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Interoperability discussion with Ripple [XRP]’s cryptographer, Litecoin [LTC]’s creator and others at Consensus

Anirudh VK

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Interoperability discussion with Ripple [XRP]'s cryptographer, Litecoin [LTC]'s creator and others
Source: PxHere

Prominent figures on interoperability spoke at a panel discussion at Consensus yesterday. The panel comprised of 4 members, namely, Matthew Spoke, the Founder of Aion network, David Schwartz, the Chief Cryptographer at Ripple Inc, Jutta Steiner, the Co-Founder of Parity Technologies, and Charlie Lee, the Creator of Litecoin.

The panel was titled ‘The race for interoperability’. It began with the exploration of whether interoperability could reduce the tribalist behaviors exhibited by investors in cryptocurrency. The panel members spoke about how they explored interoperability and got started with creating products that could realize their vision of interoperability.

Matthew Spoke talked about how he founded the Aion Network and how it was aimed at interoperability with the Ethereum Virtual Machine. According to the website, Aion is an “A multi-tier system designed to address unsolved questions of scalability, and interoperability in blockchain networks.”

He is an advocate of decentralized interoperability, due to data privacy and ownership concerns and the removal of trust-based centralized power structures. His solution for this is to create a sort of router for interoperability, which can recognize transactions and route them to the required blockchains.

He spoke about how interoperability is a part of “re-architecting the future of the Internet” and said:

“Interoperability is a layer within a massive infrastructure of the decentralized internet”.

He also went on to talk about how use cases must be unified through interoperability by decreasing the separation of different systems that operate on distinct blockchains. A system must be realized wherein transactions on one network would trigger transactions on another ledger, he explained.

He said:

“The future we hope to build is where these use cases are not segregated and isolated.”

He advocated for the decentralization of security models, going so far as to suggest that “multiple forms of security models, consensus algorithms and execution environments” should be created so as to protect against security flaws in the future. He also brings up the possibility of moving businesses and logics between blockchains in case of a major security flaw, and how interoperability must allow for this to occur. In this way, interoperability takes away the risk of building solutions for the future.

David Schwartz of Ripple had some interesting things to say about interoperability, considering how he worked closely with the creator of the InterLedger protocol, Stefan Tomas. He spoke about how the cryptocurrency space replicated the problem of interoperating between “silos”, which are pools of liquidity that are stored in a single place such as the Bitcoin blockchain.

The connection of digital assets to fiat currencies was done through Ripple’s product known as xRapid, which allows for cross-border transactions using XRP as the bridge currency.

Schwartz spoke about how reduced requirements from interoperability protocols allowed for easier adoption, talking about arguably the most widely-used interoperability protocol today, Transmission Control Protocol/Internet Protocol. It does not have a large number of requirements to be implemented, allowing for wider adoption. This, in turn, will also allow for growth in the future, as the pre-established requirements are skeletal and hence scalable.

Schwartz predicted the future of interoperability protocols being interoperable, adding an additional level of interoperability to the mix. He also spoke about how trust distribution must be prioritized, saying:

“If you could design a system that doesn’t require any additional trust to meet all those security requirements, that’s kinda when we got it.”

When asked about his vision for the future of interoperability, he said:

“In the short term you’re going to see an improvement of existing experiences.”

He went on to say that on the medium-term level, interoperability will transform into an email like payment system, with a universal payment ID. He also mentioned that the long-term vision was hazy due to the change in use-case scenarios for the technology.

Jutta Steiner, the Co-founder of Parity Technologies, is exploring the interoperability space through a project known as Polkadot. Polkadot is a “heterogeneous multi‑chain technology” that uses parachains to conduct and verify transactions. It is also involved in governance protocols. It also began as a project on the Ethereum Virtual Machine.

Her vision for the future involves using shared resources through the Polkadot network. She spoke about how regulation stifles innovation by its presence, as small-scale companies find it difficult to handle the legal fees required for advice in regulatory fields.

She aims to build a decentralized system to give data back to the users and reduces the differences between service providers and customers.

Charlie Lee, the creator of the cryptocurrency Litecoin, spoke about his vision for a concept known as an atomic swap. An atomic swap is a technology that functions on smart contracts. It enables the exchange of one cryptocurrency for another without using centralized intermediaries, such as exchange platforms. He believes that this is one of the major problems that interoperability protocols have to tackle.

He spoke about his vision for use cases of interoperability in the future, saying:

“…in the future, we have different people using different payment methods and they all interoperate”

He also spoke about how interoperability increases the attack surface. He also mentioned that the most complicated part of creating a usable interoperability protocol is the user interface and user experience, as the users of today’s digital assets have a basic knowledge of the functioning of the backend. He stresses that ease of experience is the cue for adoption, citing the ease of use of existing systems such as credit cards.

He said:

“With interoperability, the hard part is to make it simple for the user experience.”

Internet users reacted to the panel discussion. User Reflections Observer observed:

“Ripple’s technologies will replace them all… I mean their functions 🙂 David is way too modest.”

Felix J Romero said:

“The more secure our unchangeables are revealed as having always been, the more freely we’ll adapt to change. Great talk! Lots to discuss in response to this conversation.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

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TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

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