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CRYPTOMARKET

General Impressions of Consensus 2017 and Eventual Evolution

  • by Jose Ali Vivas PhD
  • July 5, 2017
  • 0
Consensus 2017

Consensus 2017 [New York on May 22-24] was the reunion of the more relevant players in Blockchain, ICOs and a lot of new services using cutting edge technology. From new forms of tokenization for city parking, energy and p2p lending based on smart contracts; and as you would expect, decentralized apps [DAAPs] everywhere.

Innovators

One particular outstanding innovation was BigchainDB based on Ethereum and MongoDB. This is one of the first blockchain databases ever built. The very well-orchestrated architecture and interoperability with Bitcoin, IPFS, Interledger Protocol [ILP], IPLD and COALA IP SC provides developers the ability to build their applications knowing that their work is future-proofed. Their business model accordingly to Bruce Pon, CEO, is open source: Free for the community and enterprise developers.

Hackathon Arena: Smart Cities  and IoT

In the field of self-driving cars, the organizer and promoter, Coindesk,   had Mercedes Benz, Toyota Research, Porsche and Volkswagen Financials as sponsors for the hackathon. One hack emphasizes the prospect of a future where 70% is autonomous and the rest is handled by humans. The idea is to penalize ¨bad¨ cars/drivers with ¨dickhead¨ tokens for driving poorly. “If you continued to accrue these tokens, it would affect your driving history and your reputation” said the creator. The monetization element comes from the insurance companies. ¨To accomplish this, they would gather data directly from the road (in the case of an accident for instance) that the insurance company could then use for the reputation system. Though, it’s worth noting that some have questioned whether this type of data collection can be accomplished in a “trust-less” fashion.

Fintech Frontiers

The winner of the Proof of Work pitch competition was an original ICO solution: 0x [ Zero-Ex] is about more than just creating a new way for token owners to trade explains Will Warren the CEO. “0x OTC is designed to let counter parties exchange tokens built using the ERC20 token standard without the assistance of a centralized exchange. Users can generate, cryptographically sign and share orders using a variety of off-chain communication channels and execute the trades directly on the blockchain”. The main objective is be the standard protocol for trading tokens. The most relevant features of this novelty solution are:

  • Low friction costs for market makers and fast settlement.
  • Publicly accessible smart contracts that any decentralized app can hook into.
  • Relayers can create their own liquidity pools and charge transaction fees on volume.
  • Shared protocol layer provides interoperability between decentralized app’s, among other key security features.

0X is baked by the pioneering VC Pantera Capital, who is the leading blockchain investment firm and one of the largest institutional owners of bitcoins says Dan Morehead CEO and jury member.

In the Startup stage, symbiont is the first issuance and trading platform for Smart Securities®. This technology allows complex financial instruments to be modeled in an easy to understand programming language and fully digitized onto a distributed ledger at 80,000 tx/s [30% faster than VISA with 56,000 tx/s] and 80 times faster than Ethereum. Solutions by symbiont are:

  • Corporate Loans with reduction of trade times
  • Fully electronic clearing and settlement
  • Highly reduced costs due to process automation
  • Simplified workflows
  • Private Equity and crowdfunding
  • Primary market allocation (IPO)
  • Secondary market trading
  • Asset Digitization to allow investors to gain exposure to illiquid physical assets in a form that is fungible and easily transacted.

But at the top of the list, the real winner is EOS, the first blockchain Operation System. The promise? Over 100 tx/s together with:

  • Faster Blockchain Application Development
  • Massively reduce the difficulty of building DAPPs [ Decentralized Applications]
  • Scale DAPPs
  • Parallel Execution
  • Asynchronous Communication and Separation of Authentication from Action
  • Freeze and Fix Broken Apps
  • Multiple Virtual Machines
  • Elected Block Producers
  • Legally Binding Constitution
  • Self-Funded Community Benefit
  • Web Toolkit for Interface Development
  • Self-Describing Interfaces
  • Self-Describing Database Schemas
  • Declarative Permission Scheme

They also have the EOS Token. The Network Bandwidth Allocation can be delegated to paying customers and have a free market hosting ecosystem, a nomination of block producers and a very balanced reward: 5% annual inflation funds the top 3 voted smart contract proposals over a decentralized administration.

Blockchain Arena: The necessary federation

Blockchain is the nucleus of the consensus network with major players like Bitcoin, Ethereum, Ripple, Hyperledger and R3 to name a few. In The State of Blockchain conference, we share thoughts with Brian Behlendorf, [the guy from Apache Software Foundation], Executive Director of Hyperledger. My impression is that the same core consensus algorithm will solve so many problems.

Photo credit © Shutterstock

 

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Jose Ali Vivas hols a doctoral degree in Theoretical Physicis on Solid State Physics at Simon Bolivar University, and works in the fast and unpredictable world of tech startups delivering outstanding innovation services for financial, energy, retail and health services assuring client satisfaction on disrupted experiences in the state of the art IT, in several companies. Passionate about innovation in Software in topics such as Artificial Intelligence, Machine Learning and Cognitive Sciences. He is now applying his experience to Blockchain services and has Co-founded the firm InvestaTech Consulting.