Director of ConsenSys Solutions Paris Jerome: Ethereum Is Going To Be Bigger in the Next Bull Market
Jerome, with many labels such as an economist, blockchain enthusiast, Ethereum miner and devoted developer, is now better known as the director of ConsenSys Solutions in Paris.
For most people in China, ConsenSys may not be a familiar name to them, while its founder Joseph Lubin is a big name in the sector who scored a billion-dollar fortune and was ranked the fifth most influential in blockchain 2017. Founded in 2015, ConsenSys serves as a software foundry to develop decentralized software services and application that operate on the Ethereum blockchain. With the ambition of facilitating the empowerment of people and enabling decentralized governance through the development of software tools, the company is developing fast these years.
We (8btc News) were able to sit down with Jerome de Tychey, the director of ConsenSys Solutions in Paris and talked with him about ConsenSys and Ethereum.
Like most people, Jerome got into the industry by first being a miner after picking up the bitcoin whitepaper in 2013. He was fascinated by the mind-blowing idea of blockchain to build a money without a central bank since fiat currency has a central bank to back it up.
“So I dropped my Ph.D. and started to work as an economist in different situations such as the European Commission, Hoard Ministry of Finance in France. That gave me some spare time to learn more about blockchain, learn more about cryptography, to get miners, run miners, and connect with the community. And then Ethereum came out, I’ve got some GPUs, I was really interested in mining ether. Connecting with the community is really enjoyable time, so I decided to get a deep dive into this and joined ConsenSys.”
Not satisfied with self-studying, Jerome signed up for online cryptography courses at Stanford University in 2016. As he stated, people interested in this space can learn it by themselves, the bitcoin whitepaper is only 9 pages and Ethereum is 14 pages. However, if they want to be professional, it’s better to get some education.
When asked about one of the biggest problems of Ethereum, the low TPS (transactions per second) it performs once there is hot DApp hits the Ethereum network, Jerome thinks it is in effect not slow,
“You get one block every 14 seconds. That’s fast. Sometimes some applications popping up on the Ethereum network may draw some attention, you need to pay high fees. For the last 12 months, we have debated a lot about the problem of scalability. When it comes to scalability, you need to make compromises between decentralization and finality, maybe you have problem with your chain going too fast at some points and forking, and maybe you have problem with not being decentralized enough. So it’s all about making compromises. But right now, if you want to build an application that can have a lot of transactions per second, you really have to need to do that. For example, we have a lot of layer 2 solutions, the same type bitcoin is using – state channel. We have implementation of lightening network, and those applications are in use on production now, so if you want to focus on adding more transactions for your DApp, you can do it, it’s just about better Ethereum. You just take the time to figure out how to architect your project.”
When it comes to the implementation of Casper and Sharding, Jerome said it took some time to implement Casper and Sharding.
“When we started to do research on how to do a good proof of stake, we figure out lots of problems that were unexpected. We need to do research to solve the problem properly. Right now, the design is stabilized, and we need to work on implementing those aspects. So the best estimate is in two years for doing full Casper for proof of stake; in the meantime, we’ll have a lot of improvement of the Ethereum protocol at basic layer to bring more stability, more capacity and more use ability.
As for Vitalik’s recent utterance of “him spontaneously combusting tomorrow” which raised concerns that he might leave Ethereum, Jerome said every time he chats with Vitalik, he’s always passionate about Ethereum.
“It is the project of his life, I don’t see him leave Ethereum tomorrow. Ether is a concept of decentralized computer, you cannot just throw it away. The community of researcher and this active community bond to Ethereum is now so big so well-organized, with so many smart people working on it, even if Vitalik was to leave, the thing would continue, and that’s one of the beauty of what’s behind Ethereum.”
Having faith in Ethereum and the cryptocurrency market, Jerome said he has been insensitive to price volatility after experiencing several ups and downs, and advices investors to come back to their normal life instead of staring at the price.
“If you have invested too much money into cryptocurrency, that’s a bad decision in the beginning. You should not invest what you cannot afford to lose. For me, I was a believer, I believe this technology would bring breakthroughs to the world. Investing in blockchain is like investing in the next internet. It’s something you have to believe, you have to bear the ups and downs. In two years or three years, you just forget it, you still go to work, you still wake in the morning, and you still enjoy the internet. For me, the most dramatic event was DAO, I saw the price crash from $20 to $4 in 24 hours, but then it rose again.”
When asked to predict the time the next bull would come, he said no one can give a prediction.
“Maybe it comes back at the next big explosion of applications in Ethereum, maybe security token, or maybe new gaming application, bring bull market back. It’s hard to predict a precise time.”
But he believes Ethereum will go to be bigger and continue to grow.
Talking about the recent buzzword – security token, Jerome thinks it will be huge. He said lots of utility tokens are useless and bad designed, most of which will switch into security token. From the perspective of an economist, he thinks the design of stable coins are okay so far, and researchers should keep focusing on the stability of these so-called stable coins.