Guten morgen from Berlin. It’s been a fantastic week with some of the most energetic and insightful people from crypto industry.
We flew in from Moscow with the whole Mixbytes team, split up and managed to finish three distinct projects:
- Token Curated Rating
Solidity implementation of the algorithm that allows to curate a rating of items with staking ether or tokens. The model is resilient to large stake attacks and bots, whereas most modern DPoS algorithms are not. In the end we had over 600 lines of Solidity codes, completely written from scratch and I think even judges couldn’t believe we managed to do this much work (plus beautiful frontend during the hackathon).
- Ring Signatures based anonymous voting
Another team was focusing on bringing BN256 elliptic curve into Ethereum via smart contract and implement anonymous voting based on that.
- Apache Parquet implementation for Ethereum
Our CTO single-handedly was working on creating a column-based database for Ethereum which allows for up to 3x data compression and fee reduction.
Organization and hackathon space was fantastic! We’re definitely looking forward to repeating this experience again.
In addition, here’s an unordered list of my personal insights and just general understanding of the crypto space right now:
- Public ICOs are finally dying
It was never a news for anyone with enough experience from traditional VC industry that ICO craze of 2017 is not going to end well. Finally the market in general is getting to this rational conclusion that 100x in one month times are over. Private rounds with more or less mature legal frameworks around those deals are finally starting to dominate the market.
- The only two projects in crypto that are currently working are Bitcoin and Ethereum
Everything else, even though does have a great potential and really smart ideas inside, still is in too early stages. Great projects have raised some millions of dollars but this does not guarantee success to all of them in any way. Moreover, if you just look at the traction and real usage, all those networks, protocols and apps are basically dead. It does not mean that they can’t become Googles and Amazons of the future, but this is definitely not happening in one year.
- Crypto keeps attracting most brightest and brilliant developers
All of those billions of dollars raised plus a constant inflow of motivated, inspired and brilliant developers just cannot result in anything else than awesome technology. The trick is that we don’t know yet which of those technologies will be actually used by regular users. Unless it’s as easy for new users as status quo OR unless it solves some of their desperate needs, dApps and blockchains won’t be used by millions of users.
- Solidity development ecosystem is not ready yet
Even though smart contracts is a very powerful idea, Solidity still lack some of the fundamental development tools. It often takes hours of debugging with no ability to actually trace smart contract execution.
Keep buidling and see you on the plains of decentralized web!
Автор: Stepan Gershuni
Канал в ТГ: CryptoEssay