Sergey Brin, a Google Co-founder, and Alphabet president disclosed that he is mining Ethereum with his son at a summit held on July 8by Sir Richard Branson. The panel also spoke on the potential of zero-knowledge verifications which lie beneath the privacy option of Zcash.
According to Michael del Castillo, who was reporting from the 2018 Blockchain Summit hosted at Sir Richard Branson’s hotel, the Kasbah Tamadot, in Morroco Sergey Brin is mining Ethereum with his son. Brin, the ninth richest man on the planet, talked at an event about blockchain technology’s potential for realizing positive things in the world.
Another speaker at the event was former Guns n’ Roses drummer Matt Sorum who emphasized blockchain’s ability to protect artists’ intellectual property rights. Sorum, who is now employed at concert-hosting platform Artbit, described blockchain as being ‘rebellious’ and ‘very rock and roll.’
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Sorum stated: “A user should be able to own content in a way that rewards the artist. When the blockchain came along, I said, this can happen. And the way it will work is through smart contracts.”
Former CFTC chair Jim Newsome agreed that regulators are making the right decisions but he was firm regarding his opinion that good regulations require time.
“We are still in the early stages of this technology’s development. We’re in the first inning of a very long ball game. So we need to be careful not to rush regulators too much. Because typically when you rush regulators, they tend to get it wrong,” said Newsome.
Sergey Brin said that the prospects of zero-knowledge proofs ‘really mindboggling.’ These proofs can be used for identifying transaction accuracy without showing the transaction data to the nodes. This is one of the main underlying privacy settings of Zcash unlike Monero which instead obfuscates transactions.
The director of the Digital Currency Initiative at MIT Media Lab, Neha Narula, believes zero-knowledge proofs are one of the most fascinating blockchain solutions which will appear in the near future.
“Basically, you will be able to prove that something is true, without revealing the reasons for why it’s true. So to prove you’re 21, you don’t have to show the official documentation that you’re 21. Zero-knowledge proofs are going to be very transformative in the next few years,” said Narula.