Ethereum failing to target core Web3 issues, says NEAR co-founder

Illia Polosukhin is the co-founder and chief architect of NEAR protocol. He believes that Ethereum development needs to be focused on. He believes engineers should fix critical issues that will allow Web3 to scale up to billions of people.

“We want simplicity in usage. Programmability is essential. We need programmability that is easy to use for the applications. “I don’t see the current Ethereum evolutions aiming at any of these goals,” Polosukhin stated in an exclusive interview to Cointelegraph.

Polosukhin sees a new internet version, called Web3, where the user retains full ownership of all their data and assets. He doesn’t believe the new version of the internet will be built on one “killer app”, but rather a mix of several apps.

“Our goal is for users to have control over their data. They have control over their assets and money. They are able to govern these platforms, which means there is no need to build an everything-fulfilling platform,” he said.

To build the foundations for Web3, it is important to improve both blockchain technology’s scaleability and interoperability. Polosukhin stated that Ethereum is still the most popular smart-contract platform but it doesn’t have NEAR’s focus to achieve those goals.

He believes that Ethereum’s dependence on rollups or layer 2 solutions to solve its scaling problem could lead to compromises in terms composability.

He said that rollups will naturally create less compatibility and more sub-spaces where things are occurring.

NEAR is a layer-1 alternative to Ethereum. It aims to solve the scaling issue using sharding technology. This process splits the protocol’s infrastructure into multiple segments without sacrificing composability.

Polosukhin explains that by scaling up the composable architecture, we can have a lot of applications running in close collaboration with each other using the same financial models.

The Rainbow Bridge is a core component of NEAR’s composibility feature. It allows for a free transfer to assets from the Ethereum blockchain, and vice versa.

He explained that it allows you to not only send tokens but also to read the state from each chain. This allows you to actually pass any generic messages between them, and execute contracts.

NEAR was the fastest-growing community in 2021. Polosukhin stated that NEAR’s primary attraction is its easy-to-use and popular programming languages, such as Java and Rust. The $800 million fund that was announced last year to help developers build on NEAR protocol is another factor.

He said, “Buiding development core components so that other people can build on themselves and their own projects have been very effective.”

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