AvaLabs Founder States The Importance Of UX For New Projects To Thrive
Emin Gun Sirer, founder and CEO of AvaLabs, the company behind the development of the Avalanche network, took advantage of its recent presentation on a live stream where he joined Haipo Yang, Founder, and CEO of ViaBTC and CoinEx. Sirer offered insight into his thoughts on the current Bitcoin Cash problems, and share his opinions on DeFi, the future of Ethereum and how AVALANCHE can help Ethereum overcome its scaling issues.
Sirer clearly has the right idea of how cryptocurrencies should be presented to the people and how they need to be perceived in order to achieve a higher grade of adoption. Acknowledging that some very advanced tech projects have failed because of a lousy presentation layer, Sirer declared most of the projects in the crypto space still lack the polish needed to go mainstream
“Most projects have just copied what Satoshi did, without adding any flavor to the mix”
However, to achieve this goal, scalability and velocity should be addressed first by the existing blockchains, which cannot be done by available solutions. “Avalanche can solve these issues: you can even deploy websites on top of it; it is that fast,” he stressed, comparing it to traditional first or second-generation networks that Avalanche comes to compete. The final goal, Sirer points out, would be to make the fact of communicating with the blockchain a completely transparent fact for the user.
Big Blocks In Big Problems
Sirer declared he was a fan of Bitcoin cash himself when asked about the recent issues Bitcoin Cash has been facing towards its next hard fork to be enacted this November 15th.
“There seems to be always something for BCH to fork itself.”
However, the AvaLabs founder acknowledged BCH’s problem was more than governance or technical issues. In his opinion, Bitcoin Cash suffers from social problems that would not be solved by any governance proposal. And surely, he was right. Just after the live stream ended, a full node software client (BCHN) issued a statement telling they would be using a different difficulty algorithm than the one proposed by Bitcoin ABC, the most widely used client in the BCH environment.
Also, it was mentioned in social media there could be a Bitcoin Cash fork dubbed Bitcoin Cat that is rumored to make use of Avalanche as consensus protocol, that will be backed by Yang and listed in CoinEx with the ticker “BCC,” though there has not been any official confirmation. In any case, the relationship between Avalanche and BCH communities is deep.
Gun Sirer explained Avalanche could be used in conjunction with BCH to make 0-conf transactions more secure, a fact that would help BCH to get more traction and security. In fact, there have already been prototypes and tests. Bitcoin ABC has received donations for 40 BCH to fund the inclusion of Avalanche as a pre-consensus algorithm, but the fund is still at 2.56% of its goal of 2,500 BCH.
Ethereum 2.0 Might Not Be The Solution Ethereum Needs
Sirer was not shy of explaining why he was skeptical about the next implementation of Ethereum, ETH 2.0. Sirer stated this might not be the scaling solution the Ethereum community needs. Ethereum has been showing significant scaling and congestion problems for some time. It has the burden of running most Tether activity as an ERC20 token, and on top of that, the recent DeFi boom.
“Ethereum 2.0 is based on sharding, and the problem with this is that every project will want to be in the same shard as projects as MakerDAO.”
Ethereum 2.0 is already in testing stages, but it has suffered several delays since its announcement, bringing essential changes like POS consensus to the network. Sirer stated Avalanche could be plugged directly to the Ethereum Virtual Machine, providing fast smart contract solutions compatible with existing solutions.
DeFi Will Be Definitely Fine On AVAX
DeFi is another significant trend of this year when it comes to innovative finance proposals, and Sirer prepared Avalanche to be an able DeFi environment. “DeFi is one of the most innovative things that is happening right now in finance,” he stressed but said this wouldn’t happen overnight. The status quo of finance will slowly be displaced for these new technologies.
Avalanche is specifically designed to work with existing DeFi protocols, Sirer stated they are in talks with several key players in the DeFi space like Compound and Maker to bring part of their operations to Avalanche when the main-net launches finally. DEXs can also be built on Avalanche and enjoy a significant uptick in performance Ethereum can’t offer currently. “DEXs and DeFi can be better using Avalanche,” he concluded.