Posts from the 'Quoted' Category

Experts Roundtable: What DEXs Must Do Better for Adoption

Experts Roundtable: What DEXs Must Do Better for Adoption

Binance, one of the most prominent cryptocurrency exchanges in the decentralized finance (DeFi) industry, was recently hit with one of the biggest fines in crypto history. As part of its plea deal, the company is set to pay a $4.3 billion fine, and its co-founder and former CEO, Changpeng Zhao (CZ), had to step down from his position.

Following the Binance debacle, Bittrex Global, another crypto exchange, has decided to stop its operation in the United States.

The murky Proof of Reserves and ensuing lawsuits and regulatory uncertainty of CEXs have led many people to leap to decentralized exchanges (DEXs).

So we ask the experts: What can DEXs learn from their centralized cousins in 2024?

Binance Plea Deal Highlights Importance of DEXs in Crypto Space

DEXs manage to solve several problems either caused or suffered by CEX centralized exchanges (CEXs) like Binance and FTX.

A large part of that is removing the centralized “moneypot” and authority, David Bleznak, the managing partner at Draper Goren Blockchain (DGB), told Technopedia.

“In an ideal world, there would be no central entity to incur penalties or fines if the DEX is actually decentralized. However, in practice there are usually parties involved in getting the DEX off the ground or even further operating some critical infrastructure (see Uniswap Labs).

 

These entities can follow the law and continue to forgo hosting front-ends that facilitate trading of fraudulent tokens or other prohibited activity.”

Anndy Lian, the author of NFT: From Zero to Hero, added that the recent Binance news highlighted how important decentralized exchanges are for cryptocurrency.

“Binance is facing legal challenges from various regulators around the world, who accuse the platform of violating financial laws and facilitating illicit activities.

 

“This has raised concerns among users about the security, privacy, and accessibility of their funds and data on centralized platforms. DEXs, on the other hand, offer a more decentralized and trustless alternative, where users can trade directly with each other without intermediaries or censorship.”

Moreover, DEXs allow users to have access to a much more comprehensive range of crypto assets and services like derivatives, lending, and non-fungible tokens (NFTs) that may not be available or compliant on centralized platforms.

DEX Regulatory Compliance – A Must

Regulatory compliance is one of the most crucial aspects DEXs must remember to prevent a recurrence of events similar to those surrounding Binance, Lian told Technopedia.

Adhering to regulatory standards ensures legal scrutiny and oversight, fostering trust among users, exchanges, and authorities.

Lian stressed:

“While DEXs may not have a central authority or entity that can be held accountable, they still need to respect the laws and rules of the land, especially when it comes to anti-money laundering, counter-terrorism financing, consumer protection, and taxation.”

Unfortunately, the recent events surrounding Binance have forced an array of negative headlines to circulate in the cryptocurrency industry; however, the fact that the Binance case has been settled provides some stability and certainty within the space, Ben Weiss, the CEO and co-founder at CoinFlip, noted.

“The issues facing Binance have shown that where a company is based won’t impact the basics of sanctions screening and AML/KYC.

 

“I believe decentralized exchanges are going to also be expected to perform the basics of AML/KYC and sanctions screening, and just because an exchange is decentralized doesn’t mean governments won’t expect their laws and regulations to be followed.”

Lian added that DEXs could use the Binance case as a case study to strengthen their operations by implementing appropriate measures and mechanisms to ensure AML/KYC compliance, geo-blocking, governance, and auditing. Moreover, DEXs can also collaborate and communicate with regulators and policymakers to ensure nothing goes unnoticed.

DGB’s Bleznak said:

“It has taken a long time for the true (crypto) believers to accept that code is not law… law is law, and we have not just a responsibility but an obligation and civic duty to uphold the rule of law.

 

It is important, no matter how decentralized we make these systems, to keep this perspective. Further, we should all act morally outside of the rule of law and choose not to cut corners or let our greed get the best of our decision-making.”

