Where is the future of Ethereum? The most important meeting in the blockchain industry revealed this valuable information.

Original: Five fireball masters

In the blockchain industry, many people have misunderstood the words "conference". When it comes to the conference, many people immediately think of the propaganda conferences of the project parties, or the conferences that shouted the bills. After all, many scams and circles open a variety of conferences that look very "upper".

In fact, what we really should care about is the developer conference. What is most important for a blockchain project, especially the underlying public chain? Developers! That's right, developers are far more important than users at the current blockchain stage.

At present, the most important developer conference in the blockchain field is undoubtedly the Ethereum Developers Conference: the number of times (5 times), the duration (October 8 to 11), the number of participants (3000 people), far more than the developer conference of other blockchain projects.

So, today's article, let's take a look at the just-concluded Devcon 5 Ethereum conference, what are we should know.

01 Devcon 5 's focus

If you want to grab a main theme in these four days of meetings, then these three points are undoubtedly: ETH 2.0, DeFi, DAO.

1, ETH 2.0: the most important thing, the cornerstone of the future fate of Ethereum

The current consensus of developers is that the current Ethereum 1.0 is almost impossible to expand. The Layer 2 expansion solution is not going well, so everyone put the real solution on 2.0.

V God himself said that ETH 1.0 is a proven and successful experiment, which paved the way for 2.0. Of course, this road is still very long. Phase 0 is in the first quarter of 2020 (mainly responsible for building the PoS chain Beacon), followed by the first phase ( sharding ), the second phase (eWASM virtual machine), the third phase (chain state storage) and the first Four stages (segment contract).

2, DeFi (decentralized finance)

The ETH 1.0 era may not be able to get through in the DApp direction. Before the 2.0 came out, it pointed to DeFi "continuation".

DeFi on Ethereum, some have developed quite well, such as MakerDAO . The founder of MakerDAO also shared the conference, introduced the next step in DeFi's development, and announced that the MCD (multi-mortgage DAI system) will be launched in November.

3. DAO: A speech and whisky tasting experiment

Some DAO organizations in Devcon 5, such as Orochi and MolochDAO, did an experiment at the conference. Everyone communicates with each other. If some ideas or proposals are generated, they will be proposed on the DAO and then voted. If approved, they will get the funds for the event.

Not to mention, in the end, DAO did succeed in two things and got $6,500 in funding. One was a spontaneous DAO keynote, and the other was a whisky tasting.

02 some interesting technical details

1. State rent: no more Ethereum will collapse

Ethereum has always been used as a world computer, or a model that uses the chain as a CPU. Now, Ethereum is aware of this problem. If we continue to maintain data growth at this rate, Ethereum will collapse in a few years, which is why V God used BCH to use ETH as the data layer .

Many developers have come up with a solution that collects rent and charges users for storing data. However, some people have objected that it may have a negative impact on the current program and the user experience will be worse. In short, this matter is still inconclusive, but at least now more and more people realize that the chain is not only a CPU, you have to treat it as a database.

2, Layer 2 DEX: a new generation of decentralized trading platform

Uniswap and PlasmaGroup released a new Layer 2 DEX demo called Optimistic Rollup, which is characterized by the ability to exchange Uni and PIGI Tokens without consuming Gas (Layer 2 features). TPS can reach 250. Achieve one or two thousand.

This is a bit like the previous Layer 2 solution for DApp acceleration, mainly to accelerate and expand the Layer 2 to DEX and DeFi.

3. Multi-mortgage DAI: a basket of currencies

The concept of using "a basket of currencies" as a mortgage is very clear. Libra is the way to go. After all, this liquidity is better, and the stable currency itself is more stable and less risky. No, MakerDAO is about to launch this multi-mortgage DAI.

4. OpenLibra: Decentralized Libra

Libra, this is not a glimpse of the gossip, it will be forked!

A co-founder called Wireline claims to have a "unlicensed version" of Libra. You are engaged in your alliance chain. I fork you for a public chain called OpenLibra. Members come from Cosmos, Web3, etc. Ten blockchain companies and non-profit organizations.

On the same day, it was rumored by netizens that "there are more than 2 billion users of Facebook, you are splitting up? Hahahahaha…" Two days later, another wave of "faces". Representatives from the Web3 Foundation said that "I don't know anything, we are "cooperative."

