On May 2024 well known Dubai blockchain community Ecox has hosted #blockchain and #crypto enthusiasts meetup in Swissotel Dubai Y bar and lounge. We discussed global trends and perspectives and challenges of the modern blockchain and crypto industry.
Full video of the fireside chat with Ecox enthusiasts and The Green Falcon, #greentips #malisasoft #greenfalcon #haqq community
When next billion of new users will come to the industry? This is the issue, warning all current market players of crypto and blockchain ecosystem. What is wrong with crypto and blockchain? First, we must distinguish crypto and blockchain. Blockchain is the fundamental IT technology, while crypto is side effect of the blockchain. How German Gref, Sberbank President has mentioned, crypto is garbage from blockchain technology, some kind of side hassle.
Crypto is volatile seasonal digital asset: it definitely has times of soaring and times of collapse. Some crypto analysts claim, that crypto leaves seasons from halving till next halving of the King of crypto — Bitcoin #btc #bitcoin
But if blockchain is really the life changing technology, must it be the case? If technology is really helpful and arrived to our lives forever to help, why should interest to it be seasonal and depending on bull and bear crypto market cycles? Big life changing technology like internet nowadays has serious functionality and presence in everyday life. Is really blockchain such a useful technology, or just a one-time seasonal pump and dump speculation? Also, where is mass adoption? 15 years passed since the white paper of bitcoin. Its usage and speed and real-life application is the same as it was at times of 0.01 cents price and now at 70k usd. Also, lets be honest: are there many people, who do really use what is there around crypto and all its functions? 99% of people are using crypto for money transfers and as a speculative asset to make money on.
We, as OG in crypto since the year 2012, are very sad seeing what is going on in crypto industry. When Bitcoin first appeared, there was some fresh air, some romantism and spirit of libertarianism and crypto anarchy and cypher banks. Ideas and contribution of early adopters like David Chaum, Roger Ver and others was fantastic. They both were OGs of crypto and blockchain and libertarians and were both sentenced to jail for their ideas. By the way, we recently met David Chaum
David Chaum, in fact, The GodFather of crypto and blockchain, and some people argue that he is really that mystical Satoshi Nakamoto, the founder of #bitcoin #btc We, with #greenfalcon #greentips #haqq community met him within crazy week of crypto and blockchain conference days in Dubai, and he was talking at side event in Canadian University, dedicated to Power blockchain. This is new and very advanced L1 blockchain, where David Chaum is acting as advisor. Among other big crypto, blockchain and investment celebrities such a well known person as Tim Drayper was mentioned as board member of this blockchain. One of the core features of this blockchain is post quantum electronic data signature, which is crucial for the stability and security of the blockchains in era of powerful quantum computers. By the way, post quantum stability can be considered as some kind of key features for blockchains, since when quantum computers will come to the scene, it will be very problematic to save the vast majority of blockchains, including the bitcoin blockchain, which has very poor quality of protection, just sha256 which can be cracked in minutes by powerful quantum computers.
Video of David Chaum speech about post quantum blockchain POWER
We, being Ogs of crypto and blockchain, truly believed, that with crypto appearance here arrived something new, granting people financial freedom and making their wealth untouchable. The situation today is far from bright Satoshi ideas, making crypto centralized and fully controlled by whales asset, fully transparent and traceable and even with possibility to block one’s asset by mouse click. The only true and confidential crypto today is Monero, that is why it is being delisted from many exchanges. So, crypto has become just one of the many traditional assets, controlled by centralized government powered financial system, instead of being alternative and challenge for that, as it was initially supposed. Crypto looks like sandbox and honey pot, launched by globalists to check, whether people are ready for true financial freedom and p2p no middle communication with each other, or rather they will search for shepherd. As per Triple-A 2023 research, crypto ownerships rates at 4.2%.
