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2018 was a rather gloomy year for the cryptic world with most major currencies, including Bitcoin has seen its value fall by a staggering 79% or more. While most of the major cryptocurrencies have swum in a sea of red this year, the development of blockchain on the other hand has grown by leaps and bounds.
William Entriken, a graduate in Finance and MBA from Drexel University, LeBow College of Business was looking at news on the development of the blockchain at his home in Pennsylvania at the beginning of January 2018. As a software engineer for training, he felt that blockchain would be huge in time to come and with the price of Bitcoin with a peak of $ 20,000 at that time, he thought it would be crazy not to launch something now.
So he did what most beginners would do. He turned to YouTube to learn how to write smart contracts. His efforts proved to be in vain because the videos were incomplete and hopeless at best.
Undaunted, WIlliam went to Upwork to hire a developer to teach him to code with a promised prize of $ 3,000. After interviewing a Russian developer for two hours on the phone, he hired him. Unfortunately, the following Monday as he was about to start his first lesson, the developer called him and told him that the market was too hot and that the project would be too distracted for him and he returned Entriken's money. Shocked, Entriken decided he would learn things by himself.
As a self-taught blockchain developer, Entriken believes organizations should not hire many blockchain developers to enhance their technology, as the current blockchain use cases are limited and the total code lines are only about a thousand lines. He also felt that there were too many duplications in the market with everyone who wanted to jump on board and build their system for all the wrong reasons.
"People get excited by writing code, traveling and collecting money, you can really do this whole project without raising money and without building code." The hype is out of control. "To quote Warren Buffet, when the tide goes out, you see men who they swim naked.When the price of Bitcoin has hit the bottom at $ 1000 and the project can not raise more money, then it will die, "Entriken noted.
The birth of Su Squares and the ERC-721 standards
From the beginning, Entriken had the vision to create an exact copy of the Million Dollar homepage on the blockchain. At the time, he knew that if he had to replicate from an existing idea that he had already proven to work, his chances of success would increase.
So, his first blockchain project was developed using Solidity and named him in honor of his wife, Su. The project surnamed SuCoin was later renamed as Su Squares. Su Squares allows anyone to buy a piece of the square on the website that is maintained or resold to others for a premium price.
He codified the whole week on the project before hitting a roadblock. To facilitate the negotiation process, he needed to create an auction mechanism. To save time he connected to a third-party interface and this was when he had the idea of creating a standard for cryptographic resources. He looked around and found a very good standard developed by Dieter Shirley (Dete) of CryptoKitties and reached out to him. Unfortunately, Dete was busy working on CryptoKitties, so he decided to launch it instead.
Token standards made their debut at the Explore 721 and North Texas Blockchain Alliance conference. Encouraged by the positive response of the developer community that wanted these standards, but in a simple format to implement with less complicated features, it decided to modify it further.
"So I went back and realized a minimum standard, which is ERC-721, and then I added an optional feature, I studied all the cases and I started making a lot of phone calls talking to people about cryptographic resources, Identities, physical resources, applications that were crazy in February While everyone thought of CryptoKitties, I was thinking about government resources and identities, so with all of these in my mind I created the ERC-721 minimum standards, "he said.
When people saw how serious they were, they gathered behind him and eventually Dete also lent his support by adopting Entriken standards for CryptoKitties, although there were many competing proposals from other developers. The process of staging the standard was very broad, but they did it in the end and went live on Su's birthday.
Passing the standard was a milestone for him, but changing the approval process of a standard remains his biggest achievement to date. In the past, when a developer wanted to make a standard or protocol, he needed the approval of the main developers of the Ethereum Foundation. Now, instead of being approved by the main developers, it is approved by the Ethereum developer community in a decentralized way.
"My biggest moment was when I put down the ERC-721 movement tracks and changed the way people approve the standards and make it possible to pass standards faster – the next step was to pass the standard for the proxy contracts using the same standard process and the third is the ERC 820 standard which is the register.Another turn was the two-week review in which, in the past, there were many comments to be reviewed. Through RSS feeds, developers have two weeks to review it before going out as a finalized standard or they're back at the drawing board.If you're doing a standard and no one is using it, you're just wasting time.The feedback from the core developers is positive state. "
Use cases for ERC-721
The success of the ERC-721 standards was evident and well documented in three important blockchain use cases.