5, Chainlink: "Universal plug" has to do things

At the meeting, Chainlink CEO announced that it would start the seven Token price predictors on Ethereum, namely DAI, USD, 0x, Augur, Wrapped Bitcoin, BAT, so that developers can synchronize the price data of the chain to the chain. On, applied to each DApp.

6, a small program: Pepo

Pepo, which was shown at the conference, is a social media application funded by Tencent. It is now available for running on Android. It is based on the OST platform (a platform based on Ethereum running in parallel), which is probably the most "feeling" area. A blockchain of blockchains has been applied.

You can send and receive Repo to people you know, and you can use Repo to vote for other people's videos, and others can vote for your videos. If you have enough Repo, you can redeem a coupon like Amazon or iTune gift card. You can't feel the existence of the blockchain and there is no public or private key.


03 Devcon 5 exposed problems

The conference was very successful. However, it still reveals the current problems of Ethereum. It cannot be ignored, and it is the fate of the ether.

1. Slow progress, separate politics, lack of coordination

As mentioned above, in the five stages, the zeroth stage will be achieved in 2020, and the full realization of the five stages will be at least 2022 or even later.

Even worse, there are currently nine teams in the development of ETH 2.0, but they are independent and lack coordination, which is unimaginable in a centralized company or project.

Finally, no one knows what ETH 1.0 will look like after ETH 2.0 really comes, because ETH 2.0 is strictly a new chain.

2, still stay in concept and hope, not the finished product stage

Friends who have participated in Amazon AWS or Apple WWDC Developer Conference must have a feeling that at those conferences, there will be a feeling that you can experience some things that can be quickly used and actually used. thing.

The Ethereum Developers Conference is a permanent injury on the issue of landing. What you see is always some interesting concepts, promising embarrassment, or extremely rough early works. Most of the things stay at the concept, concept, prototype and experiment level. You can't see a shape that can be put into commercial use immediately. "commodity". Pepo at the conference may already be the "finished product" that can best be taken.

3. Legal issues

Elatan Foundation researcher Vlad Zamfir issued a clear warning at Devcon 5: “Developers need to start thinking about the legal status of Ethereum, not just the development of Ethereum until the government has to accept it.”

Due to the spirit of the blockchain cipher and the "black history" of Bitcoin, there is always a utopian complex in the blockchain. The phrase "Code is law" is deeply rooted in the hearts of the people.

However, to truly land on a large scale, law and regulation are a hurdle that cannot be circumvented. As the leader of the public chain, ETH must set an example in this respect, both developers and regulators need to consider what kind of legal effect the smart contract should have. This problem is not solved, and the blockchain will never think of “real landing”. After all, this is still a society of human society, a law as the boundary and morality as the bottom line.

Code is code, law is law (code is code, law is law, the two are not the same).

Message Mining No. 352: This is the Ethereum Conference, what are you most interested in? Feel free to share your opinion in the message area.


『Declaration : This article is the author's independent point of view, does not represent the vernacular blockchain position, and does not constitute any investment advice or advice. You are not allowed to reprint this article by any third party without the authorization of the "Baihua Blockchain" sourced from this article.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Vitalik Buterin Proposes Changes to Simplify Ethereum’s Proof-of-Stake Mechanism

Vitalik Buterin, co-founder of Ethereum, has highlighted the benefits of having a large number of validators, despite...


Bitcoin: Riding High and Making a Splash in the Digital Ocean

Bitcoin (BTC) starts the week with a slight surge in trading while there has been a rise in activity on L1 chains.


New Crypto Bill Gives Investors the Power to Keep Their Coins

The bill aims to protect the crypto industry from government interference and allow the use of self-custody wallets.


Hashdex’s 2024 Crypto Investment Outlook: An Ocean of Opportunity

Crypto investment manager Hashdex has just revealed its predictions for the fashion industry's financial outlook in 2...


The Avalanche Foundation Dives Into Meme Coins

The Avalanche Foundation has introduced a comprehensive 3-page guideline to assist in their transition towards incorp...


💥 Bitcoin Price Decline: Is it the End of the World? 💥

The expected rise in Bitcoin (BTC) price is projected to not only boost investors' confidence in altcoins, but also a...