1. QiAi QuestsHome
  2. Metaverse & Beyond

Blockchain and Cryptocurrency Sectors Need Code Readability for Regulatory Approval

• Metaverse & Beyond • 64 views

According to reports, Ava Labs CEO Emin G ü n Sirer stated at the Cornell Blockchain Conference that the blockchain and cryptocurrency sectors cannot consider themselves mature unt

Blockchain and Cryptocurrency Sectors Need Code Readability for Regulatory Approval

According to reports, Ava Labs CEO Emin G ü n Sirer stated at the Cornell Blockchain Conference that the blockchain and cryptocurrency sectors cannot consider themselves mature until the day their regulatory authorities can read and audit code. In order for the next billion users to use cryptocurrency, several aspects need to be improved, such as scalability, ease of use, and adaptability. However, when asked whether the secret sharing technology known as zero-knowledge proof (ZKP) could reach this scale, he was skeptical.

CEO of Ava Labs calls for encryption regulators to be able to read and audit code

Blockchain and cryptocurrency industries have revolutionized the world of finance, with the emergence of Bitcoin marking the outset of the era of digital cash. However, regulatory approval has been a hindrance for the development of these innovative technologies. According to Ava Labs CEO, Emin G ü n Sirer, the industry cannot be considered mature until the regulatory authorities are capable of reading and auditing the code. In this article, we will explore the importance of code readability for regulatory approval and the challenges faced by the blockchain sector in achieving scalability, ease of use, and adaptability.

Importance of Code Readability for Regulatory Approval

Regulatory authorities demand transparency and accountability in the banking and financial sectors. The blockchain and cryptocurrency industries operate on a decentralized and transparent platform, which makes it difficult for regulatory authorities to monitor and regulate these industries. Code readability allows for regulators to audit the code and ensure that the technology is being used legally and ethically. Educating regulators on blockchain technology is also essential as it will help them understand the complexities of the technology.

Challenges Faced By Blockchain Industry

The blockchain industry has made significant progress in overcoming many of the obstacles impeding its growth. Scalability, ease of use, and adaptability are some of the main challenges of the blockchain and cryptocurrency industry. The blockchain technology has not been able to achieve scalability to support the number of transactions with the current technology. Ease of use is also a challenge, as the technology is still too complicated for the average user. Finally, adaptability is a significant challenge, as the technology still has to grow to become a mainstream method of conducting transactions.

Secret Sharing Technology and Its Viability for Scalability

Zero-knowledge proof (ZKP) is a secret sharing technology that has gained popularity in the cryptocurrency industry due to its ability to provide privacy and security. ZKP technology can also improve scalability in the blockchain industry. However, Emin G ü n Sirer is skeptical about the technology’s ability to reach scalability. He believes that more research and development are needed to achieve the scalability required for regulators to approve the technology.

Conclusion

The blockchain and cryptocurrency industries will continue to grow, and regulatory authorities need to keep up with the technological advancements. Code readability is essential for regulatory approval and should be a priority for the industry. Scalability, ease of use, and adaptability are some of the main challenges facing the blockchain and cryptocurrency industries. Although secret sharing technology such as ZKP shows promise, more research and development are required to achieve scalability.

FAQs

Q1. When will blockchain technology achieve regulatory approval?
A1. Regulatory approval for blockchain technology is dependent on code readability. The industry first needs to focus on making blockchain technology more transparent and easier to understand for regulators.
Q2. What are the main challenges facing blockchain technology?
A2. Scalability, ease of use, and adaptability are some of the main challenges facing the blockchain and cryptocurrency industries.
Q3. What is ZKP technology?
A3. ZKP (zero-knowledge proof) technology is a secret sharing technology that provides privacy and security. It can potentially improve the scalability of the blockchain industry.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/16626.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/22/2023 22:51
Next 04/22/2023 22:56

Related recommendations