Week in Ethereum News
October 1, 2016

News and Quick Links


  • Tyler Smith talks to Arthur Falls about what they are doing with Ethereum at BHP Billiton. They’re using private chains for now, but leaving open the possibility of moving to the Ethereum mainchain.  The prototype is running in production, parallel with existing processes.  From BHP’s perspective, may the best tech solution win.  Tyler has also thought up some amazing ways BHP could use blockchains in their business.
    • Hard to understate the importance of this: in production at a huge non-financial company, with the possibility of re-imagining many of their business processes if the initial project succeeds.
    • Full disclosure: I tried to get this interview, but Arthur Falls beat me to it. Very interesting conversation.
  • DoS Attacks continue. Though these have some annoying real consequences, the attacker is paying into the ecosystem to submit bug reports.




Dates of note
  • 10/4 – Augur REP begins trading
  • 11/14 – SEC has a fintech/blockchain meeting
  • November TBA – .ETH name system goes live
Irrational Exuberance – Crowdsale edition

Wanna get rich without really working?  Just come up with a big idea, write a white paper, and announce a crowdsale to build the platform.

Has a speculative bubble formed?

Nick Tomaino reacts to the FirstBlood and Iconomi crowdsales: Irrational Appcoin Exuberance.  He wrote this before Singular sold out in 15 minutes.

He concludes with “there needs to be some standards around launching an ICO and investing in ICOs in the space.”

Ciaran Murray throws out some proposed standards:

  1. General token sale embargo until app is live/in production.
  2. ETH dev funds locked in a multisig account controlled by investors.
  3. Dev tokens locked in a multisig account controlled by investors.
  4. Governance standards to protect minority investors and align voting incentives for the good of the protocol.

What can we do?

As a community, we need to establish a better set of norms for ICOs that align the incentives of founders and funders, as well as make sure that no project failures materially affect Ethereum.  

I am going to assemble a working group to try to address this problem. We might fail for a plethora of reasons, but as a community we need to do a better job at finding sustainable norms for ICOs. If you’re interested, send an email to weekinethereum@gmail.com

In the meantime, Reddit user /u/uapan has two solid ICO analyses that may help push norms in the right direction:

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