ConsenSys' Chief Strategy Officer Discusses Ethereum Ecosystem Development at TechCrunch Disrupt SF

ConsenSys' Chief Strategy Officer Discusses Ethereum Ecosystem Development at TechCrunch Disrupt SF

Blockchain software company ConsenSys' Chief Strategy Officer Sam Cassatt was interviewed at the recent "TechCrunch Disrupt SF" startup technology event, discussing the company's focus on Ethereum ecosystem development, as well as their views on the current state of the industry.

Cassatt stated that since the end of 2014, before blockchain was popular, they knew it would be interesting but lacked infrastructure. The business model of ConsenSys is a "venture studio," which is different from an incubator or investment fund and enables more efficient resource allocation. The company's successful examples include Gnosis, supply chain platforms, blockchain games, and more, with around 50 companies in the ConsenSys system.

Cassatt stated that while supporting blockchain startups, they are also helping existing industries implement blockchain use cases through ConsenSys Solutions. The company also has a venture fund and education organization, ConsenSys Academy.

Source: Coin Telegraph

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ConsenSys Interested in the Loom Network

ConsenSys, a leading blockchain development firm, has expressed its interest in the Loom Network, a project built on Ethereum using DPoS technology. The Loom Network is specifically designed for gaming and social media scenarios that require high-speed transactions.

Ethereum's PoS and Sharding Mechanisms: Suitable for Financial Applications

While off-chain scaling solutions are useful in certain cases, Ethereum's PoS and sharding mechanisms are expected to increase transaction speeds by several orders of magnitude, making it highly suitable for financial applications.

Adding Layers and Decentralized Databases for Improved Performance

According to Cassat, Ethereum could benefit from the addition of one or more layers such as Plasma, which could improve its speed, reduce its costs, and make it more suitable for various applications. Additionally, decentralized databases outside the base chain, such as sidechains, could be more suitable for blockchain use cases like Facebook's Like button.

Ethereum: Designed for Storing "Things that Require a Lot of Trust"

Cassat notes that Ethereum is not specifically designed for storing large amounts of data, but rather for storing valuable items that require trust, such as large amounts of money.

The Potential of Distributed Ledger Technology

The current societal and economic structure requires the presence of lawyers, courts, and police to maintain order. However, this can be expensive and time-consuming. This is where the underlying protocol of Ethereum comes in; it is cheaper, faster, and better. In addition, there are infrastructure options, like IPFS, that store an enormous amount of data without the need for lawyers or notarization.

Cassat, an expert in the field of distributed ledger technology, identifies "tokenization" as the most prominent application of the technology. It has disrupted the venture capital industry and changed the way startups grow and raise funds. Security tokenization is also exciting as it combines financial products with security features and regulatory support.

Acquiring different properties and financing emerging markets are also strong use cases for distributed ledger technology. Our society is progressively shifting away from a "centralized" approach, and as such, decentralized news media outlets may be a solution to address the issue of large corporations controlling information.

Overall, Cassat believes distributed ledger technology is mature and has many exciting possibilities.