Education and Staying Up-to-Date Are Key

According to Lian, one of the key challenges faced by DEXs is the lack of awareness and understanding among users about the risks and benefits associated with decentralized trading, which is why educating users is another key aspect DEXs must consider.

“Decentralized trading can offer users more freedom, choice, and control over their assets and transactions, but it also requires more responsibility, knowledge, and skill.

 

“Users need to be aware of the potential pitfalls and dangers of decentralized trading, such as volatility, liquidity, slippage, scams, and bugs. Users also need to be familiar with the technical aspects and mechanisms of decentralized trading, such as wallets, keys, gas fees, swaps, and pool.”

However, this can be easily achieved through  “comprehensive guides, interactive tutorials, and community engagement initiatives,” DGB’s Bleznak explained.

Another initiative DEXs could consider is partnering with educational platforms and influencers in the digital assets industry, which could broaden their reach.

However, because DEXs leverage the power of smart contracts, staying up to date with the latest technological developments is another key aspect DEXs should keep in mind in the new year, CoinFlip’s Weiss added.

“The biggest challenges for DEXs are related to the user experience, such as complicated interfaces and thin liquidity.  That said, DEXs are innovating rapidly such as by using layer 2 solutions to increase scalability and capacity.”

In addition, DEXs can also leverage emerging technologies like Layer 2 scaling solutions, sharding, and cross-chain interoperability to address some of the current challenges they may face, like high transaction fees, network congestion, and limited asset diversity, Bleznak said.

“Implementing these technologies can enhance the user experience by reducing transaction costs and improving transaction speeds.”

DEXs Have Big Potential to Democratize Finance

CoinFlip’s Weiss noted that DEXs “have a lot of potential to democratize finance” because they eliminate the intermediaries present in traditional finance and are especially important in countries that have historically had little banking and financial infrastructure.

“DEXs are harder to navigate than CEXs from both a user learning curve and user interface perspective.

 

“That said, because the wallets are non-custodial, DEXs can be a more secure option than a CEX but only if the user has the sophistication level necessary to navigate a platform that will more likely have a complicated interface and require knowledge of crypto.”

DEXs Can Strike a Balance Between User Privacy and Security

Moreover, DEXs can balance user privacy and security by leveraging advanced cryptographic techniques like zero-knowledge proofs, which enhance privacy while maintaining security.

User privacy is one of the main advantages of DEXs as users can trade anonymously without disclosing their personal information or financial data, Lian added.

“However, user privacy can also pose risks and challenges, such as fraud, theft, hacking, and abuse. Therefore, DEXs need to implement robust security measures to protect users and their funds, such as encryption, multi-signature, smart contracts, and insurance.

 

“DEXs can strike a balance between maintaining user privacy and implementing robust security measures by adopting a risk-based approach, where they apply different levels of verification and protection depending on the type, size, and frequency of transactions.”

The Bottom Line

In navigating the challenges posed by the recent Binance lawsuit, decentralized exchanges must prioritize regulatory compliance, emphasizing adherence to legal standards that will build trust among users, the exchanges themselves, and regulating bodies.

Educational initiatives are crucial to raising awareness about the risks and benefits of decentralized trading, requiring DEXs to provide comprehensive guides and engage with the community.

Meanwhile, staying abreast of technological advancements, leveraging emerging solutions, and finding a balance between user privacy and security will be key in unlocking the vast potential of DEXs in 2024.

 

 

 

Source: https://www.techopedia.com/decentralized-exchanges-adoption-challenges-expert-panel

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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BRC-721E: A Bridge or a Burner for Ethereum NFTs?

BRC-721E: A Bridge or a Burner for Ethereum NFTs?

Non-fungible tokens (NFTs) are unique digital assets that represent various forms of art, collectibles, games, and more. Most of the NFT activity has been happening on the Ethereum network, which supports the ERC-721 standard for creating and trading NFTs. However, Ethereum is not the only blockchain that can host NFTs.

