Parity Technologies CEO and Founder Jutta Steiner has a clear response as believes the future of blockchain technology boils down to many chains working together. In fact, she adds, her team has the solution with a set of tools including Polkadot and Substrate.
Polkadot is designed to build an interoperability layer between different blockchains. Unlike a single blockchain system, a multi-chain network would empower developers to create application-specific chains appropriate for different types of workflows.
Speaking to a crowd in Crypto Valley or Zug, Switzerland, Steiner reminds us that popular public blockchains like Bitcoin (BTC) and Ethereum (ETH) were developed many years ago, which means developers need to work harder with existing systems to reach critical adoption and make them less vulnerable.
Her firm, which provides a widely-used wallet for Ethereum, had hundreds of millions of dollars of Ether frozen last year due to a weakness that a user exploited to delete a critical smart contract that powered multisig wallets.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.