Dr. Gavin Wood Dialogues with Bullish CEO: JAM Protocol, Blockchain Future and Market Anomalies

Dr. Gavin Wood recently had a conversation with Bullish CEO Tom Farley, discussing the JAM protocol, the future of Blockchain, and the current issues in the market. Here are the main points of the conversation:

JAM protocol

• JAM is the next version of the Polkadot protocol, currently progressed to version 0.3.5, expected to launch next summer.
• JAM not only can execute the functions of Polkadot, but also can do more things; it is a more versatile environment.
• JAM leverages the complex cryptoeconomic mechanisms of the Polkadot underlying architecture, but aims to provide a more universal environment.
• JAM can be regarded as Layer 1, the services running on it can be called Layer 1.5, while the blockchain protected by JAM is Layer 2.

The Future Development of Blockchain

• Gavin believes that Bitcoin and Ethereum are not exceptions; they must also adhere to the rules that determine the survival of the Blockchain.
• Bitcoin is more like a ultimate means of value storage, its value comes from consensus constraints and the existing user base.
• Ethereum still mainly relies on its technological foundation and the services of its smart contract platform to compete.
• Gavin believes that JAM is an essential improvement compared to the smart contract model, allowing developers to deploy code that runs on ordinary computers.

Developer Community

• Truly valuable community members are those who are clear-minded and focused on development and innovation.
• Those "extremists" who cling to a certain ecosystem are not very helpful in driving meaningful change.
• Developers choose to stay in a certain community because it is doing the right thing, rather than out of some difficult-to-let-go emotion.

Integration and Innovation of Layer 1

• Integrating various chains is reasonable without bringing significant technical compromises.
• However, keeping only a few global tokens may not be appropriate, as it could stifle the potential for innovation.
• The market needs to provide different investment options, as well as opportunities to hold stakes in truly revolutionary Blockchain protocols.
• In the future, it may gradually concentrate around some specific trade-offs, forming a few major Blockchains.

Market Anomalies

• Tokens have become a tool for large-scale speculation, severely polluting the market.
• A large amount of "dumb money" is flooding in just for quick profits, rather than focusing on the long-term value of the project.
• This has led to no one being willing to build long-term projects that can bring value to the world in the next 10 years.
• A large amount of funds has flowed into L1 projects with unclear prospects, which has largely polluted the market.