In fact, Bitcoin, the oldest and largest cryptocurrency, has also developed its own way of storing and transferring digital art on its network. This is done through a protocol called Ordinals, which allows users to embed data, such as images or text, onto a single satoshi, the smallest unit of Bitcoin. Ordinals are essentially the closest thing that Bitcoin has to NFTs, and they have been gaining traction in the past few months, with over 10 million inscriptions created as of May 2023.

According to book author Anndy Lian, at one point in November 2023, BRC-20 NFTs have also surpassed Ethereum NFTs in terms of sales volume, with $35,563,933 worth of transactions in the past 24 hours, compared to $12,142,132 for Ethereum NFTs.

But what if you want to move your NFTs from Ethereum to Bitcoin or vice versa? Is there a way to bridge the two networks and preserve the value and uniqueness of your digital assets? This is where BRC-721E comes in. BRC-721E is a new token standard that was introduced in May 2023 by Ordinals Market, a Bitcoin-based NFT marketplace, and Bitcoin Miladys, a Bitcoin-based derivative of the popular Miladys NFT collection on Ethereum. It claims to be a bridge between the Ethereum and Bitcoin networks, allowing users to convert their ERC-721 NFTs to BRC-721E tokens on Bitcoin. But how does it work, and what are the benefits and drawbacks of using it? In this article, we will explore the features, advantages, and challenges of BRC-721E and how it affects the NFT markets on both Ethereum and Bitcoin.

How BRC-721E works

The process of converting an ERC-721 NFT to a BRC-721E token on Bitcoin involves the following steps:

  • The user burns their ERC-721 NFT on Ethereum by sending it to a special address that has no withdrawal function. This means that the NFT is permanently destroyed and cannot be recovered. The user also specifies a Bitcoin address that will receive the BRC-721E token.
  • The user inscribes valid BRC-721E data onto a satoshi on the Bitcoin network. The data must include a reference to the Ethereum burn transaction and the Bitcoin address that matches the one specified in the previous step.
  • The BRC-721E token is created and transferred to the user’s Bitcoin address. The token will automatically appear on a custom Ordinals Market collection page with complete metadata, such as the name, description, and image of the original NFT.

The BRC-721E token is said to be immutable and verifiable, meaning that it cannot be altered or duplicated and that it can be traced back to the original NFT on Ethereum. However, there are some limitations and risks involved in using BRC-721E. First of all, the conversion is irreversible, meaning that once the user burns their ERC-721 NFT on Ethereum, they cannot get it back or send it back to Ethereum. Secondly, the metadata of the BRC-721E token is not stored on-chain but off-chain on the Ordinals Market website. This means that the token relies on a third-party service to display its full information and that it may not be compatible with other Bitcoin wallets or marketplaces. Thirdly, the user has to pay fees for both the Ethereum and Bitcoin transactions, which may be high depending on the network congestion and demand. Finally, the user has to trust that the Ordinals Market website and the BRC-721E protocol are secure and reliable and that they will not be hacked, shut down, or compromised in any way.

What are the benefits of BRC-721E?

Despite the challenges and risks, BRC-721E offers some potential benefits for users who want to migrate their NFTs from Ethereum to Bitcoin. Here are some of them:

