BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.
The EDCON 2019 Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless... More.panel brought together core developers for a Q&A in Sydney last week. Hsiao-Wei Wang, Vitalik Buterin, Danny Ryan, Virgil Griffith, and others were present to discuss the future of
It’s always insightful to hear directly from core developers where Ethereum (ETH) is headed. At EDCON 2019, the team shared its thoughts on the progress being made and what we can expect in the coming years.
The panel touched on topics ranging from the feasibility of Proof of work and proof of stake are both ways of achieving trustless and distributed consensus on the blockchain. Many... More protocols, dApp development, mining, and other obstacles moving forward for leading smart contract cryptocurrencies.
We’ve come a long way since a theoretical proof-of-stake system was proposed in 2011. Buterin said that it was only in 2015, upon publishing his theoretical paper supporting the idea, that proof-of-stake finally become feasible. Many of the details mentioned then have since been slowly rolled out, but it underscores how far the Ethereum dev team has come in implementing an idea once thought impossible.
Ethereum’s many hackathons have really demonstrated the power of decentralized applications. Although 2018 was not a great year for dApps, as more of them are now being built than ever before and users will be surprised by their rise in the coming years.
Oracles are required to feed data into smart contracts and make them intelligible. Although a difficult undertaking, Buterin mentioned Oraclize as offering a potential framework for implementation. Above all else, they must be secure so that the input data is valid.
Smart contracts and legality still remain in a grey area. Although immutable, they’re still not legally recognized as such. Government regulators still have to catch up to the developments made by Ethereum.
“If Justin Sun was a less-compromised asset, I would love to have him as a chief marketing officer for Ethereum,” joked Griffith.
Governance so far, according to Buterin, has been a success other than for a set of small controversial issues. Although it’s possible that issues will arise in the future that would drive a wedge in the current consensus, there really no threat of that happening anytime soon.
Ryan admitted that there may be room for improvement in Ethereum’s marketing. “We can certainly do better in communication, he said.” However, he also noted that there are plenty of supporters online who already do the heavy communicative work for them, although internal efforts to better market Ethereum are actively being considered.
The time the Ethereum Foundation has to work with is limited. Although there is no definite timeframe on when the clock will run out, it’s ticking. “Eventually, when the money runs out, the party will be over and we’ll get real jobs,” Buterin joked.
Until then, Ethereum’s core devs will keep working hard until the money pool runs dry. Luckily, we don’t have to worry about the Ethereum Foundation running out of capital anytime soon.
What are your thoughts on the Q&A and the Ethereum project? Let us know your thoughts in the comments below.
Do you need trading guidance during this Coronavirus outbreak? BeInCrypto is here to help! Join our Telegram Trading Community for Market Updates, exclusive Trading Signals and a FREE Trading Course! Images courtesy of Shutterstock, Trading View and Twitter.