Ethereum, Other Blockchains Discuss Working Together at DeVConf 5
One of the key highlights of this year’s Ethereum developers’ conference (DeVCon 5) is a panel discussion on whether it is possible to have a peaceful interoperability of multiple coin communities in the long run or that they have to continue competing against each other until one emerges as the single global cryptocurrency.
The discussion touched on the possibility of both communities and technical collaborations as well as the areas to explore. The talkpoint somewhat aligns with the agenda being pushed by Luke Zhang’s Loom Network whose platform had initiated a move to integrate Ethereum with other top public blockchains like TRON. Loom Network also worked on interoperating TRON and EOS into a shared Ethereum sidechain that supports top ERC 20 tokens and recently started adding Bitcoin support to Basechain since it claims the Lightning Network is not suitable for dApps developers. The idea, which could eventually bring the communities of the respective platforms together, seems skeptical since there has not been much demand for such an integration in a decade.
The CTO of IOST blockchain, Terry Wang, thinks the move could be a positive as some projects have started building tools to make integration of different ecosystems possible though it may take time for the results to manifest. Wang adds that the benefits of such an interoperable blockchain solution are enormous as they include removing intermediaries, enabling free exchange of assets and data leading to access to more decentralized apps users.
The 3-man panel, anchored by Ethereum’s Lead Developer, Vitalik Buterin, share a different view. They unanimously agreed that working together on a winner-takes-all model is not possible among the various communities in the future based on various reasons.
For Josh Swihart, the Vice President at Electric Coin Company which invented and mainly supports ZCash, this reason could be that communities’ needs vary. “I think different communities are going to have different coins for different needs and that work in different contexts,” he says. “So, I don’t believe in a winner-takes-all model but I do believe they can collaborate and work together.”
The CEO of Ethereum Classic Labs, Terry Culver, adds his: “I agree. I don’t think a winner-takes-all future is really viable. You know we all live our lives as part of different communities already with different values. I don’t see that changing in the blockchain and crypto space.”
Jae Kwon co-founder of Tendermint and the Cosmos Project, also agrees with their viewpoint: “I think that one of the things that we don’t see yet, but would probably see more in the future, are things like local currency coins, local municipal DAOs and so on and every one of those. They may not all have their own chains but they will be their own community (and be) distinct from other communities.”
The need to work on borrowing technologies, reaching out to other projects and various communities to continue a deliberate discussion on greater collaboration based on existing standards are some of the takeaways from their discussion.