EEA Member Spotlight with Jérôme Ostorero of Coinchange

https://entethalliance.org/eea-member-spotlight-with-jerome-ostorero-of-coinchange/

As an EEA member, Coinchange is part of the EEA community of organizations working to advance Ethereum and drive industry adoption. In the Q&A below, the EEA interviewed Jérôme Ostorero, Coinchange’s Director of Research and Risk, about how the organization contributes to the Ethereum business ecosystem.

Please introduce your company and yourself: 

My name is Jérôme Ostorero. I’ve been in crypto for half a decade and am currently the Director of Research and Risk at Coinchange. Coinchange is a quantitative asset management platform with systematic yield portfolios, allowing users to earn passive income on their holdings by facilitating yield generation in DeFi. It started in 2018 and has been providing yield portfolios through the app (custodial service), Web3 wallet connections (non-custodial), and separately managed accounts (semi-custodial). All strategies generate delta-neutral yield. Coinchange’s state-of-the-art yield strategies run on FAYS (Framework for Algorithmic Yield Strategies) technology, enabling Coinchange to quickly create, deploy, and manage effective, secure, and fully automated strategies for yield generation. It enables any company that deals with cryptocurrency to earn yield in all market conditions, opening new opportunities like giving additional value to their clients, improving customer retention, increasing the runway, and decreasing OPex, just a few examples.

What first brought you to the EEA, and why did you decide to become a member?

We were first acquainted with the EEA through the Crosschain Interoperability working group, primarily through Peter Robinson and Ermyas Abebe, 5 months ago, when we were writing our research report on bridges and their security aspects. The crypto space and DeFi are in their infancy today, and we need companies to adopt the technology to deliver on the promise of banking the unbanked and make financial transactions seamless. The standards that the EEA helps put together are much needed for enterprise adoption. Otherwise, the space will never cross the chasm for global adoption. We joined the EEA because we instantly recognized the value and benefit of the EEA to the space as a whole, as its mission aligns with the efforts of Coinchange. 

What are you currently working on with regard to Ethereum? How will end-users benefit from your work?

The Coinchange research team has built, for almost 2 years, upon a DeFi Risk Assessment Framework for Decentralized Exchanges, Money Market Protocols, Blockchain and Bridges. In the process, we gained deep expertise in DeFi risk. If the data points gathered are not proprietary, the scoring methodologies are, so it is difficult for Coinchange to open it to the public, though we are well aware that they would benefit from it. Hence, through our contribution to the EEA, we will be able to achieve both.

How will the EEA enhance your organization’s current efforts?

As a member, Coinchange will be able to contribute to the standards in the making where we have deep expertise, namely the DeFi Risk Assessment, Management and Accounting (DRAMA) working group, Ethereum Training Quality (Eth TQ) working group, and potentially Crosschain interoperability working group. 

What EEA programs are you most excited about?

We are eager to engage in discussion with like-minded professionals and all members, fostering enterprise adoption through security and trust in the Interest Groups and Working Groups.

Learn More and Connect with the EEA

The EEA enables organizations to adopt and use Ethereum technology in their daily business operations. We empower the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate. Join us and contribute to our work!

Learn more about EEA membership and contact membership@entethalliance.org.

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The continuing evolution of public Ethereum as a business platform

https://entethalliance.org/continuing-evolution-of-public-ethereum/

by Tom Lyons

In our Ethereum Business Readiness Report, published last June, we highlighted the ongoing maturation of the public Ethereum ecosystem as a business platform. Recent events show these trends continuing.

“Enterprise blockchain is dead, long live blockchain for enterprises.”

So said Don Tapscott, noted blockchain influencer and founder of the Blockchain Research Institute (an EEA member), at a dinner I attended in Davos last January, during the World Economic Forum week.

Tapscott’s slogan aptly echoes a sentiment that we at the EEA have been hearing for some time: that there has been a significant movement in the industry towards open, public blockchains.

In our Ethereum Business Readiness Report, published last June, we highlighted that the move away from the private, consortia-based blockchain model in the Ethereum world was driven by the continued evolution of the Mainnet and the sustained growth of the Ethereum ecosystem.

In particular, the rise of Layer 2 solutions (L2s) has helped address performance, privacy, and security issues, which previously made private blockchains necessary for business use. We also concluded that, while all the pieces were in place for the business use of public Ethereum, they didn’t all fit together perfectly yet.