  • BRC-721E allows users to access the growing Ordinals ecosystem on Bitcoin, which has been attracting more attention and activity in the past few months. According to CryptoSlam, a data platform for NFTs, Bitcoin ranked second in terms of NFT trading volume by network in May 2023, surpassing Solana and trailing only behind Ethereum4. Some of the popular Ordinals collections include Bitcoin Miladys, Pixel Pepes, Bitcoin Punks, and BTC DeGods.
  • BRC-721E enables users to leverage the security and stability of the Bitcoin network, which is widely regarded as the most robust and decentralized blockchain in the world. Bitcoin has a higher hash rate, a longer history, and a larger network effect than Ethereum, making it more resistant to attacks, censorship, and manipulation. By converting their NFTs to BRC-721E tokens on Bitcoin, users may feel more confident and comfortable about the safety and longevity of their digital assets.
  • BRC-721E provides users with an opportunity to diversify their NFT portfolio and exposure to different blockchain platforms. By holding both ERC-721 NFTs on Ethereum and BRC-721E tokens on Bitcoin, users can benefit from the different features, advantages, and innovations of each network. For example, Ethereum offers more functionality, interoperability, and variety for NFTs, while Bitcoin offers more simplicity, security, and scarcity for Ordinals. Users can also hedge against the volatility and uncertainty of each network by having a balanced mix of NFTs on both chains.

What are the drawbacks of BRC-721E?

On the other hand, BRC-721E also has some drawbacks and limitations that users should be aware of before using it. Here are some of them:

  • BRC-721E destroys the original NFT on Ethereum, which may result in a loss of value, utility, and community for the user. By burning their ERC-721 NFT, the user gives up ownership and access to the original asset, which may have more demand, liquidity, and functionality on the Ethereum network. For example, some NFTs on Ethereum can be used in games, platforms, or metaverses, which may not be possible or compatible with BRC-721E tokens on Bitcoin. Moreover, the user may lose the connection and interaction with the original NFT community, which may have more members, events, and updates than the Ordinals ecosystem on Bitcoin.
  • BRC-721E depends on the Ordinals Market website and the BRC-721E protocol, which may not be reliable, secure, or trustworthy. As mentioned earlier, the metadata of the BRC-721E token is not stored on-chain but off-chain on the Ordinals Market website. This means that the token is not fully decentralized or transparent and that it relies on a third-party service to display its full information. If the Ordinals Market website is hacked, shut down, or compromised in any way, the user may lose access to their BRC-721E token or its metadata. Furthermore, the BRC-721E protocol is relatively new and untested, and it may have bugs, errors, or vulnerabilities that could affect the conversion process or the token itself.
  • BRC-721E incurs fees for both the Ethereum and Bitcoin transactions, which may be high or unpredictable depending on the network conditions and demand. The user has to pay gas fees for burning their ERC-721 NFT on Ethereum and transaction fees for inscribing their BRC-721E token on Bitcoin. Both fees are determined by network congestion and market forces, and they may vary significantly over time. For example, in 2023, the average gas fee on Ethereum was around $20, while the average transaction fee on Bitcoin was around $10. These fees may add up to a significant cost for the user, especially if they want to convert multiple NFTs or if the fees increase in the future.

Summing up

In the ever-evolving landscape of NFTs, the emergence of BRC-721E poses intriguing possibilities and complexities for digital asset holders. It stands at the nexus of a pivotal choice: whether to bridge the Ethereum and Bitcoin networks or risk burning the bridge altogether.

It embodies both promise and peril, offering a conduit for migrating NFTs between Ethereum and Bitcoin yet demanding sacrifices and presenting hurdles in the process. It opens the door to the Ordinals ecosystem on Bitcoin, a realm swiftly gaining momentum in the NFT sphere, showcasing the potential for diversification and security. Yet, its mechanisms paint a canvas of irreversible actions, forcing users to bid farewell to their original ERC-721 NFTs on Ethereum, severing ties with established communities and ecosystems.

While the allure of Bitcoin’s robust network security and stability stands as a beacon, the reliance on a third-party service for metadata storage raises questions about decentralization and trust. The vulnerability to website vulnerabilities or shutdowns threatens the integrity and accessibility of BRC-721E tokens, introducing uncertainties in an already complex digital landscape.

Moreover, the financial implications of transitioning through BRC-721E cast shadows of unpredictability. High fees across both Ethereum and Bitcoin networks present a substantial financial burden, amplifying the cost of conversions and potentially deterring users from engaging in multiple transitions.

