Blockchain and Cryptocurrency Sectors Cannot be Considered Mature Until Auditability is Achieved, Says Emin Gün Sirer
According to reports, Ava Labs CEO Emin G ü n Sirer stated at the Cornell Blockchain Conference that the blockchain and cryptocurrency sectors cannot consider themselves mature unt
According to reports, Ava Labs CEO Emin G ü n Sirer stated at the Cornell Blockchain Conference that the blockchain and cryptocurrency sectors cannot consider themselves mature until the day their regulatory authorities can read and audit code. In order for the next billion users to use cryptocurrency, several aspects need to be improved, such as scalability, ease of use, and adaptability. However, when asked whether the secret sharing technology known as zero-knowledge proof (ZKP) could reach this scale, he was skeptical.
CEO of Ava Labs calls for encryption regulators to be able to read and audit code
The blockchain and cryptocurrency industries have come a long way since their inception. Today, they are among the most talked-about topics in the world of finance and technology. However, according to reports, Ava Labs CEO Emin Gün Sirer stated at the Cornell Blockchain Conference that these sectors cannot be considered mature until the day their regulatory authorities can read and audit code.
# The Need for Auditability in Blockchain and Cryptocurrency
Auditability is the process of reviewing and verifying the correctness and integrity of a system or application. In the blockchain and cryptocurrency sectors, auditability is crucial for ensuring transparency and trust. It allows individuals and organizations to review the underlying code of a blockchain network, which can help in identifying bugs, vulnerabilities, and other possible security issues.
However, as of now, regulatory authorities do not possess the necessary tools and knowledge to audit blockchain code. This, in turn, creates a lack of trust among potential users and investors, hindering the growth and progress of the sector. For the next billion users to use cryptocurrency, several aspects need to be improved, such as scalability, ease of use, and adaptability. But, without proper auditability in place, these improvements are ineffective.
# The Importance of Zero-Knowledge Proof (ZKP)
When it comes to scalability, ZKP technology has shown great promise in the blockchain sector. It is a secret sharing technology that improves the privacy and security of a blockchain network. It allows individuals and organizations to verify the correctness of transactions without exposing any sensitive information.
However, when asked whether the ZKP could reach the scale needed for the next billion users to use cryptocurrency, Emin Gün Sirer was skeptical. He believes that while ZKP technology is essential, it is not enough to address the problem of auditability on its own. It requires a more comprehensive approach that involves various stakeholders, including regulatory authorities.
# Conclusion
In conclusion, the blockchain and cryptocurrency sectors have come a long way since their inception. However, until the day regulatory authorities can read and audit code, they cannot be considered mature. Auditability is crucial for ensuring transparency and trust in these sectors, and it must be addressed to attract the next billion users. While ZKP technology is promising, it requires a more comprehensive approach that involves collaboration between various stakeholders.
FAQs
Q. What is Auditability, and how is it essential for the blockchain and cryptocurrency sectors?
A. Auditability is the process of reviewing and verifying the correctness and integrity of a system or application. It ensures transparency and trust and helps identify bugs, vulnerabilities, and other possible security issues. It is crucial for the blockchain and cryptocurrency sectors to attract potential users and investors.
Q. What is Zero-Knowledge Proof, and how does it contribute to the blockchain sector?
A. ZKP is a secret sharing technology that improves the privacy and security of a blockchain network. It allows individuals and organizations to verify the correctness of transactions without exposing any sensitive information.
Q. Is ZKP enough to address the problem of auditability in the blockchain and cryptocurrency sectors?
A. Emin Gün Sirer believes that while ZKP technology is promising, it requires a more comprehensive approach that involves collaboration between various stakeholders, including regulatory authorities.
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