Avalanche’s (AVAX) MoneyDance Hackathon reveals Blockchain Trends and Evolution that has never been Witnessed BeforeOctober 1, 2020
Innovative creations have always been subject to creative evolutions over time. The internet has not been what it used to be. It grew and evolved to what anchors a very huge percentage of the world’s economy. Businesses both great and small are edged on the internet- it seems that the internet has become the major ingredient for success. The internet has not been where it was.
The same can be said about blockchain technology- an evolution began with bitcoin. Sergey Nazarov, Co-founder of Chainlink began recounting where he began the journey with blockchain technology and cryptocurrency. This was at the MoneyDance Hackathon powered by Avalanche while discussing with Emin Gun Sirer, CEO Ava labs. Sergey stated that he began mining Bitcoin in 2011 with a Gaming PC because that was common then. It was as he continued that he saw something different about the security proof the blockchain offered. He reported that the road with smart contracts for him began early – experimenting, and building smart contracts for specific use cases with the blockchains then like Namecoin even before Ethereum started. More on the discussion to come later.
Blockchain has evolved the way we look at businesses today. In a session with Olaf Carlson-Wee, Founder & CEO of Polychain Capital, while giving a keynote on “Corporations from the Future” at MoneyDance, he began to reveal the trends of business evolution on the internet. Businesses that will be built on the internet decades ago have to gather large teams to handle servers to host their web. But with the inception of cloud servers, small businesses are able to run successfully. Blockchain technology has also revolutionized the way we look at businesses. It allows lone developers to build “million-dollar” businesses- something that was impossible a long time ago.
Smart contracts on Ethereum D’apps allow physical businesses to operate beyond their jurisdiction and borders. 2017 was a boom for D’apps but the bubble burst. The bubble that burst grew into the Decentralized Finance (DeFi) protocols that where Billions of dollars are locked today. The structure of these protocols is different from what has been seen in businesses. It allows a group of Decentralized Autonomous Organization to decide what happens to and where the funds are directed. It operates like shares only that it has more potential.
Even though Ethereum Smart Contracts are able to handle financial and mathematical logics, it has scalability issues that are undermining their potential. The launch of more scalable and powerful blockchains like Avalanche is a massive tailwind for sovereign corporate structures according to Olaf.
It seems as if Non-Fungible Tokens (NFT) are gaining a lot of attention lately and maybe the trends of Blockchain evolution will lead in that direction soon enough. Who knows what mainstream applications will come next?