Panel Discussion at Crypto Expo Asia 2023: The Institutionalisation of Blockchain Staking

Panel Discussion at Crypto Expo Asia 2023: The Institutionalisation of Blockchain Staking

In a panel discussion titled “The Institutionalization of Blockchain,” experts gathered to delve into the topics of blockchain decentralization, the future of Ethereum, and self-regulating technologies. Moderated by Anndy Lian, author of the book “NFT from Zero to Hero,” the panelists shared their insights on these critical subjects. Panelists included Anuj Shankar, CEO (Luganodes); Igneus Terrenus, Head of Communications and Business Development (Mantle Network by BitDAO); Ken Nizam, Founder & CEO (AsiaTokenFund Group); and Zhuling Chen, CEO (RockX).

The panel discussion commenced with a focus on how institutional investors can effectively manage risks when participating in blockchain staking. Ken emphasized the significance of conducting due diligence on the network’s security and governance. He stressed the importance of understanding the team behind the network and its track record in terms of security and resilience. Additionally, Ken highlighted the need for diversification, where institutions choose multiple staking providers to mitigate overall risk. Regulatory compliance was also deemed crucial, with staying updated on the latest regulations being a recommended practice.

Zhuling Chen added that institutional investors must comprehend the fundamental risks associated with crypto staking. These risks include crypto market volatility, network security, and platform safety. He mentioned the potential benefits of employing custodian services as an extra layer of protection, especially for those new to the crypto space. Insurance coverage was also suggested as a means to safeguard assets from hacks or loss.

Igneous Terraneans reiterated the notion that staking is an active contribution to the network’s security. It involves working to secure the network rather than merely earning passive income. Trust in the network’s robustness and team, as well as the proper management of rewards and counterparty risks, were highlighted as critical considerations. Diversification was mentioned as a prudent strategy, particularly for institutional investors with substantial assets.

The conversation then shifted towards zero trust and zero knowledge mechanisms and their applicability to institutional investors. Anndy Lian pointed out that staking is comparable to mining in the proof-of-work world, where physical machines secure the network. Staking, on the other hand, represents a virtual mining process, utilizing tokens and servers to safeguard the network. It was noted that institutions, especially those familiar with mining Bitcoin, may find it easier to understand staking as a form of fixed income derived from the network itself.

The panelists acknowledged that zero trust and zero knowledge principles lie at the core of blockchain technology, offering decentralized and trustless systems. While these mechanisms are not infallible, they are steadily improving, and teams are actively building on them. The power shift from centralized authorities to decentralized systems aligned with the ethos of blockchain. Institutions were encouraged to participate in these systems, contributing to a more distributed and secure network.

To facilitate broader institutional participation, the panelists stressed the need for simplicity in the staking process. Anuj from Luganotes highlighted the technical complexities involved in setting up and maintaining validators. While staking presents significant security considerations, it is crucial to streamline the process for institutional validators, especially newcomers to the space. Simplification would aid mass adoption and allow individuals without extensive technical knowledge to participate.

The panel discussion shed light on essential considerations for institutional investors. Risk management, due diligence, diversification, regulatory compliance, and custodian services were highlighted as crucial elements in managing risks effectively. The panelists emphasized the active role of staking in securing the network and discussed the importance of zero trust and zero knowledge mechanisms. Ultimately, the experts agreed that simplicity and security should be prioritized to encourage broader institutional participation in staking and contribute to the growth and decentralization of blockchain networks.

Crypto Expo Asia 2023 is a premier virtual asset and Blockchain Conference, organized by HQMena announced in Singapore 2023 with its large audience attending globally. Over 100+ Crypto companies are expected to participate in this event, with an estimated 3000+ attendees, Featured conference with 60+ Speakers, and many attendees from 30+ Countries.

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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”.

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Crypto Expo Asia Panel Discussion: Defending the Future of the Decentralised, Permissionless World

Crypto Expo Asia Panel Discussion: Defending the Future of the Decentralised, Permissionless World

Topic- Defending the Future of the Decentralised, Permissionless World

Crypto Expo Asia, 7-8th June 2023, Singapore

Moderator- Asih Karnengsih, Chairwoman (Asosiasi Blockchain Indonesia)

Panelists:
– Anndy Lian (Intergovernmental Blockchain Advisor)
– Marouen Zelleg, Director of Growth (ConsenSys)
– Pradeep Goel, Founder & CEO (Solve.Care)

Crypto Expo Asia 2023 is a premier virtual asset and Blockchain Conference, organized by HQMena announced in Singapore 2023 with its large audience attending globally. Over 100+ Crypto companies are expected to participate in this event, with an estimated 3000+ attendees, Featured conference with 60+ Speakers, and many attendees from 30+ Countries.

