At DevSparks 2024 in Bengaluru, a group of Web3 experts assembled to examine the world of Decentralized Applications (DApps) and the current debate between public and private blockchains. The panel was led by Sharat Chandra, Co-founder of India Blockchain Forum, and the industry leaders who attended the panel were Kamakshi Arjun from Ava Labs, Alok Gupta from ChainCode, and Prashant Maurya from Spheron Network.
The discourse was on how businesses, developers, and tech lovers can start to build DApps on the blockchain. Chandra stressed the role of storytelling and narrative in the process of tech adoption even better than with the development of infrastructure.
Arjun presented the transition of the story from private chain technologies like Hyperledger Fabric to public chains like Avalanche. He told us how with the help of private subnets and decentralized validators, even the private transactions could be verified and settled on public chains, thus protecting the privacy and security of the transactions.
Gupta insisted that the developers should put the app development first and then choose the blockchain which led him to propose the sandbox method where the developers concentrate on the creation of their use case and the infrastructure providers offer the plug-and-play blockchain solutions.
The panel also discussed the role of the underground infrastructure in the blockchain networks and warned that the blockchain may not be decentralized if its computing resources are centralized on servers. Maurya underlined the necessity of the decentralization of access to computing, storage, and other resources to help developers create fully decentralized DApps.
Summarized, the panel discussion at DevSparks 2024 showed the changing landscape of Web3 and the significance of the narratives, use cases, and infrastructure decentralization in the development of DApps. The industry is still evolving, and to be successful in this decentralized future the stakeholders will need to understand these nuances.
Could Ethereum Kill Crypto Innovation? New Report Warns of Developer Exodus
The decision to regard Ethereum as a security is a worrying matter in the crypto world, as it might prompt many crypto teams to quit the space. This title implies the dangers for not just Ethereum but the whole cryptocurrency market, which might ruin the years of work that have been done.
The report by Amina Bank claims that, if Ethereum is regarded as a security, it would have a big impact on the decentralized finance (DeFi) sphere. The DeFi platforms using Ethereum as their platform could be seen as unregistered securities brokers, and the exchanges that are listing Ethereum may need to register with the US Securities and Exchange Commission (SEC).
The report implies that operational difficulties could be the reason for many crypto teams to move out of the industry. Also, if Ethereum is classified as a security, then the protocols that use PoS consensus may have to go back to PoW consensus.
The report underlined the apprehensions of SEC Chair Gary Gensler, who pointed out that PoS chains, such as Ethereum, may be considered investment contracts that are similar to securities. This could mean that other big blockchains using PoS consensus could also be affected by this.
But, the report also offers the reasons against Ethereum being a security. It implies that Ethereum might not fulfill the conditions of the Howey Test, a legal test that is used to ascertain whether an asset is a security.
Moreover, the report states that the Commodity Futures Trading Commission (CFTC) considers Ethereum as a commodity, and, thus, the futures trading of Ethereum is allowed by the CFTC. The SEC’s decision to allow the establishment of Ethereum futures exchange-traded funds (ETFs) is another evidence of Ethereum’s non-security status.
To conclude, the SEC has postponed its decision on the classification of Ethereum, but it is well aware of the negative consequences of declaring Ethereum a security. The delay creates a possibility for the SEC to delay the decisions on U. S. spot Ethereum ETFs, thus Ethereum stays in the regulatory “grey area.
Is Web3 the Future of Money? Paris Event Bridges the Gap Between Old and New
The Proof of Talk summit, held on June 10-11, 2024 at the renowned Louvre Palace in Paris, is about to comprehensively change the Web3 conferences worldwide. Organized by X-Ventures, this event promises to merge the decentralized Web3 community with the strategic discussions of traditional economic forums, aiming to shape the future of global economic systems.
Unlike the typical conferences, in Proof of Talk emphasis is given to quality over quantity as it is value-oriented and the aim is to have deep deliberations and meaningful engagement between people rather than surface-level communication. With the backdrop of the upcoming Paris Olympic Games, the summit is likely to involve national business leaders and politicians from both of these sectors that have a hand in blockchain and web3 technology.
At the center of this summit are talks specially programmed by industry experts that include the investment heavyweights—Jenny Johnson from Franklin Templeton, Tim Draper from DFJ, Joe Lubin from Consensys, and Stani Kulechov who is the CEO of Aave. These conversations aim to generate tangible solutions and collaborations that can impact global policy and drive innovation in the decentralized economy.
Dr. Matthias Reiser, co-founder of Proof of Talk and partner at X-Ventures, emphasizes the summit’s novel approach: “Proof of Talk redefines the possibility of a conference with Web3 vision. The new generation is inspired by using the old wisdom to create new ideas that initiate new dialogues leading to real change.”
As fore today, the total capitalization of the crypto market worldwide is 2.27 trillion which features the ability of this industry to function flexibly. Proof of Talk positions itself at the forefront of this evolving market, providing a platform to discuss current trends and anticipate future developments in the Web3 space.
Dr. Reiser envisions Proof of Talk as more than just a one-time event: “Our community is intended to produce the mindset that drives a decentralized future. Our already global interest has us planning to mount Proof of Talk in other cities in the world. This implants worldwide collaboration and innovation through the year”.
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