When looking to dive into Ethereum, the first important step is to broaden the scope *beyond* Ethereum
When it comes to blockchain, opinions regarding its journey to the mainstream are divided. However, for developers, this is not necessarily the most important aspect of this technology. We caught up with Jana Petkanic at the Blockchain Technology Conference and talked about Ethereum, blockchain misconceptions, and what developers should keep in mind before diving into Ethereum.
The Blockchain Technology Conference has come to an end but now’s the perfect time for an overview of the most important takeaways.
We’ve gathered enough intel to keep our minds well-fed until the next blockchain-related conference and for those of you who couldn’t attend the conference, we livestreamed three keynotes so that you don’t miss out on anything. You can find them here and here.
Speaking of takeaways, we talked to Jana Petkanic, a blockchain consultant and speaker at the Blockchain Technology Conference, about Ethereum, blockchain misconceptions, and what developers should keep in mind before diving into Ethereum.
Here are some quotes from the interview:
- One of the differences between Ethereum blockchain and Bitcoin blockchain is transaction speed. But all these features bring some benefits and some disadvantages. We cannot say Ethereum is better or Bitcoin is better. it depends on the specific case you want to build.
- There are actually many flaws in Ethereum.
- There is a huge knowledge gap between us, as people from the industry and between average users out there.
- When you don’t understand how blockchain works precisely, then you cannot deploy a proper smart contract no matter how good your language skills are.
- Hyperledger combined with Ethereum, in the sense of united communities, may indicate that Ethereum will be the first one to leap forward other blockchains and become, sort of, the next internet withing blockchain space.
- Ethereum is not the only blockchain. For developers to understand what are the different features of blockchains out there which are mature enough, they shall follow at least three blockchain ecosystems to then be able to combine the best when building on Ethereum of Bitcoin etc. It is important to broaden the scope beyond Ethereum.
We’ve got more insight into Ethereum from Jana Petkanic’s session at the Blockchain Technology Conference 2018:
Blockchain is a bubble but Ethereum has good survival chances
In her session titled Ethereum fundamentals, Jana Petkanic discussed the popularity of Ethereum, how it differs from Bitcoin protocol and what kind of features we find on its roadmap. She started the talk by saying that blockchain is a bubble and only genuine projects will survive – Ethereum could be one of them.
She also cleared the air with regard to blockchain’s hackability. “Blockchain has never been hacked,” she said. “What can be hacked are services around blockchain.”
Java explained that even though most people say they are “mining Ethereum,” what they really mean is mining a block on ETH blockchain. She also debunked the myth regarding payment; although there are many versions to the payment narrative, the truth is: If a sender doesn’t have enough gas [the payment unit], the transaction won’t go through.
- Never stop studying and always be curious
- Don’t buy just because it seems to skyrocket soon. Cryptocurrencies should have an entire community (not just three maintainers, let’s say), a code, a blockchain, a clear purpose, a value (=product), traction (roadmap etc.), a network. Buying is voting; the more you buy, the more support for the creators you show.
- Be patient with regulators – they just don’t know. There needs to be a balance between innovation and regulation (but new regulations need to be enforced).
- Don’t ride the hype – support projects with a genuine purpose which are here to stay.