Web 3.0’s Crypto Winter Mission: Keep Our Heads Above the Hype
Jutta Steiner is the founder and CEO of Parity Technologies, a company and platform-building application focused on block-chain infrastructure and innovation.
The following are exclusive contributions to CoinDesk's 2018 review.
Last year we saw the onslaught of the darkness of destiny pouring into our fledgling movement. It is in stark contrast to the hype propaganda cycle that we swam before. This year I was actually a productive team on a team that built the core infrastructure of the distributed web.
We have not drowned in expectations of 2017. Rather, many people found refreshing tranquility and concentration in the storm that they called "Crypto Winter".
When Gavin Wood and I left the Ethereum Foundation and co-founded Parity Technologies just three years ago, we knew that the path we were going to go would provide some wildness. We have already undergone a wave of speculation surrounding our work to ensure the launch of Ethereum, and we knew that these spotlight hybrids will change more dramatically as the spotlights brighten. We have the opportunity to build Parity Ethereum in 2015, the fastest and most secure software for Ethereum that supports the next phase of public interest that has been weakened worldwide and powered by the most powerful and proven technology For you.
We are in a very similar position at the end of 2018.
There has been tremendous progress in developing technologies to support innovation in the better web and more reliable organizations. This is where the focus should be.
We have put Ethereum, bitcoin, Polkadot and everything we've learned to implement application specific block chains into a free open source block chain development framework, Substrate.
Now, even developers who are new to the distributed Web3 infrastructure can build their block chains, networks and services in minutes or even days. Substrate-enabled projects are supported by the Ethereum Foundation and have unrestricted access to the same state-of-the-art technology stacks used to build the interoperability network Polkadot for the Web3 Foundation and Parity Ethereum 2.0 (Pereity Ethereum 2.0).
This is one of the core infrastructures that helped support the final expansion of development and innovation, and will be a great complement to the next step.
In many projects and teams we worked closely together, the chill was well solved.
For example, continued collaboration with Protocol Labs has been made to develop and implement the LibP2P network stack, a key networking technology for use in Substrate, Polkadot, and Ethereum 2.0. Melonport, the first distributed protocol for asset management, was launched this February.
The World Food Program Building Blocks project was built with the United Nations using Parity Ethereum, and WFP's projects cost 1.5-3% per ground transaction as well as initial costs.
By the end of the year, the program will help fund more than 500,000 refugees at a low cost and allow them to go further into affected areas. Finally, Zcash has successfully promoted the Sapling network upgrade this year, significantly improving the prospects for improving user privacy in the future of Web3.
I am very pleased to have started working on the Parity Zcash node in partnership with the Zcash Foundation this year.
Next year, major network releases and upgrades will be launched, including Tezos, Ethereum, and Polkadot, all integrated into a common vision that puts the Internet in the hands of the user. All of the core teams building these networks are growing rapidly. Parity has doubled in size this year and plans to double to next year. The Web3 Foundation will also continue to hire next year with many of the teams listed here.
Our view of how we have progressed toward this vision was decided at the Web3 Summit at the end of the year. At the end of the year, we gathered together for three lively days in Berlin. There was no talk about market concerns or where prices should go. We have a clear focus on the task at hand and what we need to do to achieve it.
Time is now.
We have seen a number of complementary measures over the past year on the need for Web3. This movement has seen this before and knows that as history develops, the impact of the true peer-to-peer Internet will grow.
I strongly believe that 2018 will play a pivotal role in the growth and maturity of the Web 3 movement.
After learning about Cambridge Analytica, a list of Facebook's ever-expanding problems in 2018, and five years after I thought about the implications of Snowen's revelation, I came to know.
In 2018, we mourned the tenth anniversary of the 2008 financial crisis and the impact of human rights abuses in the financial services industry on ourselves, our families and the world.
We celebrated Bitcoin's tenth birthday in 2018 and considered how far we came from Satoshi's white paper.
In 2018, we read Ethereum white paper for the first time five years ago.
With the first print of the Euro in January 2019, you will see a 20-year world and analyze what the future will look like in monetary policy.
When a new generation of open source, peer-to-peer networks was launched in 2019 and co-founder Gavin Wood invented the web concept for the first time, he said he would return control and privacy to Internet users. I have begun to fulfill the commitment to design specifications for Ethereum 3.0 over distributed network applications over almost 5 years ago.
Next year is a promising year, and I hope to see the light in the storm as I do.
Despite the controversial story we weathered last year, this time was never wasted. Those who build the decentralized Internet of the future have been hard to work with.
Coder image via CoinDesk archive
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