The past year has seen an onslaught of doom-and-gloom narratives shower down on our fledgling movement, in stark contrast to the inflated hype cycle we swam through the year before. I am here to report that this year has, in fact, been a tremendously productive one for the teams hard at work building the decentralized web’s core infrastructure.
We are far from drowning in the expectations that were set 2017 – rather, we have a found refreshing calm and focus in the storm many have dubbed “Crypto Winter.”
When Gavin Wood and I left the Ethereum Foundation to co-found Parity Technologies just three years ago, we knew that the path forward would likely provide a bit of a wild ride. We had already been through the waves of speculation that surrounded our work ensuring Ethereum’s launch and knew that as the spotlight brightened, these tidal hype surges would likely become more dramatic. We took the opportunity to build Parity Ethereum in 2015 while global enthusiasm was waning and delivered the fastest and most secure software for Ethereum, helping support the next phase of intense public interest with strong, proven technology.
We find ourselves in a very similar position today at the end of 2018.
Huge strides have been made in the development of the technology that supports innovation of a better web and more reliable institutions. This is where the focus should be.
This crypto winter we put everything we have learned building Ethereum, bitcoin, Polkadot and application-specific blockchain implementations into Substrate — a free, open-source blockchain development framework.
Now, even developers new to decentralized Web3 infrastructure will be able to spin up their own blockchains, networks and services in just minutes or days. Projects using Substrate will be able to freely access the same state-of-the-art tech stack we are using to build the interoperability network Polkadot for the Web3 Foundation and Parity Ethereum 2.0 (Serenity) with support from the Ethereum Foundation.
This is the sort of core infrastructure that helped support the last swell of development and innovation, and it will go a long way towards bolstering the next one.
The chill has also fared well for many of the projects and teams we work together with closely.
For instance, great progress has been made in our ongoing collaboration with Protocol Labs to develop and implement the LibP2P network stack, a key piece of networking technology that we will be using in Substrate, Polkadot and Ethereum 2.0. Melonport, the first decentralized protocol for asset management, launched this February.
The World Food Program’s Building Blocks project, which we built with the U.N. using Parity Ethereum, started to scale up and will be tested across more of the U.N.’s various divisions, as the WFP’s project has proven to save on upfront costs as well as 1.5-3 percent per transaction on the ground.
The program will have helped feed over 500,000 refugees by the end of the year at a lower cost, allowing funding to reach deeper into impacted areas. And finally, Zcash successfully pushed the Sapling network upgrade this year, greatly improving the prospects for improved user privacy in a Web3 future.
We are excited to start work on a Parity Zcash node this year in partnership with the Zcash Foundation.
The next year will see major network launches and upgrades from Tezos, Ethereum, Polkadot, and more – all united in a common vision to put the internet back into the hands of its users. The core teams building these networks are all growing rapidly – Parity doubled in size this year and we plan to double in size again next year. The Web3 Foundation will also continue hiring into the next year along with many of the teams listed here.
Our builder’s view on how much progress we have made towards this vision was crystalized at Web3 Summit at the end of the year, where the teams mentioned above and more came together for three vibrant days in Berlin. There was no sense of worry about markets or talk about where prices were going to go, just a clear focus on the task at hand and the work that needed to be done to accomplish it.
The time is now
We have also seen a great deal of reinforcement for the necessity of Web3 over the past year. This movement has seen this before and know that as history evolves, the implications of a truly peer-to-peer internet will become larger.
I strongly believe that 2018 will go down as a pivotal point in the growth and maturity of the Web3 movement:
- In 2018, we learned about Cambridge Analytica, Facebook’s ever-expanding list of issues and have seen more clearly than ever the depth of global surveillance and data misuse – after we had five years to ponder the meaning of the Snowden revelations.
- In 2018, we mourned the ten-year anniversary of the 2008 financial crisis and the impact that abuses by the financial services industry had on ourselves, our families and our world.
- In 2018, we celebrated Bitcoin’s 10th birthday and considered how far we have come from Satoshi’s white paper.
- In 2018, we remember the first time we read the Ethereum white paper, five years ago.
- In January 2019, we will view a world 20 years along from the first printings of the Euro and analyze what the future might hold for this experiment in monetary policy.
- In 2019, we will see a new generation of open-source, peer-to-peer networks launch and start to fulfill the promise made to return control and privacy to the internet’s users when my co-founder Gavin Wood first coined the concept of Web 3.0 through networks of decentralized applications almost five years ago when designing the specification for Ethereum.