Since our report was published, the evolution of public blockchain technology has continued to progress, and the pieces are increasingly coming together. I would like to highlight four key developments that showcase the growing ability of public Ethereum to support decentralized business models:

  1. Last year’s crypto market crash put DeFi protocols to the test, and they demonstrated remarkable resilience. This performance not only highlighted the robustness of blockchain-based DeFi models but also reinforced their potential in decentralized commercial ecosystems.
  2. The Merge showed that Ethereum is well governed and technologically robust. The Ethereum Merge has significantly improved the sustainability and security of the Mainnet. It also showed that Ethereum is perfectly capable of developing and maintaining complex core infrastructure.
  3. The emergence of zkEVMs indicates that advanced privacy-preserving technology is coming into its own. Zero knowledge technology has long been touted as a means of bringing true privacy to transparent, public blockchains. This year, with the introduction of several zero-knowledge Ethereum Virtual Machines (zkEVMs), we have begun to witness the large-scale implementation of this technology.
  4. Regulatory certainty continues to come, if piecemeal. The recent introduction of the MiCa regulation in the EU has established a clear regulatory framework for digital assets and blockchain technology in one of the world’s most important regions. This development eliminates a significant barrier for businesses contemplating the adoption of blockchain in Europe and puts Europe on a par with many other jurisdictions around the world. In other areas, and in particular the US, clarity remains elusive. But the trend seems clear.

Private networks are becoming the Intranets of the blockchain era

This evolution towards public blockchains doesn’t necessarily mean that private blockchain networks are dead. In fact, there will always be a place for private networks in specific business use cases.

However, the approach towards private or invite-only setups is changing. Instead of relying on isolated, purpose-built blockchains operated by closed consortia, these private networks will be implemented as decentralized applications (dApps) or subnets running on a combination of Ethereum Layer 2 or Layer 3 solutions.

By connecting these networks to the public Mainnet to varying degrees, they become part of the greater Ethereum ecosystem. This approach is strikingly similar to how the Internet has evolved over time.

Just as private Intranets and permissioned websites coexist and are interoperable with the open, public Internet, private blockchain networks will continue to serve specific purposes while benefiting from being connected to the broader Ethereum ecosystem’s both in terms of technology and community.

These developments are paving the way for increasingly decentralized business models. Just as we have witnessed the rise of decentralized finance (DeFi), we can anticipate a similar movement towards decentralized supply chain, healthcare, manufacturing, and numerous other sectors.

In this way we continue to move step-by-step towards fulfilling Ethereum’s initial mission of building an open-source, publicly available, general purpose, decentralized transaction infrastructure for the planet.

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Regulation and Beyond: Key Takeaways from Consensus 2023

https://entethalliance.org/regulation-and-beyond-key-takeaways-from-consensus-2023/

Team EEA, in the guise of Executive Director Dan Burnett, Director of Technical Programs Chaals Nevile, and Director of Sales James Harsh, was on the ground at this year’s edition of Consensus by Coindesk, which was held in Austin Texas from April 26-28. 

Here are the key takeaways as reported by our team and other news sources. 

Regulation is a major concern in the US

There is no doubt that regulation was the major theme at the conference, and in particular regulatory uncertainty in the US.

Among the key industry figures voicing their apprehensions was Paul Grewal, Coinbase’s Chief Legal Officer. In a panel discussion Grewal pointed out that he was bracing for a potential lawsuit from the SEC, an event that could shed some light on the SEC’s specific grievances with Coinbase’s operations. The anticipation of such a lawsuit underscores the extent to which crypto companies are flying blind in the current regulatory environment.

Kate Brady, Head of Communications for Web3 at PepsiCo, discussed how she was being stymied in her work by the lack of regulatory clarity. This underlined that regulatory uncertainty is a potential threat to the competitiveness of American companies in the rapidly evolving Web3 space.

A good illustration of where this uncertainty is coming from was seen in the “The Turf War: Veterans of the SEC and CFTC Weigh In” panel. This brought former commissioners and staff of the SEC and CFTC into a discussion around the relative strengths and weaknesses of each agency in supervising crypto markets. The divide is large, with the SEC asserting that virtually all crypto assets, including Ethereum, are securities and fall under its purview, while the CFTC claims that certain digital assets, including Ethereum, are commodities and should be regulated by the CFTC.

The conference presentations on these topics were reflected in many discussions the EEA team had with member organizations and prospective members, as well as in multiple side events held around the formal conference.

