Ethereum Economics Gets Spotlight in Vitalik Buterin EDCON Keynote

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In a new speech this week, ethereum creator Vitalik Buterin gave a spotlight to the study of so-called ‘cryptoeconomics’, the union of cryptography and economics at the heart of public blockchain RD.

At the ethereum developer conference EDCON 2017, held over two days in Paris, Buterin used his talk to provide a big picture overview why he considers the study of the subject core to his work on ethereum, the second-largest public blockchain by market capitalization.

Topics included how cryptographic puzzle pieces (such as proof-of-work, hashes and more complicated tools like zk-SNARKS) can be paired with forms of economic engineering including incentives and privileges.

While the subject may have seemed educational at first, the talk served to highlight the intellectual backdrop for some of ethereum’s more necessary (and contested) ideas for how to improve its protocol.

For example, Buterin noted that the field is likely to inform its highly-anticipated proof-of-stake protocol and possibly lead to the building safer oracle systems that feed ethereum smart contracts outside data.

Before diving in, however, Buterin began the talk with his own definition of the emerging concept. 

He told the audience:

“Cryptoeconomics is about using a collection of cryptographic and economic building blocks in order

Read more ... source: CoinDesk

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