Set to start in Cancun, Mexico on November 1st, Ethereum is set to put itself to the test at its annual developer conference, Devcon3.
At one point, Ethereum was the most active and flourishing cryptocurrency market, in the last few months the excitement for this project has calmed down a bit. Despite its brief and sudden growth of the protocol rising to $29 billion in value, ethereum could possibly be underperforming opposite its own high expectations. Surprising as well considering the hundred of ICO projects that have or are planning on launching using the ethereum technology.
Launched back 2014, ethereum supporters had been bound for becoming the first coin to pass bitcoin in its market value. There was big run in June but this passing of top currency never occurred
Yet, the indications of the protocol struggling are seen only surface level, as described by those that are involved.
Investor, William Mougayar said in an interview with CoinDesk, “I think they are hitting on all cylinders, it’s a real platform with several pieces on top.”
Ahead of Devcon3, its attendees are anticipating a strong showing of technical based talks showing the project’s progress.
There are some who are hoping to get answers on the pace of development. In particular Andrew Keys, ConsenSys’s head of global business development.
Keys told CoinDesk:
“I think it’s time to put up or shut up. We’ve had enough proof-of-concepts. [It’s] time to get things into production.”
With all that said, others had an idea of what they hope the conference won’t be. A developer employed by the Ethereum Foundation, states the event is planned not to be centralized around “ICOs” which has been experienced a backlash as more projects seek to fund their ethereum projects.
Instead, Jameson expects the event to serve as a conversational forum for technical discussions, wth the majority of the time focused on efforts to make ethereum more scalable and private.
Although some see Devcon3 as an illustration as to where ethereum is headed, others believe it will be a showcase of its limitations.
There have been several ethereum test-runs as of late but few are actually using the blockchain outside of the testing grounds, as it is currently a work in progress. The most noted testing the blockchain is the United Nations in its global humanitarians efforts.
Ethereum’s controversial upgrade, Byzantium, was one of the largest upgrades to the platform. It brought enhancement to the blockchain but it still lacked a lot that developers were hoping for.
Things that need to be implemented are the long-promised upgrades such as the top-level applications that would make the system easier to use and a more eco-friendly and egalitarian mining protocol.
Loi Luu, Kyber Network’s co-founder disputed that the hard-fork, while successful, didn’t meet many people’s expectations.
“I think many people were not happy with the recent hard fork since it wasn’t significant enough,” he said.
Further, it took longer than anticipated as it was divided into two upgrades to make it easier for its developers and then the fork was delayed to technical issues. There were others that were happy to focus on its positives, more specifically that it finally happened. It lays the groundwork for the bigger projects goals.
Still lots of questions
Ethereum’s current deficiencies will be Devcon3’s main focus. Scalability is one of its biggest hurdles, if all goes according to plan, it would like to take the place of centralized applications such as Twitter.
Luu emphasized the requirement for more examination in this area, expressing anticipation that Devcon3 will focus on this goal.
“Ethereum is getting more mainstream now, people are expecting some scalability solution to be deployed real soon,” he said.
Another noted pressure in the talks of the conference is the need for developers to move fast paced and in line with the expectations of the market.
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