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CFTC wants to learn about Ethereum Network’s smart contract feature, says Commissioner Dan Berkovitz

Priya

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CFTC wants to learn about Ethereum Network's smart contract feature, says Commissioner Dan Berkovitz
Source: Unsplash

Dan Berkovitz, one of the Commissioners of Commodities Futures Trading Commission [CFTC], spoke about the Commission seeking public feedback on questions pertaining to Ethereum, in an interview with Block TV.

In mid-December 2018, the CFTC released an official statement on their portal, stating that a ‘Request for Information [RFI]’ will be published in the Federal Register. The request was made to seek more information on the Ethereum network, and its token, Ether.

The Commission asked questions about its underlying technology, risks, use-cases, mechanics, markets, and opportunities. Additionally, the Commission also wanted to know the similarities and differences between Bitcoin and Ethereum.

The Commissioner stated that they got “a very good response,” and that they would be moving ahead with it. The Commission received over thirty responses from the public, with some of the responses being “very detailed,” he added.

Berkovitz further added that the Commission sought such responses from the public owing to Ethereum’s potential to be listed as a futures contract or derivatives, like Bitcoin. He said,



“So, we wanted to learn more about the technology and the other feature of Ethereum, which is very much interesting to the agency and what we want to learn about is the smart contract feature thats on the Ethereum network. We want to learn about how does that potentially affect the futures contract in Ether and what’s the interaction.”

The commissioner further stated that this process was “really educational” for the commission, with people reaching out to the CFTC, seeking to develop this technology to fit within the regulatory sphere. Berkovitz added that this “would give us additional understanding and ability to deal with the technology.”

Berkovitz concluded by saying that he was “very impressed” with the quality and quantity of information received, primarily because this process was voluntary. He said,

“I’ve looked at some of the letters, they are very detailed and a lot of excellent information that frankly if one really wants to understand this technology a lot better one would really need to look at these letters, they are very detailed.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain

Akash Anand

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Ethereum [ETH]: Ernst and Young to launch zero-knowledge proof technology on ETH blockchain
Source: Pixabay

The mainstream adoption of cryptocurrencies has been a topic of discussion for the longest time. This push by cryptocurrency organizations for integration seems to have paid dividends as many institutions have started adopting cryptocurrencies or at least blockchain technology.

The latest company to tap into the world of digital assets is Ernst and Young [EY], which announced that it would soon release its new zero-knowledge proof technology on the Vitalik Buterin co-founded Ethereum blockchain.

The project, titled Nightfall protocol, uses the inbuilt zero-knowledge proofs to allow organizations to transact privately on the same network without giving up the security and distributed nature of the ETH blockchain. Circle Research, in an official release, commented on the technology:



“ZKPs prevent anyone attempting to analyze their blockchains from making any sense out of what they’re looking at. ZKPs enable all of the benefits of public blockchains like Bitcoin without the downsides of leaving behind digital clues that can be analyzed by third parties. The result is the ability to transact with complete privacy, inscrutable to the outside world.”

Another feature of EY’s public blockchain approach is its integration of privacy through permissions. The feature makes sure that participants on the blockchain who are selected ahead of time would be preferred over the ones who join the blockchain later. Some users, however, have criticized the permissioned network, which was also mentioned in the Circle report. It stated:

“A key criticism against permissioned networks is that they are not censorship resistant – a single entity or group of entities has control over the network. In addition, there are multiple companies and consortiums building their own permissioned blockchains, which creates silos.”

Ernst and Young’s venture into the crypto-verse was also put on show recently when the company unveiled its new blockchain analytics tool, the EY Blockchain Analyzer. The announcement from the company said:

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”





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