Ethereum DevCon4 — Day 2
Web3 Design Systems Presentations + Panel
As part of the UX track at Devcon 4, the Consensys team “Web3 Design” presents their design principles and learnings from user studies. The main problems which create a lot of confusion and hassles among first time ethereum users are (1) “Handling/understanding gas costs”, (2) “Key Management — users get confused with seed phrases, passwords, private keys, public keys and addresses”, and (3) “Sending Transactions — why does it take so much time? Then, sending the transaction multiple times or complain to the ethereum foundation”
Besides insights to their user studies, they briefly presented their new project “rimble” https://rimble.consensys.design/ which aims to create common dApp UX patterns.
Reversing Ethereum Smart Contracts to find out what’s behind EVM bytecode
Security engineer Patrick Ventuzelo introduced the approach of verifying compiler result by reverse-engineering EVM bytecodes. He also suggested a few handy tools for vulnerability finding, such as Octopus, Mythril, Securify, Rattle, Echidna and ethervm.io
Decentralized Identity & Reputation
Parting from the point that identity and reputation are key in the Web3, Sina Habibian, presented three important applications of digital identity for increased blockchain adoption. Firstly, he spoke about governance, and how current on-chain voting systems are Sybil-resistant but also lead to plutocracy, since the more coins you hold, the greater your vote power is. Reputation, would be usable to determine the weight of your vote. Here the importance of reputation within a protocol, which could be built over time or through social trust. The next application, on-chain lending, would be a game changer with near instant settlements in global markets. Identity would allow us to access the borrower’s real world data such as credit score, income, etc. and his/her reputation would be considered as collateral for the loan. Nowadays, however, the lack of identity at the protocol level means that loans require to be fully collateralised. The last use case, security tokens, i.e. tokenisation of real world assets such as real state, art and equity, add real value to the use of blockchains due to fractional ownership, 24/7 global markets and immediate settlement. Currently, the issuance and trade of these tokens are highly regulated (KYC, AML, within other checks) and an identity provider is required. Ways to facilitate on-chain verification would allow the transformation of the private security market.
Privacy Lightning Talks
Three speakers gave their lightning talking about privacy preservation on blockchain. Julian Koh introduced a structure that integrates secure multi-party computation and zero-knowledge proofs in the trusted execution environments. IC3 team also introduced the LibSubmarine commit-reveal protocol that encrypts the process of data writing on chain. Such privacy-preserving protocol is particularly useful for privacy sensitive applications, such as voting.