The most anticipated annual blockchain event for the Ethereum ecosystem, Devcon 5, took place at Osaka, Japan from Oct. 8 to 11, 2019. Token News Chief Technology Officer Tsuyoshi Nagata and Technical Manager Teresa Li attended the said event.
The main discussion of the week-long conference was the transition from Eth 1.0 to Eth 2.0. The migration for 2.0 is scheduled to happen in January 2020. During the first phase of Eth 2.0, phase 0, Ethereum will switch from Proof-of-Work to Proof-of-Stake, and the chain will have a new token.
During Vitalik Buterin’s keynote speech, he discussed the new cryptoeconomics for Eth 2.0 using interactive computation in PoS. A mix of positive and negative reactions about the migration were expressed during the conference.
As developers, it is important to dive into the technical content of the conference. There was a plethora of highly technical breakout sessions and talks to choose from. Choosing which workshop to attend was the hardest part for most attendees.
One notable takeaway from the sessions was the discussion about using and building an Execution Engine (EE) and support for cross-sharding transactions. An EE is the proposed solution for migrating DApps from Eth 1.0 to Eth 2.0. It is said to be suitable for enhanced scalability and a more cost effective way of validating transactions off-chain, which can potentially replace sidechains.
An important non-technical takeaway was how Maker, the leader in Decentralized Finance (DeFi), is making a significant impact to countries with crippled economies like Venezuela. The company has built a decentralized stablecoin (DAI) and will be launching its multi-collateral version towards the end of this year.
The convergence of Hyperledger, Enterprise Ethereum Alliance (EEA) and Ethereum Foundation (EF) was also one of the biggest announcements during the conference. Joe Lubin, founder of ConsenSys and a prominent contributor to the Ethereum ecosystem, is also now one of the board members of Hyperledger.
Devcon was not only a medium for increasing one’s knowledge but also an opportunity for meeting new and different types of people in the same space.