Today we are sharing our interview with Bankera’s Ethereum and Bitcoin developer Saulius; he will share his views on the key challenges of cryptocurrency integration, as well as the fundamental differences between blockchain platforms.
If you have not watched the video yet, you can check it out down below.
In case you prefer reading, we have prepared a transcript of the interview for you.
First of all, could you briefly introduce yourself to everyone?
I am Saulius, and I am a SpectroCoin Back-End developer. I mainly work with cryptocurrency integration, such as Ethereum or Bitcoin.
Could you tell us what do you do at Bankera and its MVP, SpectroCoin?
I am a Back-End developer, which means that I code the services at SpectroCoin which accept requests from the website itself or from any mobile apps. My work revolves around cryptocurrency integration and, lately, it has been focusing on the Ethereum cryptocurrency.
In your own words, what is Ethereum?
Ethereum is a strange cryptocurrency. It allows putting up code on the blockchain, which means that you can execute any arbitrary code there. The difference between Ethereum and Bitcoin is that Bitcoin has its own scripting language, which allows you to discern who can spend outputs. Ethereum’s contract language is much more powerful. Ethereum allows us to, for example, create a whole new cryptocurrency on the chain or maybe start your own decentralized voting system. The possibilities are endless.
What challenges do you face when working with Ethereum integration?
The main challenge comes from the fact that Ethereum has smart contracts, which introduces a lot of complexity. For example, if we just take the basic functionality, sending and receiving Ethereum. We have three different ways of sending Ethereum. You can send Ethereum as a standard transaction on the blockchain; you can send Ethereum for a contract to execute a code, or you can do both. You can send Ethereum to a contract which then uses this Ethereum to execute a code. Under receiving it, we have two possibilities. You can receive Ethereum from a standard transaction or receive Ethereum from a contract. The problem is that Ethereum does not store all this information on the blockchain, so it adds more complexity to our system, which has to be able to both send and receive Ethereum in all these situations.
What can our contributors look forward to regarding the Ethereum support at SpectroCoin, our MVP? What are the latest developments?
We are working on the Ethereum support, even though it has slowed down due to the upcoming NEM release. Currently, what I am personally working at is a better integration with smart contracts. You will not be able to see that very well on the upcoming releases, but we do hope to make receiving Ethereum from contracts almost instant. The other important Ethereum feature that is coming up is the token integration. We will start to work on that soon, but we do not have an estimated release date yet.
Could you share your general thoughts on Bankera? What do you think is the future of digital blockchain banking?
I see Bankera as a contender for standard banks, first and foremost. SpectroCoin has a good technical base, that is not archaic, we still use very mature technologies, so we can afford to move much faster and develop much faster than traditional banks. As for the future, I think blockchain is potentially a very useful technology, but it has to solve the scalability issue, in terms of storage. But I hope that blockchain enthusiasts will have that down pretty quickly.
We hope you enjoyed the interview. We will be back with more updates before the start of our ICO, so stay tuned!