Tag: Gavin Wood

Dr. Gavin Wood speaks on October 21, 2017 at TEDx Vienna.

He outlines the relationship of institutions vs. computation and record balance, noting that traditional institutions are based upon authority.

As an example, governments rely on the military for their authority. Others rely on civil law, backed by governments, for their authority.

This is how society has worked for centuries.

There have been improvements: Instead of books for storage, we use computers.

Further, it’s difficult for small businesses to interact without trusted authorities.

However, outside of their authority, the institutions are of no use.

Blockchain obsoletes this old model.

“Blockchain solves the issue of multiparty contention without having to involve a human.”

“Trust is no longer needed to contentiously interact with a third-party.”

This is the first time this has occurred in history.

We’ve been able to commoditize trust.

In the future trusting an opaque institution, a middleman, with our interests, will be viewed as archaic.

Earlier this week, at the Web3 Summit in Berlin, Parity Technologies founder, Gavin Wood, demonstrated launching a blockchain in about 15 minutes. Up to now, this has required days and weeks to achieve.

Parity describes itself as “a core blockchain infrastructure company. We’re creating an open source creative commons that will enable people to create better institutions through technology.”

The software platform used, Parity’s Substrate 1.0-beta, is anticipated to be available in November 2018.

Substrate is the foundation for Polkadot, which is a standalone blockchain framework which will allow developers to build advanced blockchains, customized for any project. This is intended to dramatically accelerate the development of blockchain technologies.

Gavin Wood is described on the Parity website as “originating blockchain technology as Co-Founder and CTO of Ethereum. He invented fundamental components of the blockchain industry, including Solidity, Proof-of-Authority consensus, and Whisper. At Parity, Gavin currently leads innovation on Substrate and Polkadot. He coined the term Web 3.0 in 2014 and serves as President of Web3 Foundation.”

For more info, see the Techcrunch article.