Is Blockchain’s Age Of Interoperability Finally On The Horizon?

As blockchain nodes multiply around the world, the need for interconnectivity has never been greater. John DeVadoss of InterWork Alliance explains why.

Watch DeVadoss’ full interview with Forkast.News Editor-in-Chief Angie Lau to learn more about the IWA’s efforts to connect the blockchain space, how the blockchain is changing the business logic, and why data stored on the blockchain can't necessarily be trusted.

00:00 Intro
01:54 The year of blockchain
04:58 Alternatives to China’s blockchain?
07:21 Token taxonomy framework
16:45 IWA Joins GBBC
21:01 Roadblocks to the mainstream
24:35 The new blockchain paradigm
30:57 Data – Blockchain’s Achilles heel

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HIGHLIGHTS

Evolution of nodes:
“If you look at the history of the internet, it began as a very small set of nodes, primarily universities, academia in the U.S. and Europe... The same way, in the blockchain world, we are seeing this sort of a small number of early nodes now evolve, grow scale, but also still maintain some level of hierarchy or tiers. So you're going to see countries, geopolitical entities obviously build and sometimes wall themselves in different ways. At the same time, at a global, at a macro level, there is a very clear need for interoperability, for integration, for connectivity.”

The Token Taxonomy Framework:
“It's an ontology. It's a taxonomy for token schemas and token definitions, obviously fungible, non-fungible, divisible, indivisible, the entire spectrum. So it's more like the building blocks for a language that can be used to describe, define, and then instantiate and implement tokens. So, are we there yet? The way I see it is, people can pick and choose. If they want to have a very simple or highly simplistic framework, they can use the TTF. People want to have a very sophisticated, very complex framework, they can also use the TTF.”

Blockchain the economic layer:
“Business is about incentives. It's always about incentives. Of course, incentives and penalties. And historically, in every stack, we've had to overlay incentives on top of the underlying stack, overlay penalties. And what makes the blockchain stack is that baked in, you already have the incentive model. And so out of the box you are able to configure and set up and extend the incentive model. This is what for me is particularly exciting, that there has never been a stack like this. Multi-party, intrinsically incentive models and the ability to create the penalties and sort of whatever you want in terms of overlaying.”

Data — blockchain’s Achilles’ heel:
“You remember the story of the Oracle of Delphi back in Greece. So you went to the Oracle. You don't say 'Oracle, What should I do with my life?' You said, 'I am thinking about making this decision. Should I do it or not?' You ask a question and then you get a response. Delphi didn't tell you how to live your life. It told you to go to war or not. That was the question. And I believe that is the same model we should use for AI and for blockchain, which is, do not delegate. Do not abdicate control. Instead, ask a question, 'Is this the right decision based on the data, based on what we know?' Yes or no? And that's it. So it's a tool, and we have to think of it as a tool. Otherwise, we are going to be in really, really dire situations in a few years, which, like you said, we cannot roll back.”

Garbage in, garbage out:
“There is this misconception, that blockchain is the trust machine. It's not a trust machine. It is a trusted log. It is the ledger that is trusted because it is verified…. Garbage in, garbage out. When you have the genesis block — block 0 — it doesn't know anything. It doesn't know anything beyond what's outside the genesis block, block 0. So as long as you're building what you might call a metaverse or something purely virtual, purely digital, as long as you don't care about anything that goes on in the real world, you're okay…. But if you are building anything that is a real- world solution, you have to somehow connect to data because data is the currency in the real world. So when I talk about how data is the Achilles' heel of blockchain, it is because, at this point, and it's been many, many years, it's been a decade, maybe more than a decade of innovation, there isn't really an accepted, trusted way to ingest data into a blockchain.”

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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #IWA #Interoperability #TokenTaxonomyFramework #Data #China #Economics #Business #InterWorkAlliance #Internet

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MORE WORD ON THE BLOCK INTERVIEWS:
https://www.youtube.com/playlist?list=PLENVHIZFjdMT-q2_LSNncbuoS_LGiuLz2