Top digital currency researchers, in a private meeting in Toronto this week discussed how decisions relating to Ether, the second most valuable Blockchain in the world must be taken. Called EIP:0, the meeting involved participants from various non-profits and startups working to improve the technology. Some notable members include the Web3 foundation, Parity Technologies, Giveth, the Ethereum Foundation, Consensys, Aragon and MetaMask to name a few. The meeting was designed to discuss how Ether’s problems can be tackled. It focused on controversial issues like how to limit issuance or reject crypto mining hardware advance. The meeting was productive.
Improved Signals for the Ethereum Blockchain
Participants of the meeting put their heads together in a bid to isolate the different groups that have stakes in the platform, such as protocol developers, app developers, app users, crypto miners, investors, governments and financial regulators. The diversity of signals is typically gathered using the purpose-built tooling positioned toward all groups and aggregated to the site which will depict the various inclinations and learnings. Speaking at the meeting, several attendees are of the view that d that apart from being feared, the capacity to make a new model of the Ethereum blockchain relating to divisive decisions is the primary, non-coercive tool needed to address the needs of dissident groups hence allowing them to enact their opinions.
By giving communities the possibility to exit, the choice to split due to contention is one key advantage of blockchains over traditional governments. Thus the dedicated working group discussed how forks can be “less dire,” ways to increase and cheapen security as well as destigmatizing community divides. While a separation is an easy way to settle disputes, there are technical complications as well.
Since Ethereum isn’t just a Blockchain platform, every decentralized app will co-exist on every version of the platform. Additionally, as well as being complicated for many businesses out there who use Ethereum, this could generate unanticipated strangeness in other decentralized applications.