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EthCC gets underway as building a decentralized society and surviving a bear market top the bill

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The first Ethereum conference, EthCC, kicked off on July 19, and investors, builders, and founders from across the ecosystem gathered in Paris. The heatwave shaking Europe has raised temperatures in the city to 41°C/106°F, but will the event be as hot? With performances from Gitcoin, Sequoia Capital, Polygon, Optimism, Kraken, Coinbase and many more, there are no signs of a bear market in Paris right now.

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Kevin Ouoki, co-founder of Gitcoin, opened the main stage of EthCC by talking about how we can create a decentralized society and the benefits this will bring to the world. The report was called “The Sibyl Resistance for a More Democratic Web3” and dealt with the issue Cybil network attacks.

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The Sybil attack consists of creating multiple identities to undermine the reputation system in order to gain control or undue influence over the network.

“There are many different activities that we do every day in our lives that depend on reputation… imagine if we build a directed graph for these attestations and then build a dense testnet of our attestations that starts to form a decentralized society where everyone can use data to inform them.

We can know everything everyone else in the ecosystem is doing and create interesting use cases that we’ve never had access to before.”

Source: Andrew Keyes
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In response to this challenge and the desire to continue developing web3, Owocki announced the launch of “Gitcoin Passport”. The passport will act as a digital identity “promoting a regenerative society”.

Paul Veradittakit, partner at Pantera Capital, also spoke on the first day, advising projects on how to survive the bear market and create exit value for investors. According to Veradittakit, Pantera’s monetization efforts “accelerated” during the bear market.

Sequoia’s performance was filled to capacity, with the audience spilling out into the hallway to hear what Sean Maguire and Pat Grady had to say. Their session, “Learning 50 Years of Hard-Learned Lessons at Sequoia Capital, including How to Survive the Market Cycles”, was the most popular on the first day of EthCC.

Richa Joshi, co-founder of the Ethereum Push Notification Service (EPNS), spoke about the evolution of web3 and why web2 companies should adopt blockchain technology.

“The evolution of the Internet is a shift from one-way interactions with providers in Web1 to P2P networks that control each other in Web3.”

There is high optimism and excitement about blockchain among participants. Sponsors, speakers, and builders are often relieved to survive a bear market, as many cite the stress and noise of a bull market as distractions.

Difficulty distinguishing “signal from noise” during a bull run is common among EthCC insiders. While many may be concerned about the fall in the price of bitcoin, there is a stark lack of bearish sentiment in Paris.

Some might argue that people who attend bear market events are not a good sample to determine the overall mood. However, it’s hard to argue when the top names in the field are looking only to the future and attending week-long events during extreme weather warnings.

The only issues that most people who talk to Cryptooshala constantly have are UX and wallets. The need to improve user experience in web3 and the technical nature of crypto wallets are a key issue to facilitate the next bull run.

For more information about the event visit to watch live broadcasts of each stage. Cryptooshala will also feature selected talks and interviews with the founders of companies such as Safe, Nansen and MEW.

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