Gavin Wood Discusses Polkadot’s Future with Tom Farley

Ethereum co-founder and Polkadot creator Gavin Wood joined Bullish CEO Tom Farley on CoinDesk Spotlight to discuss the latest developments in the Polkadot protocol.

Focus on JAM Chain

Gavin Wood’s current focus is developing the next iteration of the Polkadot protocol, known as JAM Chain. This new protocol builds on the foundations of both Polkadot and Ethereum, creating a more generalized environment that is not strictly a smart contract chain while retaining the ability to secure blockchains like Polkadot does.

Capabilities of JAM Chain

Wood elaborated on JAM Chain’s capabilities, explaining that while it shares similarities with smart contract environments, it is designed to do much more. It uses Polkadot’s underlying crypto-economic mechanisms to perform a broader range of tasks.

Layer Concepts Explained

Tom Farley asked if JAM Chain could be considered a Layer 2 or Layer 1.5 on Polkadot. Wood clarified the complexity of layer definitions regarding Polkadot, often referred to as a Layer 0 blockchain. If Polkadot is seen as Layer 1, JAM could host services that secure blockchains, with JAM classified as Layer 1 and hosted services as Layer 1.5, making blockchains secured by JAM akin to Layer 2.

Development Timeline

The gray paper for JAM Chain is in development, currently at version 0.3.4, with hopes of reaching version 1.0 by next summer. Wood cautioned that such timelines are more targets than fixed deadlines due to the uncertainty in software and protocol development.

Future of Layer 1 Blockchains

Wood emphasized that the success of Layer 1 blockchains will depend more on their communities and service offerings than on minor technological advancements. He pointed out that Polkadot’s goal is to push boundaries, not merely improve existing platforms.

Beyond Smart Contracts

With JAM Chain, Wood aims to extend beyond the conventional smart contract model by leveraging Polkadot’s technology. He envisions a platform where developers can run standard software on a blockchain, benefiting from blockchain’s security and trust without traditional smart contract limitations.

Industry Outlook

Wood expressed concern that many projects prioritize immediate gains over building sustainable solutions. Hype often overshadows substance, leading to temporary projects that lack lasting value.

Relationship with Vitalik Buterin

When asked about his relationship with Vitalik Buterin, Wood affirmed that there is no “bad blood” between them. Despite their competitive positions, he advocates for collaboration and mutual respect between the Ethereum and Polkadot ecosystems.