As users weigh the scales of opportunity and risk, the decision to embrace BRC-721E hinges on individual priorities. It prompts contemplation on the trade-offs between accessibility, security, and community allegiance. The quest for seamless interoperability between disparate blockchain ecosystems demands consideration of the irreversible nature of actions and the inherent risks woven into the process.

The advent of BRC-721E epitomizes the expanding frontier of blockchain innovation, offering a glimpse into the multifaceted nature of NFT migration. It beckons users to navigate a labyrinth of choices, challenging preconceptions and inviting exploration into the boundaries of digital ownership.

In this intricate dance between Ethereum and Bitcoin, BRC-721E casts a spotlight on the juncture where innovation meets consequence. Its significance lies not only in its technical prowess but in the philosophical conundrum it presents—a choice between preserving the familiarity of one’s digital assets or embarking on a new frontier, lured by the promises and uncertainties it holds. As the NFT narrative continues to unfold, the saga of BRC-721E will stand as a testament to the nuanced decisions inherent in the evolution of digital ownership and blockchain interconnectivity.

 

Source: https://hackernoon.com/brc-721e-a-bridge-or-a-burner-for-ethereum-nfts

FAQ:

What is BRC-721E, and how does it facilitate NFT migration between Ethereum and Bitcoin?

Anndy Lian explains that BRC-721E is a token standard introduced by Ordinals Market to enable the transfer of ERC-721 NFTs from Ethereum to Bitcoin. It involves burning the original NFT on Ethereum and inscribing data onto a satoshi on the Bitcoin network, resulting in the creation of a BRC-721E token that represents the original NFT.

What are the advantages of using BRC-721E for migrating NFTs?

BRC-721E provides access to the growing Ordinals ecosystem on Bitcoin, offering diversification and potential exposure to a network gaining traction in NFT trading. It leverages Bitcoin's security and stability, enhancing confidence in asset safety. Additionally, Anndy Lian mentioned that it allows users to diversify their NFT portfolio across different blockchains.

Who is Anndy Lian?

Anndy Lian is an intergovernmental blockchain expert. He gives talks and advisory to governments and government linked enterprises.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

What you should know about how tokenised digital money helps with safer transactions

What you should know about how tokenised digital money helps with safer transactions

Like most Singaporeans, Mr Leslie Koh, 50, welcomed the $300 worth of Community Development Council (CDC) vouchers he received.

He was one of over 1.1 million, or 90 per cent, of Singaporean households who had claimed the third tranche of the vouchers within a month of its launch in January.

The vouchers were part of the Government’s measures to support Singaporeans with cost-of-living concerns. Of the $300, half could be used at participating hawker stalls and heartland merchants’ stores, and the other half at participating supermarkets.

Residents claim the vouchers at go.gov.sg/cdcv. They will receive a link on their verified mobile numbers, where vouchers in fixed denominations of $2, $5 and $10 can be accessed.

To use them, you select the amount, get a QR code, and show it to participating merchants to scan and complete the transaction. The current tranche of vouchers will be valid until Dec 31, and can be claimed any time until then.

“My wife and I found the CDC vouchers convenient and easy to use,” says Mr Koh, an editor at a Christian organisation. “We redeemed most of it at the neighbourhood hawker centre, provision shop and barber.”

So it seemed easy to use. But was it as easy for merchants to accept? Not quite.

The Problem

An AsiaOne report last year revealed that the scheme faced teething issues shortly after it was first launched to all Singaporean households in December 2021.

Some older hawkers were unfamiliar with accepting digital payments and tried to avoid accepting CDC vouchers. Others were short-handed and found it quicker to accept cash. Some hawkers shared that they were duped by consumers who used fake QR codes that did not result in any payment being made.

For voucher schemes like CDC, merchants must also sign separate contracts before joining a new phase of the campaign – even if they had participated in previous ones, notes the Monetary Authority of Singapore (MAS) in its Project Orchid White Paper released last November.

