Genaro Attends Consensys ‘Innovation Studio’ Opening in Europe

Dublin, Republic of Ireland — On June 11 Genaro’s Luke Sheehan participated in a press conference and launch event for the Ethereum-based Consensys group in Ireland’s capital. Held at the colorful ‘Guinness Storehouse’ visitor center, the launch was a chance to see the blockchain industry in Ireland and Europe substantially enlarge its footprint. The decision to choose Dublin as a base of operations for the foremost Ethereum project showed both an exciting commitment to the talent in the region and the ongoing success of application building on decentralized networks around the world.

While Ireland already has a nascent blockchain scene, Consensys Dublin Managing Director Lory Kehoe stated that the opening of the ‘Innovation Studio’ there would “dial up” the level of activity in blockchain for the local tech sector, with the projected creation of up to 60 jobs in the city, mostly for software developers.

Ethereum and Consensys Cofounder Joe Lubin and Consensys Chief of Staff Jeremy Millar joined Kehoe to answer questions from journalists and speak individually with attendees before the main launch. Genaro had some facetime with Jeremy Millar and Eoin Connolly, Technology Director of the new studio.

Lubin and Millar were both emphatic on the advantages of ‘flatter’ systems of governance in organizations as well as decentralization in networks. The newer structures were contrasted with traditional databases, referred to reflexively (and critically) by the pair as “Silos” and “Walled gardens”.

In answer to a question from Genaro on how Dublin was chosen as a hub for investment of resources, Millar answered that it there was an element of good luck (core team members had worked together at Deloitte before) and that wider groups of people reached consensus on the final decision. Other elements, like the office lease, were “examined by up to 80 people” collectively.

In a short one-on-one conversation, Genaro asked Jeremy Millar if Ethereum and Consensys could co-exist with other platforms designed for DAPP development and the building of fundamental blockchain infrastructure. Jeremy replied that while no other platform had shown the same rate or scale of progress, and there were solid reasons for developers to choose a proven platform, there was no reason that a multi-polar global ecosystem could emerge. “Historically there are economic reasons that innovation has led to small number of platforms. It is also fair to observe that it has not tended to lead to a single platform. Interoperability is a key area we are working on.”

With Tech Director Eoin Connolly Luke discussed consensus mechanisms, the migration of Ethereum to proof of stake and the creation of standards in technology and practice that can work around the world. Connolly replied that the “shift from proof of work is enormously complicated,” with factors like retaining a decentralized distribution of participation (i.e. stopping a small number of nodes controlling the network) adding to the difficulty. Yet the shift is one that has to happen as there is “probably only room for one PoW system globally” and environmental concerns also drive the community to embrace sustainable options.

On the matter of private vs. public blockchains, Eoin underlined the importance of interoperability — “In the next 3 to 5 years you will see the rise of private blockchains between companies, within nations, central banks… But the next step is that these private blockchains will have to move out of their silos to operate with others. They will need to connect and communicate, and blockchains don’t behave like databases. There are interesting challenges involved.”

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The Genaro Network, the creator of the Blockchain 3.0 Ecosystem, is the first Turing-complete public chain that incorporates a decentralized storage network. Genaro’s original SPoR (Sentinel Proof of Retrievability) with PoS (Proof of Stake) mixed consensus mechanism aims to create a blockchain platform with a processing speed of tens of thousands of transactions per second, which opens the way for the technological shift to move data from centralized clouds to blockchain with decentralized storage. Genaro offers developers a one-stop combined platform for deploying smart contracts and storing the data needed for DAPPs, while also providing everyone with a more trustworthy Internet and a sharing community.

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