The next year is a promising one, and I hope you see the light through the storm as I do.
Despite the deflated narrative we have weathered over the past year, this time was by no means wasted. Those building this future decentralized internet have been hard at work.
Twitch discontinues crypto payment options, Binance Launchpad update and more
Crypto News – 25th March – Twitch discontinues crypto payment options, Binance Launchpad update and more
— AMBCrypto (@CryptoAmb) March 25, 2019
Crypto News – 25th March
Bitcoin hash rate vs Ethereum hash rate: Recent reports show that Bitcoin’s hash rate had seen a drop of 50% but then steadily increased to register an 80% gain.
Read more on https://bit.ly/2Wp2IAS
Charles Hoskinson on Cardano’s status as a multi-asset ledger: He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.
Read more on https://bit.ly/2Fr6Eu3
Cryptopia on deposits: The statement said that deposits that took place more than 24 hours after the announcement would not be recovered.
Read more on https://bit.ly/2HWDCW5
Bitfi adds XRP: Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.
Read more on https://bit.ly/2upongl
Bitmain’s IPO filing officially lapses this week The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019.
Read more on https://bit.ly/2TYYses
Justin Sun’s Twitter followers may be fake: A researcher found out that most of Sun’s latest followers are fake or are bots.
Read more on https://bit.ly/2CEPtEu
Cryptopia reveals that funds deposited 24 hours after declaration of breach would not be recovered
The New Zealand-based cryptocurrency exchange, Cryptopia released a statement detailing information regarding the deposits that took place after the hack on 14 January. The exchange, which was attacked twice in January, warned its customers about the breach and put their website under maintenance to avoid any further damage.
The statement said that all customers were notified about the breach on 15 January at 12:00 AM NZT and thus, deposits that took place more than 24 hours after the announcement would not be recovered. Cryptopia stated,“This means that if you sent funds after 16/01/2019 12:00AM NZT we will not be recovering those funds for you.”
Cryptopia did not set any specific deadline to recover the funds that were sent before the cutoff. However, any deposit they recover would be “subject to the same haircut” that was already applied on their users. The option to deposit funds remains disabled on the exchange and users have been asked to wait until an official announcement is made.
Once the deposits are re-enabled, users can deposits funds after generating a new deposit address for each of their coins. The users were also warned not to use any existing wallets to send funds and instead, were advised to create a new wallet address.
Cryptopia already made a CoinInfo page available to its users, providing them with the option to check the status of their coins after the hack. The exchange previously said that they would be securing 35% of the coins to new wallets and that they would be enabling the option for users to cancel orders.
However, to get back on track, it will have to secure all the listed coins. According to an email shared by the exchange, it is planning to get back into business by the end of March. The statement said,“We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.”
Bitmain’s IPO filing is about to expire
Twitter user @DoveyWann recently spotted some significant news related to Bitmain. The Chinese crypto mining firm’s Initial Public Offering (IPO) filing is due to officially expire later today (25/03/2019), officially signalling the failure of its first effort to go public.
Bitmain first filed for the IPO six months ago, still riding high in the wake of the astronomical profits that the company had previously made, as the mining industry leader at the time of 2017’s historic bull run. Since then, a number of major investors have pulled out, claiming that they were misled by the company. Bitmain has been beset by various issues, and some have speculated that it may now be insolvent.
Lost revenue due to plummeting prices in the crypto market was compounded by the company’s leadership unwisely investing a large amount of its profits into Bitcoin Cash (BCH), as well as losing its edge in terms of the quality of its mining rigs. Bitmain’s co-founder, former CEO, and figurehead, Jihan Wu, now appears to have lost a significant amount of his previous influence.
There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire 🕯️🕯️🕯️
Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials
— Dovey Wan 🦖 (@DoveyWan) March 24, 2019
This is one of things that makes me appreciate bear market a little bit more.
— Krisma (@KRMA_0) March 24, 2019
An IPO filing has six months from submission to move on to its next stage, the hearing, and this now appears to have passed. While few suspected that the IPO would ever be successful, this official confirmation is a notable development in the ongoing bear market and saga of Bitmain. The company was hoping to be floated on the Tokyo Stock Exchange, but Bitmain may still have a chance to go public with a further filing on the NASDAQ.