Project Orchid, launched by MAS in 2021, seeks to explore and experiment with the infrastructure needed to implement a digital Singdollar.

Money glossary

Retail Central Bank Digital Currency (CBDC): Digital equivalent of today’s notes and coins, issued by a central bank. It exists only in electronic form. In Singapore, it is known as a digital Singapore dollar (Singdollar).

Wholesale CBDC: Digital currency that is confined to interbank systems and does not enter the public space, used only by financial institutions.

Fiat currency: The money that we know and use every day, declared legal tender by a government. It can exist in digital or physical form.

Purpose-bound money: A protocol that sets the conditions upon which an underlying tokenised digital currency can be used.

Tokenisation: The process of converting an asset into a digital token on a blockchain, or digital ledger.

The voucher claiming process also requires all parties – such as the merchants, voucher issuer and bank – to ensure accurate cash flow. Any discrepancies could lead to a “long and costly dispute resolution process”, notes the MAS.

Nevertheless, interest among merchants has grown. The number of participating merchants increased from about 10,000 in 2021, to over 22,000 this year.

But is there a better way to administer such schemes?

The Possible Solution

Purpose-bound money (PBM) could potentially address these issues, says Ms Janet Young, managing director and head of Group Channels and Digitalisation at UOB.

PBM refers to a protocol that sets the conditions upon which an underlying tokenised digital currency can be used.

It controls how the money is spent by “wrapping” rules or conditions around it. These rules can limit spending to specific merchants or particular goods or services.

For example, the Government can use PBM to issue vouchers such as those by the CDCs, which can only be used at participating merchants, and cannot be used beyond the expiry date. If these conditions are met, the digital money is “unwrapped” and released instantly to the merchant during the transaction.

“PBMs, allocated for specific uses or goals, offer several benefits,” says Ms Young. “It promotes financial discipline, ensures funds are directed toward intended objectives, reduces the risk of misallocation, and addresses inefficiencies of the current voucher schemes.”

Intergovernmental blockchain expert Anndy Lian points out that PBMs can enhance payment security and transparency by ensuring that the underlying digital money is used only by the intended person, and for the specific reason spelt out in the PBM.

“PBMs can be used for anti-money laundering, counter-terrorism financing, or tax compliance purposes, where the underlying digital money is traceable and reportable,” Mr Lian explains.

To UOB, PBM is “an important element in the future of digital money as it enables money to be directed towards a specific purpose, without requiring the money itself to be programmed”, says Ms Young.

“As we uncover the potential of PBMs, we open doors to a future of digital money that can direct allocations, driving opportunities for innovation, value creation and efficiency.”

The Potential

MAS’ Project Orchid is exploring the use of PBMs, and various trials have been initiated with banks and the private sector on the applications of PBMs and a digital Singdollar. To support MAS’ efforts, UOB has run three pilot trials so far.

Last year, UOB partnered with SkillsFuture Singapore to explore how the disbursement of SkillsFuture credits for courses by overseas training providers could be enhanced, using a digital Singdollar issued by the bank. The pilot is expected to be completed by the end of the year.

More on the Future of Finance

At the Formula One festivities in September, UOB worked with Grab and fintech firm Fazz to launch the Singapore Pitstop Pack. Participants could use PBM-based commercial vouchers to make purchases. The vouchers can be used until the end of the year at over 200 participating merchants islandwide, and are available to locals and tourists.

Last month, at the Singapore Fintech Festival, UOB and OCBC ran a trial on the fungibility of a digital Singdollar and interbank settlement using a simulated wholesale CBDC. As part of the trial, participants could request PBM from one bank, and use it to claim a piece of merchandise from the other.

Ms Young says: “The successful completion of the last two pilots represents a significant stride in Singapore’s larger ambition to work towards a truly seamless financial ecosystem with domestic and cross-border applications.”

 

Source: https://www.straitstimes.com/business/what-you-should-know-about-how-tokenised-digital-money-helps-with-safer-transactions

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j