On the need for standardization in blockchain software development

medium.com5y ago
On the need for standardization in blockchain software development

The world of blockchain today very much resembles the days where everyone would be building their own network on the internet without common standards, hence without guarantee of intercommunication capabilities.

Widely accepted standards are hard to be accepted as they seem not worth the effort, and the most difficult part is coordinating competing companies.

While this is very understandable as the market is very new, totally unregulated and everyone is looking to get the first-mover advantage, this makes communication between decentralized applications not so easy.

One further point is that developing decentralized applications on Ethereum requires thinking in terms of components and adopting a decentralized point of view, which is not so immediate for developers who are accustomed to server-based approaches.

Ethereum itself was born to collate between the different groups of blockchain developers trying to fix different problems without benefiting an underground generalized flexible architecture.

All of us who have been in crypto long enough have testified the advent of hundreds of coins born as a Bitcoin fork, for the sake of having “your own coin” or to (either marginally or substantially) improve the Bitcoin protocol. With that came hundreds of different blockchains which were doing more or less the same thing.

With Ethereum we have seen how one does not need to create his own blockchain, and can instead leverage on a public blockchain to create his own tokens. This is for sure a quantum leap (aka one huge step forward) towards a global financial markets made of tokens: after the token economy, we finally have the token-financial-world.

The beauty of inter-exchangeable, globally-transferable, no-national-barrier digital tokens has opened the door of hard-to-invest-in companies to virtually anyone, democratizing access and setting a standard for crowdsales (even though thy are all different from one another in some respects and exceptional analytical skills are needed to be able to properly assess the various projects).

With the maturing of the technology, we believe common standards will emerge. This will be for sure in the field of crowdsales, as they are getting a lot of attention lately. But it will also happen in the field of decentralized applications development.

Setting the standards will allow projects to focus on what they can do best, and integrate external services smoothly. We believe this is the way going forward: decentralized applications intercommunication. Notable projects looking to set a standard for interchain communications (Cosmos and Polkadot just to name two) are getting a lot of attention.

In our case, we would like to see a common standard for decentralized exchanges, since our Dragos are decentralized pool of tokens which are used for trading on decentralized exchanges. Even though our pools can live even without a common standard for exchanges, we believe it will make every developer’s life much easier having some strong fundamental base to build on top of.