Ethereum becomes the first resident of Vnesheconombank’s blockchain commune
Vnesheconombank organised an open discussion of the blockchain technology with Vitalik Buterin, the founder of the Ethereum blockchain platform. The event was held in the Vnesheconombank Centre of Blockchain Competencies to be launched by Vnesheconombank jointly with the MISiS National University of Science and Technology (NUST MISiS).
“Vnesheconombank is establishing a blockchain commune with a team of top-tier blockchain professionals to be working on pilot projects for subsequent use in corporate and public governance. We have already engaged with experts from Ethereum, Bitfury, Waves, the leaders in blockchain development. The commune will be both a hub of blockchain competences and an educational centre where entry-level blockchain developers will be able to get answers to their questions and work with an international team in a collaborative environment,” said Sergey Gorkov.
Among the invited residents are NUST MISiS’ undergraduates in applied mathematics, IT, computer science and electronics, and nanoelectronics.
Speaking of development prospects for different currency types, Vitalik Buterin assured that we are going to see many different types of currencies in 20-40 years. “It used to be just national currencies and gold. In the future, companies will be issuing their own currencies, there will be global cryptocurrencies, even cities will have their own cryptocurrencies. Everyone will have several types of currencies in their wallets,” he said.
During the discussion, special attention was paid to the volatility of cryptocurrencies. “We are at the beginning of a long journey. Cryptocurrencies will have extreme ups and downs. I believe we will see stable growth in a couple of years. It is reasonable to invest unless you expect immediate profit. The technology is matured,” said Vladislav Martynov, a participant and member of Ethereum Supervisory Board and Ethereum’s representative in Russia.
It was also noted that as blockchain has been developing, people are learning how and where to use it, and the governments of many countries are working on how to apply it for public governance. The speakers also pointed out that Russia may become a global leader in blockchain development and called to scale up its application.
As pointed out NUST MISiS’ President Alevtina Chernikova, we need to join the resources of the leading universities and development institutions to solve the growing number of sophisticated problems in science and technologies. “Cooperation between NUST MISiS and Vnesheconombank in blockchain will help not only train first-class professionals for the digital economy of the future, but also create a real “innovation project factory” for Russian manufacturing companies,” she said.
At the moment, Vnesheconombank has been developing approaches for how to use blockchain technology in the Bank. Two prototype solutions have been launched and have undergone testing – for trade finance transactions and investment project management (the “digital contract”). First test transactions under digital contracts in the field of investment have already been registered. The solution may subsequently be applied in other spheres. Recently, the Bank has launched an electronic wallet for the Joy of the Old Age charity fund. The first contribution was made by Vnesheconombank’s employee in Ethereum’s cryptocurrency Ether.
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