Episode 1 of Battle Bracketz – A Tournament Based Where You Create a Bracket and Vote on Your Favorite Cryptos to Win $1000 ETH for Having the Bracket w/ the Most Correct Predictions
That makes her the fourth person from the ETH foundation that has now joined DAV.
## General Counsel
**Tung is the former General Counsel for the Ethereum Foundation and served as Securities Commissioner for the State of Hawaii for over 8 years.** She began as a volunteer advisor for Ethereum at the launch of their platform in July 2015. A senior attorney with deep experience in regulatory, corporate and finance matters, she started her career at a Wall Street law firm and worked in-house at private and public companies. She also has a background in aviation regulation and loves the ocean.
I just want to say thank you [u/nickjohnson](https://www.reddit.com/user/nickjohnson) for keeping an open mind about this issue.
From what i recall initially you had some reservations about the need to switch from ethash to a new algo to maintain the stated goal of being ASIC resistant and were somewhat skeptical of the centralization threat posed by ASICS and the claims made by Chinese ASIC OEMs about their hashrate/efficiency figures.
I always disagreed but respected your rationale and you unique perspective,being intimately involved with the engineering and development efforts in the eth ecosystem.I always thought the part where you questioned the risk/benefit ratio and how effective it would be to dedicate significant resources to switch the PoW algo when PoS was(at the time) thought to be just around the corner was absolutely valid.
Now that PoS timelines have shifted and it’s clear that ASICs targeting ethash are contributing to a significant portion of the network’s hashrate i applaud you for revisiting your earlier stance and engaging in a discussion with the ProgPOW team,especially since they did alleviate the burden of designing a new algo and made deploying it a less onerous endeavor.
I always thought the rationale behind ProgPOW was sound:
Try to fully utilize every bit of silicon in a GPU so to design an ASIC targeting ProgPoW you basically end up recreating a full GPU, achieving minimal gains in efficiency and hashrate; all of this requiring significant engineering/manufacturing resources and time for tape-out etc.
I understand timelines for the next HF are a concern and Constantinople is basically finalized,so i don’t mind if it ends up being included in the next HF, Istanbul
I’d be interested in seeing a more in depth explanation/write up of your thoughts on this matter.
Also i hope at least *some* of the metrics you mention you had the opportunity to see privately will be made public.
This past Friday, an article was released (https://medium.com/republicprotocol/republic-protocol-partners-with-wyre-1ccdedaa296d) detailing some specifics around a soon-to-be-launched Dark Pool exchange called RenEx that will likely enable a healthy increase in BTC and ETH trading volume.
For anyone unfamiliar, RenEx is being built on top of the Republic Protocol, a decentralized protocol designed to power dark pool exchanges. REN is a utility token for the protocol that provides fuel and security to the engine.
But what’s more interesting is a recent collaboration between the RenEx exchange and a company called Wyre. Wyre’s decision to partner with the Republic Protocol / RenEx team is exciting for a few different reasons:
First, these guys have an OTC desk that is going to be on boarded onto the RenEx platform, providing (what I would assume to be) a pretty substantial amount of liquidity. Wyre formally announced their OTC desk back in May of this year, but has traded $3.5 billion in cryptocurrency assets in-house since 2013.
Perhaps even more interesting… Wyre is also going to provide Know-your-customer (KYC) and Anti-money laundering (AML) services to the RenEx exchange. At the end of the day, this will be one of the first Dark Pool Crypto exchanges offering users a level of compliance that’s consistent with big banks working in traditional financial markets, enabling large OTC desks to participate. A statement released by Wyre included the following, which, in my opinion, did a great job at capturing the potential impact that this could have on BTC and other Crypto markets:
“We can’t overstate how excited we are to be able to leverage our unique combination of payments infrastructure and legal compliance services to help bring Republic Protocol’s offering to life. As Republic Protocol CEO Taiyang Zhang noted, this represents the shared focus of the two teams ‘on facilitating the entry of traditional institutional investors and funds to provide the increased liquidity digital asset markets need to grow and flourish.’” (https://blog.sendwyre.com/republic-protocol-partners-with-wyre-to-provide-liquidity-for-decentralized-cryptocurrency-dark-4248e4912b77)
Further, since the underlying protocol is decentralized, anyone that wants to build their own dark pool on it is free to implement whatever rules they want. With RenEx – the dark pool is utilizing KYC as OTC players need this for compliance reasons to actually be able to trade.
Would be curious to hear others thoughts on this…