There is a general sense of optimism in the industry

Despite these worries, it would be wrong to say that Consensus was held on a down note. Quite the contrary. As our team found in many of their discussions, there was a general sense of optimism among many present.  

The contrast between the situation in the US and what is happening in Europe, Asia-Pacific and beyond is one obvious grounds for this optimism. Companies who are feeling the headwinds in the US are in many cases well-placed to continue their development in the many crypto-friendly hubs in those regions that not only have more regulatory clarity, but also are home to talented development communities who have developed good working relationships with local enterprises.

Our team also found a strong sense among many that, coming out of one of the most difficult periods for crypto last year, developments in blockchain have been carrying on apace and that it was time to keep building. That added to the optimistic feel at the conference around blockchain and decentralization.

Regulatory clarity is not just a concern for crypto enterprises

In a more hopeful vein for American crypto and blockchain companies, Patrick McHenry, Chairman of the US House Financial Services Committee, and US Senator Cynthia Lummis, confirmed that the House Financial Service Committee and Agricultural Committee would hold the first joint hearing on the market structure surrounding digital assets in May 2023.  Such hearings could be an important step towards providing more regulatory clarity for companies operating in this space.

While both McHenry and Lummis expressed optimism about future developments in crypto regulation, according to our team on the ground, the general mood was more ‘wait and see’. There is a lot of appetite for regulation in the US, and recognition that doing it well is important, but the expectation is that it will take a lot of time. It will also be important for the industry to get together and figure out what they are interested in, or risk losing an opportunity to get a seat at the drafting table.

The stakes however are high. Regulatory uncertainty doesn’t just affect crypto companies. This, as one Coindesk editor noted, was underscored in the talk by Pepsi’s Brady. Despite PepsiCo being a mainstream American company and not intrinsically part of the crypto industry, it is aiming to make a mark in Web3. However, the absence of regulatory clarity is proving to be a significant barrier. As mentioned above, this has implications for the competitiveness of American companies in the Web3 space. 

Crypto accounting

There were a host of other important topics on the agenda as well. One that caught the attention of our team was crypto accounting. 

With the value of cryptocurrencies fluctuating wildly on a daily basis, it can be difficult to keep track of the current value of one’s holdings, and to properly account for gains and losses when they occur. 

One panel discussion at the conference focused specifically on the unique challenges facing businesses when it comes to crypto accounting. The panelists discussed the importance of accurate record-keeping for tax purposes, as well as the need to properly track the value of cryptocurrency holdings on a balance sheet.

A number of innovative solutions were presented at the conference to help deal with these challenges. These include specialized accounting software that integrates with popular cryptocurrency exchanges, as well as tools that allow for automatic tracking of gains and losses over time.

The EEA at Consensus

The EEA hosted an exclusive Member-Only breakfast, sponsored by EY. Despite the early hour, a number of EEA Members turned up to meet and mingle in person, many for the first time. 

Paul Brody, head of blockchain at EY and a member of the EEA Board, was a host and participant. Co-chairs Michael Gonzales of EY and Dyma Budorin of Hacken talked through where the DRAMA Working Group is in developing best practices for accounting in the DeFi industry. Other companies represented include OpenZeppelin, Microsoft, ConsenSys Mesh, Wanchain, Noves, Certik, C4, Hyperledger, Bitwave, Entersoft, Cartesi, and Cryptio

The breakfast provided an opportunity for EEA members to network and share insights on various topics related to blockchain technology. Overall, this event served as a valuable platform for collaboration and knowledge sharing among industry leaders in attendance.

You can find more about Consensus 2023 on Coindesk.

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EEA Member Spotlight with UNCX Network’s CEO and Co-founder Antoine Chaveron

https://entethalliance.org/eea-member-spotlight-with-uncx-networks-ceo-and-co-founder-antoine-chaveron/

As an EEA member, UNCX Network is part of the EEA community of organizations working to advance Ethereum and drive industry adoption. In the Q&A below, the EEA interviewed Antoine Chaveron, UNCX’s CEO and co-founder, about how the organization contributes to the Ethereum business ecosystem.

Please introduce your company and yourself.

My name is Antoine Chaveron, and I have been contributing to the space for five years. I co-founded UNCX (formerly known as UniCrypt) in 2020 with our other co-founder after having met in an anonymous Telegram chat and bootstrapped the project. UNCX Network is a multi-chain decentralized services provider. Our products allow for streamlined deployment of tokens and new ideas while emphasizing security and transparency. For instance, we created liquidity locking to help make the space more secure and we are now the leading lockers on Ethereum.

