BEST OF THE BEST HACKER NOON: The crypto space’s obsession with increasing transaction speed is misplaced, argues James Halladay of
MyBit in Hacker Noon. While individuals in the space may believe that an increased transaction speed is necessary to scale blockchain networks, such as ethereum, it should not be the overarching goal for a community.
As an example, while PayPal processes millions of transactions every day, it has a speed of roughly 193 transactions per second – and no one is arguing that PayPal needs to scale its network. Rather, there should be more of a focus on security, he argues, citing MyBit CEO Ian Worrall.
At present, there are not enough users on the ethereum network to require high transaction speeds. Of the projects that do run on the platform, a majority are focused on providing financial services, and as such, security is far more important than speed (unlike say, for example, gaming projects where speed may be more necessary).
THE REST THE NEXT WEB: Ripple, the NEM Foundation, Fetch.AI and EMURGO are launching a new lobbying organization to help lawmakers
better understand blockchain technology. The Blockchain for Europe association is looking to act as a “unified voice for the industry on European soil,” The Next Web reports.
Authorities in the European Union are already starting to get involved in the space, including with the launch of the EU Blockchain Observatory and Forum. The group, which is tasked with monitoring the industry’s growth and possible regulations, has recently published a report outlining how blockchain might conflict with the General Data Protection Regulation (GDPR).
Dan Morgan, Ripple's head of regulatory relations, said in a statement that "this is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology."
FORBES: More than 100 wealthy and influential individuals attended Forbes Asia’s invite-only “
Decrypting Blockchain for Business” event in Singapore Monday to study up on the nascent technology, Forbes reported.
Despite blockchain’s association with cryptocurrencies, a number of use cases were highlighted, ranging from tracking goods on supply chain platforms to automating payments for health case purposes.
During one fireside chat, Anderson Tanoto, a director at manufacturing conglomerate Royal Golden Eagle, said he was not necessarily interested in cryptocurrencies as a speculative asset. “There are two herds of people in blockchain," he said. "Those who want to get rich off crypto, and those who want to change the world with blockchain. I would like to associate myself with the second group.”
