Straight out of Barcelona.
Coinagenda turned out to be our first international conference participation, and did it go well!!
After six hours of flight delays we have finally arrived to Barcelona in order to attend Coinagenda conference. Although on 17th of July most of the digital assets have hit bottom of their correctional path, most of the conference participants were very optimistic about the industry prospects and the future, comparing our current stage of development to the Internet industry at circa 1994.
Standards, or lack thereof.
What we found most amusing about our yet-to-be established industry was lack of standardisation, both in naming the industry itself and within lack of protocols for inter-blockchain communication but also low understanding of technology stack offered to the community. During conference numerous names were referred to our industry; crypto industry, blockchain industry, tokenized industry, ether industry, smart contracts etc… We find such a lack of standards confusing, deterring wider acceptance of the industry and we will from now on refer to the industry as the distributed economy. All above mentioned technologies or concepts are just building blocks of the distributed economy. Our future blogpost will go into more details on how do we see tokens and ecosystem of the distributed economy to be structured.
Another lack of standardisation or thought of it was within private blockchains implemented in various other industries, and as Nikola has pointed out during conference, a lack of cooperation with the International Standards Organisation — ISO, that is the go-to international body to define what will be an acceptable protocol to be used by all industry participants. We invite everybody with required knowledge and expertise to join and support their local ISO/TC 307 committee, as we have done so in Croatia.
What we were also made aware during conference was a lack of understanding of a full Ethereum technology stack, that was made even more visible during the day when Coindash.io crowdsale token website was hacked and address of wallet compromised, with more than 50% of crowd tokens funds raised stolen. One of the main misunderstandings was the lack of .eth domains and Swarm distributed file system being used during crowd sale and we have made numerous companies aware of this situation and possibilities how to utilise ENS smart contracts to mitigate some of the risks. We have pushed hard for Swarm, ENS smart contract and .eth domains to become an industry wide standard during token crowd sale.
Transparency, or lack of thereof.
When we have entered this industry and token crowd sale process we were surprised by the lack of transparency, especially when it comes down to the use of proceeds. Therefore following a successful token crowd sale, we have decided to communicate transparently use of proceeds alongside total value of digital assets owned by the platform, and returns achieved by both Public and Operational Wallet, but also partner up with the cofound.it to have independent body to confirm and double-check our proposition.
End of IPOs was declared during conference by Brock Pierce of Blockchain Capital, and we are firmly backing this statement, however some above mentioned technical and operational issues need to be resolved in order for this prophecy to come true.
Conference has proven to be a success as we have meet numerous industry participants, have made some real impacts and were pushing on with community engagement.
The party at Gaudi house was also well enjoyable allowing us to meet some interesting people.
As a final note, we would like to send many thanks to Michael Terpin and his hard-working team making this conference an unforgettable experience.
Off we go to the closing party!
Matej & Nikola