Devcon2 kicked off on Monday September 19th with huge anticipation, and for good reason. Over 500 people have begun attending the event held in Shanghai, with speakers and audience members ranging from developers to entrepreneurs and big business.
The biggest news to come out of Devcon2 so far? Santander have announced its plans to tie fiat currency to a digital token – an Ether token to be specific.
The rise of ‘blockchain’ as a protocol for handling digital value has seen enormous media attention. However, the two largest public blockchains, Ethereum and Bitcoin, have often been disregarded in favor of private blockchains. Much like private intranets, private blockchains have their own unique benefits, but a public blockchain offers a lot more by way of security and eventually, scalability. Santander is the first major bank to announce plans to use a public blockchain, and this news should prove enormously exciting for anyone close to or involved in Ethereum.
Other news from Devcon2 also includes Ethereum founder, Vitalik Buterin’s presentation of the ‘proof of stake’ model, which has been heavily developed and tested over the past year. While there is no timeline for introducing proof of stake (speculators anticipate an early 2017 launch), this new consensus algorithm could prove monumental for scaling Ethereum, eliminating Proof of Work inefficiencies and also allowing users of the network to earn ‘interest’ (feeling technical? Vitalik’s “Ethereum 2.0 Mauve Paper” can be found here).