At the annual Cornell Blockchain Conference, CEO and Founder from Ava Labs (the company behind Avalanche – AVAX), Emin Gun Sireremphasized the importance of having regulators able to read and audit code in the blockchain and cryptocurrency space. He expressed concern over the current lack of skills of regulators in this crucial area, holding back the growth and maturity of the industry.
It’s going to be great getting back to Cornell this Friday for a talk at their Blockchain Conference. This place is near to my heart from my tenure as a professor, and it’s been great to see the blockchain presence grow so quickly. Looking forward to seeing some of you there! https://t.co/jLWHOxBu5o
— Emin Gun Sirer
(@el33th4xor) April 17, 2023
(@el33th4xor) The future of crypto despite regulatory challenges
Gun Sirer recognized the increase in surveillance of the sector of crypto currencies, especially in the United States, following the collapse of the FTX stock exchange and other incidents in 2022. However, he remains convinced that even the strictest regulations will not suppress the industry. The CEO of Ava Labs credited the digital mentality of Gen Z and appreciation of new technologies as a driving force behind the continued adoption of cryptocurrencies.
To attract the next billion users, Gun Sirer identified several areas needing improvement, including scalability, ease of use, and adaptability. When asked about the potential of Zero-Knowledge Proof Or zero-knowledge proofs (ZKP) to achieve scalability, he was skeptical. He called these “shiny new things“solutions”Godot“, referring to the piece “Waiting for Godot” by Samuel Beckett, in which the characters are perpetually waiting for something that never happens.
Gun Sirer recognized the value of ZKP as a technology, but questioned their ability to deliver the expected scalability. He cited the unproven nature of ZKPs in this context and expressed concerns about latency and user experience. Despite his reservations, Gün Sirer extended his support to those working on the ZKPs, wishing them success in their endeavours.
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