 4 years later Etherium has tended to miss delivery dates even when those dates seemed impossibly long. The next bull run is here and Etherium is still trying to duck tape some layer 2 solutions together while the DEXs keep failing to deliver a useable experience.
I do not believe Etherium will be killed of anymore than bitcoin will be killed of. Its more like the next evolution the next growth is occurring. This growth can grow further into the legacy systems and hence release and utilise evwn more of the pent up creative and financial energy that is being locked in the legacy structures.
At a philosophical level Dot is creating a field (a substrate) for the explorarion of new ways in which human creativity can be organised so that each participant is fully and fairly rewarded for their participation.
If the future value of bitcoin comes from it programmatically capturing all value locked in all the systems of trust that have been developed over the last 13000 years.
The future value of Polkadot is its capacity and ambition to release the pent up human creativity that has been suppressed and ignored by legacy systems that tend to treat humans as replaceable parts in a machine instead of full participants in their exquisite dance of life. What is the value of a an Ecosystem that is designed around this.
At a technology level Dot provides amongst other things parachain technology this tech allows massive specialisation and differentiation while facilitating coordinated communication between all the parachains resulting in a synchronisation of energy, a coherence collaboration of the activities of the parachains (parallel block chains) and bridges to all other blockchains.
On a human organisation level we see the same structures as the technological level, democratised decision making is encoded in the base layer created with a philosophy to facilitate the fullest engagement of all participants for the benefit of the entire Ecosystem and all its participants.
We all know that the secret of blockchain is its capacity to use tokenomic and other reward structures to coordinate participants actions in a way that encourages each participant to behave in a way that is most beneficial for the Ecosystem.
When seen from this light I believe that 1000 USD for a DOT by the end of this bull run would be very reasonably. The trick is whether we can as a community express the narrative that trully shows DOTs true potential as soooo much more than an Etherium Killer.
All students of business and war know that in war against an established encumbent you either need 10 X the army (money) or you need 10 X the technological advancement just to have a 50/50 chance.
You would have a hard time convincing even me that DOT had that advantage over Eth.
As the next evolution the third expansion wave of blockchain that we are currently surfing continues to flow it is important to look where that wave is taking us. Dot looks to me like technology/social enhancement to Etherium in a similar way to which Etherium was this to bitcoin last bull run of 2017.
This narrative would put us on a 1400 X. The Etherium killer narrative would be a 10 or 20 X at best. No serious money would move from the safety of Etherium until it looked like we were about to win and as such we would never win.
Far better to come into a symbiotic relationship with bitcoin and Etherium and develope something new which makes both bitcoin and Etherium more valuable by doing something Etheium will never do.