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Opening Day Of Blockchain Hack.Summit By Hack VC

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Much awaited blockchain Hack.Summit among blockchain community witnessed participation of software developers and blockchain enthusiasts across 157 countries, resulting in the world’s largest blockchain summit. Hack VC, the venture capital firm behind the summit conducts this virtual conference every 2 years since 2014.

They have been successful in organizing a virtual conference for developers in the past. With a stunning number of 64.000 and 80,000 attendees in the year 2014 and 2016 respectively. This year they have concentrated on providing information and technical know-how about blockchain projects to the developers. With over 16,000 attendees, day 1 of the summit was favorable to all the blockchain followers.

Ed Roman, hack.summit() founder and Managing Director of Hack VC, will be the host for this 3-day event. In his opening ceremony speech, he briefed about the idea, motive, and challenge for this blockchain backed summit. He mentioned reasons how virtual hack summit takes over the traditional conference with its added benefits for easing participants and speakers in terms of saving time, money, and related hardships.

The event was organized in collaboration with CrowdCast, facilitating participation from such a huge number of attendees. It included features like real-time chat, polling, and Q&A platform with no delay in streaming.

If you don’t know exactly what you can expect from this 3-day summit, then read to know what are the possible discussion to drive blockchain summit.

Motive For Blockchain Hack.Summit 2018

1 – Developer oriented –  In the introductory speech, Mr. Roman made it clear that this summit is for software developers, engineers, and blockchain enthusiasts. This platform is intended for hardcore technology audience with the purpose of educating them about this revolutionary technology.

Increasing interest and knowledge among developers is important for the scalability of the blockchain, eventually resulting in the development of new projects on the platform.

Soul developers

 

On the other hand, the summit will be turned up by 27 speakers giving exposure to the different discipline of the blockchain. This involves panel of experts presenting new blockchain projects to the participants making them realize how effectively blockchain can solve modern issues in comparison to conventional methods.

2 – Scalability of blockchain –  We know blockchain is in its initial stage witnessing many complications in its applicability. With rapid acceptance and increasing users, blockchain is struggling to tackle the issue of scalability.

In contrast to traditional payment, blockchain is lagging behind in its speed of transactions. Ethereum processes 15-20 transaction per second, whereas bitcoin manages 7 transactions per second. On the flip side, Visa maintains 1667 transactions per second and Paypal manages to process 193 transactions per second.

Though developers have come across with innovative ideas like sharding, off chain transaction for Ethereum and lightning network for bitcoin. It isn’t enough for blockchain to sustain in this competitive scenario.

3 – Decentralized Exchanges –  Recently, we have come across news of hacks on exchanges stealing large amount of funds. These are mostly centralized exchanges like Binance, Bittrex, GDax etc, handling person’s cryptocurrencies, private keys, and facilitating trading. So the existence of such centralized exchanges will worsen the present conditions.

Nevertheless, decentralized exchanges, also known as DEX, is in its budding stage and has its shortcomings like attack vectors. But this will eliminate single point of failure by transfering control of trade and capital back to its user. So, DEX is of atmost importance in this modern world seeking technical attention from developers across the globe.

4 – Token Velocity – Lack of liquidity in the token due to the absence of transactions can subsequently result into zero velocity. Consequently, asset will be available in discounted rate. Yet buy and burn mechanism, balanced burn-and-mint mechanics, gamification for holding, and becoming a store of value are possible solution for token velocity.

5 – Privacy – Placing your enterprise data on the public blockchain network will risk privacy of the company. Speakers from Orchid start up, Oasis Lab, New Cipher, and 2 other session will be addressing privacy issue.

 

6 – Usability – Developers struggle to learn new programming language for developing smart contracts in blockchain. So discussion referring to this problem will be conducted.

7 – Crypto collectible – Unique and non-compatible digital assets are new in the crypto market, also known as crypto collectible. Crypto kitties is one such popular application developed in Ethereum blockchain. Whereas other part of crypto community is skeptical about this new asset of amalgamation of game and investment.

Event ticket sales will be donated to coding non-profits diversifying support for coding, which include Women Who Code, Black Girls Code, Coder Dojo, Bridge Foundry, Electronic Frontier Foundation (EFF), and more.

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