Our impressions of Bitcoin Evolution

At the beginning of June the Blockchain Expo took place in Berlin, a conference about Blockchain technology. BTC-ECHO was of course there to report interesting exhibitors and presentations.

Bitcoin Evolution exhibition on artificial intelligence

The Blockchain Expo took place together with an exhibition on artificial intelligence and Internet of Things. Approximately 50 companies have set up stands on a large exhibitor area, so that representatives of Deloitte and PwC could be contacted as well as companies specified for certain Blockchain-based use cases such as Aeternity or Bitwala. The first venue was called Blockchain Technologies, the latter Blockchain for Industry. Accordingly, Bitcoin Evolution is a CFD cryptocurrency trading system at Blockchain Technologies a lot of young startups with new use cases could be heard in addition to presentations by investors, while at Blockchain for Industry it was more about general application possibilities and blockchain-based platforms.

Interledger – the bridge between blockchains
Stefan Thomas, CTO of Ripple, talked about Interledger. Interledger is a project that is ultimately intended to be a common denominator between different registers – Bitcoin Evolution both decentralized blockchains and centralized ones. He pointed out that there is currently a great need for action with regard to better, faster or better adapted implementations of classical applications. In his opinion, an implementation in the form of a blockchain alone will not solve the problem, as only one additional layer will be introduced. If not all processes convert to this layer, only one further compatibility obstacle will be introduced.

The term Interledger is used to circumvent these or at least to raise them to a standard. The reference to the term Internet is not accidental, as the project is oriented to the origin of the term: Internet comes from Internetwork and wanted to solve a similar problem and create a network between different computer systems.

In order to make this parallel more concrete, he contrasted the Internet architecture with the Interledger architecture. In both cases the architecture can be represented by four layers, whereby the two highest layers (application and transport) are to be found in both concepts. The lower layers are called Internetwork and Network for the Internet and contain protocols such as the IP protocol or WIFI or ETHERNET protocol. For the Interledger we speak of the layers Interledger and Ledger. These are characterized by the ILP protocol (also based on the IP protocol) and the various ledgers (blockchains, banks or mobile payment methods).

In a nutshell: The interledger is supposed to be a common interface on which application and transport layers can access without any further adjustments.

What has been said is not just grey theory: in the Ripple network, similar things are already being implemented via the gateways. Specifically, the Internledger protocol has already been used in the conversion of a large part of the existing XRP tokens into onlinebetrug an Ethereum-secured Smart Contract on 16 May.

Lisk – Applications on own sidechains
Max Kordek, CEO of Lisk, opened the lecture by explaining that the market capital of the S&P500, the stock exchange index of the 500 largest listed American companies, currently stands at 20 trillion US dollars. Even the current market capital of the crypto currencies of 100 billion US dollars still fits 200 times in here! So we still have plenty of room to move up.

In order to advance the blockchain adaptation, a certain discrepancy has been named: in the current web, most of the value is created by the application layer and not by the underlying protocol. In contrast to this, a high evaluation of different protocols is taking place at the moment, but there are few or rather thin applications on these.

In addition to the Internet of Things, Max mentioned the sale of digital goods as potentially important applications. In this application case, there is the problem that digital rights management (DRM) cannot do much against piracy, so that digital goods can be copied at will.

Here, of course, the blockchain can help by storing digital goods on the blockchain. This could lead to real trade and ownership, as the digital goods could not be copied at will.