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Digital resources which resides on the blockchain as CryptoKitties. The good is your token that you can use to breed, buy or sell.
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Refundable tokens which represents other activities not on the blockchain that you can exchange with those activities. For example, as a result of the winning bid of an art work in an auction, you are given a ticket that represents a token that can be used to redeem the work of art. original art.
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Token Companion it is a certificate of authenticity that accompanies a physical good. For example, if you buy a watch, it has a certificate of authenticity inside which the watch's serial number is shown. When you give it to a potential buyer, you need to authenticate the document to prove its authenticity.
Entriken believes that the use cases we are seeing today are just the beginning of others coming in the near future. The initial application class for the blockchain was to raise funds with ICOs under ERC 20, which took 2 years to standardize. Now with the second class of applications that is ERC-721, it took only 3 months to be implemented. The type of projects that will be adopted according to this standard, such as monitoring certain asset classes and governmental identities, will attract more use cases and corporate companies.
The biggest obstacles for industry
According to Entriken, the quality of the code remains one of the biggest problems that need to be addressed. He feels that most projects are not doing enough to encourage people to hack into their systems to find potential bugs or loopholes. If they offered an attractive size, it could have prevented some major hacks from occurring.
Entriken, who had experience of hacking at Apple, a securities brokerage company, a photo website and even government tax records in Pennsylvania, where he received a nice letter from the state government, said that much can be done by parties involved to protect their sites.
The other stop line is the lack of governance. He cited the example of the DAO, where people deposited a lot of money and someone took all the money. Hundreds of millions of dollars were useless because the money had been blocked. The Ethereum Foundation had a hasty meeting and voted to cancel the smart contract without community support. Voting took place within 4 hours in the middle of the night and the people who voted were those of the foundation itself. Usually, the rating lasts from 30 to 60 days. As a result, there was a fork that gave birth to Ethereum Classic.
Entriken states that Ethereum Classic is still the word Ethereum and there are no trademark rights for Ethereum.
"Can I make a coin and call it Ethereum 1 or Ethereum 2? What happens if more people start using Ethereum Classic rather than Ethereum? The value of Ethereum will be reduced to zero? You can not create serious applications unless someone is dealing with this problem on those who decide to implement a new technology ".
Improvements to the ERC-721 standards
There are different standards that people are working on and in general each of them makes it more complicated than necessary. Entriken felt that people were just creating standards for the namesake and fame.
"People do not know the process of creating new projects and assume they start with a standard, I actually have experience working with the standards and I've voted on IEEE standards in the past, standards happen when a group of people works to implement the project, so only they promote the project.It's about being modest and putting their money in the project.I do not see that kind of modesty and leadership in these standards.It may seem strange how modesty has something to do with standards? Because the standards mean leadership ", Entriken commented.
What is on the horizon in the coming months
According to OpenSea, every day there are 3 new companies that launch new products on ERC-721 with a new version of CryptoKitties or similar. The future looks promising as there will be many things to work on with the iPhone.
On the other hand, there will be a wave of producers and government officials from around the world who will come aboard to adopt the certificate of authenticity. The certificate of authenticity can be made on the basis of a 6-digit budget without increasing by one million dollars. It can be distributed using 0xcert on Ethereum or on a private chain. In the long run, the supply chain will be the largest to adopt to track everything with serial numbers over the next 5-10 years.
Entriken also believes that the ICO will end up fading as in 2018.
"I'm not a fan of ICO," he said. To date, he has only been on board two Icos that are 0xcert and Arianee.
"If you're going to be involved with an ICO, you should have a very clear explanation of what people are buying, what you're offering and not too promising and being very honest with what you're doing with the money, clear model revenue, a product roadmap, who are the customers, etc. What has become popular is that there is no revenue model, they do not know how they will make the money, who the customers are, what their product is, etc. they are starting today and they are to raise $ 10 million, "Entriken said.
Some words of wisdom there from the only foreign champion title holder until today and master of the Chinese strategy game, Killer of the Three Kingdoms who got the perfect score. If these predictions come true, only time will tell.
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