What first brought you to the Enterprise Ethereum Alliance, and why did you decide to become a member?

Most of our business is on Ethereum; therefore, we are actively looking to collaborate with and integrate ourselves into the community. As the EEA has a strong B2B presence in the Ethereum ecosystem and with other parties relevant to us, we decided it would be highly beneficial for us to join.

What are you currently working on with regards to Ethereum? How will end-users benefit from your work? 

Although we cannot disclose details of what we are building until it is finalized, all of our services are available on the Ethereum blockchain and all emphasize security. We are currently working to promote the use of liquidity locking across all projects, as we believe this will make the whole chain safer and will increase the attractiveness of projects to investors.

We are constantly looking for ways to protect users – our new minter, for example, includes preventing mechanics against trading bots (that can hurt small blockchain/Ethereum-based start-ups) and includes a Lossless integration to help spot suspicious contracts. LossLess code components can serve to mitigate some risks & retrieve funds when malicious activity is happening.

How will the EEA enhance your organization’s current efforts? 

We are passionate about creating products with security features. We are looking to connect and collaborate with projects who are building with the same mentality. We are also looking for increased exposure on the concept of liquidity locking, as we believe it is essential for the chain that this tool becomes status quo amongst all projects, whether established or recent launches. Decentralization equals more security, and if no one owns their LPs on Ethereum, the chain will be a stellar example of DeFi. The EEA is a great environment for developing all these benefits.

What EEA programs are you most excited about?

We are eager to contribute our technical resources and to collaborate with other EEA members. We are also enthusiastic about using the EEA as a platform to help us advocate for practices that increase the transparency and decentralization of the chain.

Learn More and Connect with the EEA

The EEA enables organizations to adopt and use Ethereum technology in their daily business operations. We empower the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate. Join us and contribute to our work!

Learn more about EEA membership and contact membership@entethalliance.org.

The post EEA Member Spotlight with UNCX Network’s CEO and Co-founder Antoine Chaveron appeared first on Enterprise Ethereum Alliance.

EEA Member Spotlight with Bitwave’s Senior Solution Architect Kunz Mainali

https://entethalliance.org/eea-member-spotlight-with-trons-director-of-ecosystem-development-dave-uhryniak-2/

As an EEA member, Bitwave is part of the EEA community of organizations working to advance Ethereum and drive industry adoption. In the Q&A below, the EEA interviewed Kunz Mainali, Senior Solution Architect, about how the organization contributes to the Ethereum business ecosystem.

Please introduce your company and yourself.

My name is Kunz Mainali and I am a Senior Solution Architect at Bitwave. We design back and middle office software for companies that deal with crypto and/or digital assets. Our platform allows companies to handle things like crypto and DeFi tax, accounting, bookkeeping and reporting. A lot of companies who are using crypto or DeFi are realizing that they don’t have good processes in place to handle these kinds of things. They want solutions that can automate this, without having to hire people. Our platform provides this in ways that internal finance teams can understand and easily use. 

What first brought you to the Enterprise Ethereum Alliance, and why did you decide to become a member?

We heard about the EEA through another company and became interested. We are here above all for the discussion, the opportunity to meet other people in the space who are building critical infrastructure and tooling. 

What are you currently working on with regards to Ethereum? How will end-users benefit from your work? 

One of the things we are building is a payments system to provide an easy way for companies to do on-chain payments using stablecoins for things like invoicing, bill paying or even payroll. We categorize everything before it is sent so the payments can easily feed into the company’s own systems. Some people are scared to get payments in crypto, and we have seen that using stable coins is probably the easiest way to onboard new companies. If everything is dollar denominated it makes more sense in people’s heads.  

How will the EEA enhance your organization’s current efforts? 

The EEA will help us in understanding the use cases that new enterprises are taking on in crypto. We want to keep on top of what is cutting edge so we can help current enterprises solve for these cutting edge issues. We are also interested in thought leadership, understanding how EEA members think about things like staking or regulation.

What EEA programs are you most excited about?

I am in the DRAMA working group, which is great. It is super nice talking to the likes of EY, or C4 and all these other companies across the space about DeFi and how we think about it.

Learn More and Connect with the EEA

The EEA enables organizations to adopt and use Ethereum technology in their daily business operations. We empower the Ethereum ecosystem to develop new business opportunities, drive industry adoption, and learn and collaborate. Join us and contribute to our work!

Learn more about EEA membership and contact membership@entethalliance.org.

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