Web3 Leader Spotlight: Dáithí Coombes
This week, we had the pleasure of speaking with Dáithí Coombes, Chief Technology Officer at BlockInit. BlockInit is a Distributed Ledger Technologies consultancy that's coding the future of a scalable industrial revolution. Their services open the doors for anyone to enter the DLT and Blockchain marketplace, regardless of funding capabilities.
Dáithí is a passionate blockchain enthusiast with extensive experience in ICO advising and smart contract design and development. He has also conducted both private and public courses for newcomers to the blockchain space, helping to upskill developers in smart contract techniques and practices.
What prompted your entry into the Web3 space, and can you share some insights into your journey?
I was around at the start of Bitcoin. After the 2008 crash, everybody was looking for something new, and a digital currency meant to “bank the unbanked” sounded perfect. However, every time I looked into the project, I was bombarded by technical analysis and financial predictions. As a software engineer and not a finance person, I put it on the shelf. Yes, there is a hard drive in an attic somewhere with mined bitcoins.
In 2014, while working as the head software engineer in a research company, the Ethereum Yellow Paper dropped on my desk. Reading this made me realize that DLTs were more than just finance. The possibilities of Smart Contracts changing society for the better had me hooked. From this point on, I was dedicated to learning more.
Having conducted courses for newcomers, what prevalent challenges do devs commonly face when making the transition from Web2 to Web3?
There are a few things that devs need to grasp when working with Web3. The most fundamental of these is the immutability of smart contracts. At the time I was teaching, there were no proxy contract methodologies defined, so updating was an expensive pain.
To get around this, ACL (Access Control Lists) were used, but replacing contracts meant a very expensive recreation of any address lists, such as balances. Another learning curve is the realization that DLTs are generally a stack machine, so constant thinking of memory slots, shared memory, and low-level bytecodes is essential.
From your time advising ICOs, can you tell us what you've learned that typically "makes or breaks" a successful raise?
Two main factors come to mind for a successful raise. The first is having something so technically revolutionary that a simple forum post brings enough attention to attract investors. The second is more tricky: handling social media. It is essential to have the funds to pay for people to be on social media channels, such as Discord and Twitter.
There are so many scams in this wild west of ‘crypto’ that you can easily lose out on serious investors if their questions aren’t answered or if anything appears unprofessional, such as a quick and non-pragmatic whitepaper.
With ICO launches and funding slowing down in recent months, do you foresee any changes in 2024? What catalysts could drive a potential shift?
Altcoin season. That’s it, unfortunately. Once there is an altcoin season, then ‘stupid’ money will flood into the market. Outside of this, the appearance of a solid team, professional documentation and research, and importantly, staff handling all social media, are the essential ingredients for a successful ICO launch.
