The Blockchain’s Past, Present and Future | Cointelegraph China 1st Anniversary Global Blockchain Tech-innovation Summit Recap
Tags: Recaps, Defi, Insights, FAQ, Dex

The Blockchain’s Past, Present and Future | Cointelegraph China 1st Anniversary Global Blockchain Tech-innovation Summit Recap IRISnet Follow Dec 25, 2020 · 4 min read

Cointelegraph China 1st Anniversary Global Blockchain Tech-innovation Summit successfully held last week in Sanya, China. IRISnet co-founder Harriet Cao was invited to attend the “Seaside Chats: The Blockchain’s Past, Present and Future” panel, sharing insights about public chains, DeFi, DEX, the blockchain industry, etc.

In the panel, Harriet stated the blockchain industry is now still at an early stage where technologies might be immature to some extent, but as the blockchain developer, IRISnet team is excited to witness the high-speed development and innovation of technologies and applications in the recent years, and the whole blockchain industry is on the rise. At present, the amazing applications and values brought by the blockchain haven’t fully achieved, in other words, there is a bright future of the blockchain industry to look forward to.

When mentioned “your appreciate projects or fields in the DeFi industry”, Harriet pointed out that cross-chain AMM has a great development potential, especially with the power of interchain technology which will largely bring the diversity and liquidity of assets to AMM. Also, AMM is the field where IRISnet has paid early attention to and developed. In this regard, IRISnet has developed Coinswap which is an implementation of the innovative work of AMM Uniswap on Ethereum within the Cosmos ecosystem, and has successfully deployed on the IRISnet mainnet last year. Therefore, when IBC officially launches, Coinswap is able to truly demonstrate its value.

In addition to the above topics, some questions about DEX, like “Will centralized exchanges be replaced by DEX?” “What do you think about the future of DEX?”, are also discussed in the panel. Harriet indicated that the insecurity and non transparency issues of centralized exchanges are always criticized by the crypto technology open source development community. Actually in someway the birth of Cosmos project was inspired by trying to tackle those issues existing in the centralized exchanges. When the founder of Cosmos Jae Kwon was trying to tackle those issues in 2016, he realized that general, open and secure Inter-Blockchain Communication (IBC) protocol was the foundation and Cosmos project was set to design and develop such a protocol. “And now while we are testing IBC in its final stage, we are also very happy to see that almost all the big centralized exchanges are implementing DEX using Cosmos tech stack, e.g. Binance, OKex, KuCoin, HBTC, Crypto.com, etc. This definitely shows the trend that DEX is the future. And we think that Cosmos IBC-based DEXs are going to flourish in 2021.” However, Harriet doesn’t think centralized exchanges will be completely replaced by DEX in the future, instead high-performance DEX and regulatory compliant centralized exchanges will coexist. Regulatory compliant centralized exchanges are able to provide compliance services such as KYC AML for potential institutionally users to participate in digital assets exchanges, while DEX with the advanced interchain technology can provide a wide range of users with better participation and liquidity to support the secure swaps and transactions of assets, further together prospering the whole ecosystem.

Referring to the future development of public chains ecosystem, Harriet’s opinions are that there won’t be one or two public chains becoming the winner and then taking all, instead, application-specific blockchains committed to diverse fields will be encouraged to jointly develop, further accelerating the improvement and prosperity of the entire public chain ecosystem. For instance, using Cosmos SDK to build own application-specific chains is specially suitable for DEX; with respect to the enterprise level applications, the consortium blockchains will be the answer, and interchain service hub which IRISnet team dedicated efforts to build and improve plays a vital role as a bridge in this regard.

At the end of the panel, Harriet expressed her expectation and forecasting of the entire industry development next year: in 2021, the launch of secure and efficient IBC powered interchain Hubs will turn the vision of Internet of Blockchains into reality.