Can crypto be a honey pot? Why not. Good idea to make some big badaboom at financial market and burst the bubble, like it was in previous cycles, for example subprime crisis of 2008. Need to catch some more funds and liquidity in crypto first. And here come ETFs. When funds allocated enough, there can come big swan, like quantum computing, which will destroy all blockchains in minutes. Also take in mind black swan related to USDT. At this stage crypto industry behaves accordingly to bigger fool theory, where those who bought at the start of the cycle cheaply, sell at the top to new users. Why suddenly major economies, especially the USA started granting such freedom for crypto assets? Permitting to open ETFs, helping to enter the industry by big institutional money, as well as retail investors’ money? Some time ago, crypto was Enemy #1 for the government, and now SEC, which was planning to ban all cryptos, except #bitcoin especially POS cryptos like #eth by telling they are in fact unregistered securities, why they now changes the narrative so dramatically? Just a business, nothing personal! Money talks, bull.it walks! US is having troubles with government debt, big sovereign holders, like China, are selling off US treasuries, that can leas to the debt collapse of the economy. Need to find some “bigger fool”. And this fool — retail investor. Crypto and blockchain, together with tokenization and #rwa by #blackrock will bring millions of retail households to the industry by selling the, such a product as tokenized t-bills. So, in this respect, we can claim that #crypto is #safu for some time: The Big Brother is caring about stability of the infrastructure. But remember, one day it will be good idea to make some black swan alike collapse by destroying all blockchains by quantum computers: no tokenized t-bills — no debts! Bingo!
Many crypto analysts are discussing, where is first billion users in crypto and how to acquire it? 15 years passed, crypto and blockchain are still far from mass adoption and are more likely like toys for the geeks: ask your granny or grandpa about crypto (we are not taking in account such exceptional persons as #KryptoGranny Anita Kalergis or #KryptoGranpa Pekka Kelkka), try to teach her how to use it. Seed phrases, unrecoverable accounts, bridges, gateways, gas…Conversion rate of non crypto people to crypto is very low! Those, who can implement seamless UIs, with social logins and keys, secured by witnesses and who will implement user friendly accounts (like username, not abracadabra alike 0x….xuSC8) will onboard billions of users. At the moment, biggest blockchain of #eth #ethereum is approaching this issue. But lets keep an eye on one old blockchain technology, not so overhyped, but very advanced — Graphene framework. #graphene is used in #bitshares #steemit #eos. Initially invented by Dan Larimer, supported in EOS by Brock Pierce, this DPOS — Delegated Proof of Stake blockchain framework realized many of the features more than 8 years ago, which modern crypto industry is just starting to implement. Among such features are UIA (user issued assets), stable coins, algorithmic coins, user friendly accounts and abstract accounts, new hype narrative for the crypto industry. User issued assets on the top of graphene alike blockchain are such, that you create a pool of commissions in native crypto and users can transfer UIA seamlessly without knowing what gas is! Also, there is such a term as sponsor account, which can pay gas for the specific user, thus no need for making tricks purchasing gas. We at #greenfalcon blockchain implement such features. All POS and DPOS blockchains have problem with their tendency to plutocracy and oligopolistic behavior. Vitalik Buterin mentioned such about DPOS, still POS is also like that. But this would not be the case for The Green Falcon blockchain, in which we will implement proof of importance mechanism, where each vote will matter, regardless of how much finance it has. The true #haqq democratic system!
Find big group of people, united by similar ideas, and provide them tools to solve their problems! That is the key to success in every business, including crypto and blockchain. The problem with many cryptos and blockchains is that…they are not solving any problems at all! They act just as abstract techno fetiscist tools: we have put the blockchain to the blockchain, so you can blockchain, while you blockchain. Bridges, atomic swaps, HTLTs, interoperability, zksnarks, etc. etc. all very far from real world daily problems. Which big billion groups can we distinguish? We see 3: China, India and the largest and most united one — Muslims. In this repect, one should note such an awesome project as #haqq blockchain of #islm #IslamicCoin on which we #buidl some community apps.
Meanwhile we, at The Green Falcon, are building blockchain for the whole humanity! And we solving the real problem, important for the whole Earth — mitigating climate change. We unite projects and services, which bring value for nature and for the planet. One of such projects is Green Tips, which we are building together with Masdar city based company Malisa Software. It is related to voluntary carbon offsetting, powered by blockchain technology.