Gavin Wood – Speaker Announcement: What impact will have the Ethereum Project for financial institutions? How can they adapt the technology?
What is the most exciting topic in crypto-currencies right now?
Right now, the most exciting thing I see with crypto-currency is the technological expansion which is going to accelerate its social expansion. The mutation from crypto-currency into crypto-finance, crypto-contracts and eventually crypto-law will be smooth at first with incremental and tangental projects, but with projects such as Ethereum begin to be realised, we’ll start seeing some ground shift in the same way that facebook, the web and the telegraph altered the world.
Tell us about the Ethereum-Project. What are the main features from your point of view?
There are going to be two key points that will make Ethereum stand alone. The first is this notion of the plurality (i.e. the community of miners) giving life to (i.e. evaluating and enforcing) algorithmically-specified agreements, in much the same way that the community of bitcoin miners given life to the currency that is BTC. The second will be the effortless UX that we’ll bring. Using most apps on ethereum will be as simple as opening the ethereum-browser, a web-browser-like application that will make the secure and decentralised location, download and usage of apps (backed by contracts) as easy as going to a website is right now in a normal browser.
What impact will have the Ethereum Project for financial institutions? How can they adapt the technology?
Financial institutions, I think it is fair to say, make many of their riches not through hard labour but through opaque dealings, high barriers to entry and inefficient markets. Ethereum and technologies like it will disrupt this behaviour fundamentally by making dealings transparent, barriers non-existent and markets efficient. There is still a place in the world for reputable and trustworthy institutions acting as guarantors, insurers, market makers and trusted third-parties, but the world will be unable to support much of their current practices. They’ll either switch to transparent, open and accountable back-ends with accessible and inclusive front-ends, or efficient technological solutions will slowly and inevitably make them a historical irrelevance
About Dr. Gavin Wood, CTO Ethereum
Dr. Gavin Wood, MEng, PhD. Born in Lancaster (UK), Gavin has been programming computers since he can remember. He graduated from the University of York twice, gaining a Masters degree and Doctorate in Computer Science and leaving the ‘Moodbar’, a popular visualisation on the Linux platform, in his wake. He spent some time working in the UK games industry where he designed and implemented a next-generation realtime self-optimising audio engine based on the declarative language paradigm.
He has worked on various projects since, including implementing a C++-based video analysis DSL, tools to analyse english-law contracts, the first semantically-rich lighting control deck, and the first C++ language workbench. These days he busies himself as the co-founder and effective CTO of the Ethereum project, coordinating and guiding the development process and helping flesh out the final protocol.
For fun, he creates voting frameworks, makes analytic music visualisations, designs strategy board games, blogs about social dynamics and teaches schoolchildren the wonders of fractals.