EY Executive: We Need More Productive Use Cases for Ethereum

Paul Brody, Principal and Global Innovation Leader at “Big Four” professional services firm Ernst & Young (EY), has argued that five out of six, or approximately 83%, of Ethereum (ETH)-based decentralized applications (dApps) have not been developed to enhance productivity.

It's Important to Understand How Blockchain Works

Brody, whose comments came during a FinTech Forum hosted by the U.S. Securities and Exchange Commission (SEC) on May 31, 2019, stated that the nascent blockchain sector can only make progress if industry participants “go back to first principles.”

He also mentioned that it’s important to understand how distributed ledger technology (DLT) can be applied to solve real-world problems, instead of just launching dApps and other blockchain-powered products for the sole purpose of making quick profits.

Brody, a former VP at IBM (focused on Internet of Things), explained the primary purpose of capital markets is to raise funds and invest the money into projects that are developing productive use cases. The economics graduate from Princeton University hinted that the cryptoasset industry is “not doing very well” in creating practical DLT-enabled solutions.

Brody further noted that recent Q1 2019 data from DLT analytics firm Dapp.com shows that 14% of ETH-based dApps are being used by digital asset exchanges. Meanwhile, Ethereum-based gaming and gambling dApps account for around 13% and 44% of total dApp usage, respectively.

Should Focus on Developing Solutions for Fractional Real Estate

Brody also suggested that blockchain-based platforms should focus more on creating new types of business models which can streamline routine procedures. Additionally, the EY executive argued that DLT-enabled solutions should be developed for fractional real estate - meaning investors should be able to acquire small fractions of a property via simple and quick online transactions.

Brody believes that using blockchain technology to implement practical use cases will lead to a “tremendous lasting legacy that is positive.” Last year, Brody drew comparisons between initial coin offerings (ICOs) and the DotCom era of the late 1990s and early 2000s. He had also claimed that the crypto space appears to be “worse than we thought.”

EY Open-Sourced Ethereum-Based Private Transactions Solution

On May 31, 2019, EY open-sourced its codebase for conducting private transactions on the Ethereum blockchain. EY’s privacy-focused solutions is called Nightfall. As mentioned on Nightfall’s Github page:

Nightfall integrates a set of smart contracts and microservices, and the ZoKrates zk-snark toolkit, to enable standard ERC-20 and (non-fungible tokens standard) ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy. It is an experimental solution and still being actively developed.

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

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