EthCC , the DNA of a community
From July 20 to 22, the 4th edition of the Ethereum Community Conference (EthCC) was held, the largest European event entirely dedicated to Ethereum and its ever flourishing ecosystem.
During 3 days, speakers followed one another to express themselves on a plethora of topics: development of the Ethereum protocol (EIP-1559 and Ethereum 2.0), decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized social networks, interactions with traditional finance, regulation, etc.
Let’s look back together at the most striking talks at ETH , with a focus on the talk by Vitalik Buterin, co-creator of Ethereum.
Day 1: Ethereum, “an infinite garden”
The EthCC was kicked off by Jérôme de Tychey, president of Ethereum France. He welcomed the numerous participants while presenting the parallel activities to the EthCC, as well as the auction of a unique NFT, giving its holder a lifetime access to the event. This NFT found a buyer for the sum of 6 ETH, which is the equivalent of nearly 12,000 dollars during the auction.
– EthCC – Ethereum Community Conference (@EthCC) July 20, 2021
The first prominent speech of the EthCC was by Stani Kulechov, founder of the Aave protocol. He said that the next step for the development of decentralized finance will be to create capital flows from DeFi to the real economy.
“If we are able to get competitive liquidity from DeFi and inject it into the real economy, we can do better than the very high lending rates around the world,” he added.
Following Stani Kulechov, Aya Miyaguchi, executive director of the Ethereum Foundation, explained what makes Ethereum so special:
“Ethereum is an infinite game. It’s not just the technology, but its ecosystem, also known as the ‘infinite garden,’ where the goal is to keep playing, with no end in sight, and where the rules and players are constantly changing.”
Earlier in the afternoon, Joseph Delong, CTO at SushiSwap, introduced his audience to a new product for DEX: Trident. This new Automated Market Maker (AMM) model features 4 new solutions: constant product pools similar to the current SushiSwap, concentrated liquidity pools, and a new market maker.s, hybrid pools similar to Curve and weighted pools similar to Balancer.
Next, Jimmy Ragosa, head of integrations at Kleros, argued for the separation of different powers in Decentralized Autonomous Organizations (DAOs) and outlined the reasons why executive, legislative, and judicial powers should be split within these structures.
“There is a good reason why real world organisations do not operate through direct shareholder governance. Most of the time, in DAOs, there will be a progressive separation of powers in this way.”
Day 2: Vitalik Buterin speaks
Day 2 of the EthCC featured Vitalik Buterin speaking, with a speech titled: “Things that matter outside of DeFi”. The Ethereum founder has high hopes for the network’s uses for social purposes, to decentralize much more than finance.
“The Ethereum ecosystem needs to expand beyond just making tokens that help exchange other tokens […] Going beyond DeFi does not mean being against DeFi. I actually think the best applications will combine elements of finance and non-finance,” he added.
For Vitalik, that Ethereum is defined by DeFi is better than being defined by nothing, but we need to go further and explore new applications. In particular, he lamented that much of what Ethereum has to offer is currently restricted to a small number of people, pointing out that the network’s high fees act as a major barrier to the development of plethora of ideas.
The core of Vitalik Buterin’s presentation was about his desire to see Ethereum become the cornerstone of a new ecosystem dedicated to social media. He believes that eventually, new mechanisms could encourage higher quality content publishing. Buterin also stressed the need to decentralize these networks, in order to limit the rampant collection of user data.
He also mentioned that today, if you want to connect to a wide variety of applications, you can use your Google or Facebook accounts. For Vitalik, it is essential that Ethereum wallets can act in the same way, as versatile online identities for users.
According to him, Ethereum-based login capabilities would provide “credible neutrality”, “censorship resistance” and an “embedded economic layer that would make it easier to build new devices”. In particular, Vitalik Buterin mentioned social networks where only members invested with an Ethereum DAO would be allowed to post messages.
The vision behind Ethereum was, from day one, to open the door to decentralizing much more than finance. Vitalik is very hopeful that developers will turn to other applications.ons that also deserve to be decentralized. To date, many developers are already working on decentralizing specific activities, but DeFi is still getting too much attention from the industry.
Unsurprisingly, Vitalik Buterin’s words were very well received by the audience, with his speech ending in a round of applause. Here, by the way, is a replay of his speech:
Day 3: Opening Ethereum to institutions
Last day, several speakers followed one another to discuss the different ways to make the Ethereum ecosystem more accessible, whether for individuals or institutions.
Sasha Tanase, a product designer and researcher at Keep Network, opened the floor by explaining that “the issue of accessibility is very hard to grasp, but if you break everything down into small tasks and try to address them at a particular time, you’ll make your product more accessible and help a lot of users.”
On the institutional side, Ambre Soubiran, CEO of Kaiko, stressed the need for collaboration between centralized finance (CeFi) and decentralized finance (DeFi).
“We should not forget what already exists and take the best of it all […] We need to think about how crypto-currencies allow us to rethink and potentially improve many aspects of markets, especially the way we look at ownership and its transfer, in a fully decentralized way,” she added.
Soubiran went on to point out that market data has the potential to act as a bridge between centralized and decentralized industries.
Going forward, it is undeniable that the Ethereum ecosystem will attract more and more institutions, and this should greatly accelerate after the rollout of EIP-1559, the protocol update that will introduce a deflationary model for ETH if there is enough demand.
Note that many other topics were discussed at the EthCC , those presented here being only a non-exhaustive sample. You can also watch replays of all the main stage talks on the dedicated YouTube channel.
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About the author: Clement Wardzala
Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.