Speaking with Bloomberg, Ethereum co-founder Gavin Wood discussed Ethereum and how ICO markets will evolve. Wood also answered questions from show guests about the market crisis and how this affects the development of the digital infrastructure.
Talking with Joe Weisenthal of Bloomberg "What & # 39; d You Miss?" Wood explained that the market downturn is actually a good thing regarding the production and development of products, saying that "when a fairly consistent round of interest is going, we find out that there's a lot of noise and it's not always so easy to say among people who simply want to be in
Ethereum co-founder believes that the future of ICO seems bright
Weisenthal then said that the interest in ICOs has "collapsed" and he asked Wood what might have aroused continued interest in initial coin offerings, many of which are built on the Ethereum network, Wood mentioned in particular that "ICOs still have some time to run" , but also noted that "there will be a lot of evolution for ICOs across the board."
In 2018, ICOs have seen huge success despite the general crisis in the cryptocurrency market, with fund-raising since the beginning of the year. higher than in previous years. According to CoinSchedule, in the first eight months of 2018, the ICO collected a total of over $ 18 billion, compared to $ 6.2 billion collected throughout 2017.
Most of the fundraising in 2018 was driven from a handful of high-profile ICOs, including EOS, which raised just under $ 4.2 billion, followed by the private sale of Telegram, which raised $ 1.7 billion. Despite the decline in the cryptocurrency market, ICO fundraising has not diminished with the bear market persisting, with most of this year's ICO fundraising in June.
Persistent cryptic scale problems, possible solutions behind the corner
to see with Ethereum and the cryptocurrency industry in general is the ability, or lack thereof, to scale to meet the increasing demands of use. In particular, Ethereum has encountered problems with downsizing, and the network has been shut down almost completely by the application for decentralized digital kittens, CryptoKitties.
Although scaling is a persistent problem, there are many solutions to this problem, including Liquidity Network, Plasma, Raiden, OmiseGO, Loom Network, sharding and Wood's Polkadot network.
When he answered a question about downsizing issues, Wood said:
"Downsizing is definitely something that people have been working for a while … and we're starting to see the first pieces of innovation … Ethereum is trying to bring forward the scaling solution space with this notion of sharding, which is something that is very common in databases where in practice you can split the blockchain into several bits. " Wood also discussed his company, Parity Technologies, and their solution to the problem of downsizing, a network called Polkadot.
"Polkado It really is a platform that leads to downsizing as its central point and the idea that individual fragments … can themselves be very specific to the domain or context in which they operate. proceed together, and there is no need to process everything in line as in traditional blockchains such as Ethereum and Bitcoin. "
Polkadot saw in particular about $ 150 million in frozen ETH as a result of a network bug, to which Wood said, "there will be bugs … we are human, and we tend to create them," he added that he is now focusing more on how to manage and reduce the likelihood of bugs in the future, knowing they will always exist.Close-up image of Shutterstock