One of the key discussions we have lined up is focused on “Defending the Future of the Decentralized Permissionless World.” This panel discussion brings together experts from different backgrounds to share their perspectives. The panelists include Asih Karnengsih, the moderator, Chairwoman of the Asosiasi Blockchain Indonesia; Anndy Lian, NFT from Zero to Hero book author; Marouen Zelleg, Director of Growth at ConsenSys, and Pradeep Goel, Founder and CEO of Solve Care.

Pradeep Goel emphasized the importance of user-centric security in the blockchain industry. He highlighted the challenges faced by users, especially in regulated industries such as healthcare. According to him, user-friendly solutions that protect identities, assets, and roles are crucial for driving adoption. Pradeep stressed the need for a holistic approach to security that combines nuanced identity management, asset protection, and role-based access.

Marouen Zelleg spoke about his commitment to decentralization. He shared his personal experiences from Tunisia, a country known for its centralized bureaucracy, and the limitations it imposes on individuals and businesses. Marwan expressed his passion for blockchain technology’s potential to transform economies and people’s lives. Consensus, through its software solutions, contributes to this mission by enabling developers to build on the blockchain.

Anndy Lian highlighted his role in advising companies and governments on blockchain adoption. He emphasized the importance of educating governments about the potential of blockchain technology and its benefits. Andy also mentioned his book, “NFT from Zero to Hero,” where he aims to educate people about decentralization and its implications.

The panelists further discussed the role of security in the decentralized world. Pradeep emphasized the significance of tying identity, assets, and roles together to provide a secure user experience. Marouen highlighted the need for a balance between security and decentralization. He drew parallels with the traditional taxi system, showcasing how decentralization can provide security and safety without relying on centralized entities. Anndy emphasized the role of artificial intelligence and blockchain analytics in enhancing security measures.

The conversation also touched upon the involvement of governments in the blockchain space. Anndy shared insights into the diverse perspectives of governments, ranging from concerns about regulation and taxation to promoting innovation and harnessing blockchain’s potential. He mentioned the increasing interest of governments in regulating aspects like wallets and monitoring crypto activities.

The panelists concluded that the implementation of blockchain technology in traditional institutions varies based on use cases and regulatory environments. While some institutions explore blockchain to revamp their infrastructure and benefit from quicker settlement times, others aim to cater to customer demands, such as providing crypto-related services within existing banking systems.

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YouTube: https://www.youtube.com/@AnndyLian

 

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”.

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Bitcoin is Bigger in Asia with U.S. Supply Dropping 11% This Year

Bitcoin is Bigger in Asia with U.S. Supply Dropping 11% This Year

According to on-chain data, Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets.

Glassnode, an on-chain analytics service, announced on June 5 that the gap between US and Asia Bitcoin supplies held or transacted had grown.

 

According to Glassnode, the year-over-year change in BTC supply by geographical region shows a notable disparity. The US entities’ extreme dominance in 2020-21 has obviously reversed, with US supply dominance declining by 11% since mid-2022. Also, over the last year, European markets have been rather neutral, whereas Asian trading hours have seen a major increase in supply dominance.

The gap has grown wider as America becomes more hostile to Bitcoin and overall cryptocurrency sector while Asia opens up. “This is a distinct reversal from the 2020-21 bull cycle,” Glassnode observed.

The United States’ supremacy began to decline in 2021 and switched negative in mid-2022. This occurred at the same time as the Terra/Luna ecology collapsed and regulatory pressure increased. Since then, the government and federal officials have been on a mission to put an end to the industry through regulatory action.

Glassnode also noticed significant changes in stablecoin supply. Since the beginning of the year, the aggregate stablecoin supply from the top five issuers has decreased by 7.5%, or $10 billion.

A substantial chunk of this fall can be attributed to Circle’s USDC, which was once favored by US financial institutions. In 2023, the USDC supply has fallen by $15.7 billion, or 35%. Circle was also severely harmed as a result of its exposure to the now-defunct Silicon Valley Bank.

Why Is Southeast Asia a Crypto-Friendly Region?

Although cryptocurrency may have started in the G7 (if presumed that Satoshi Nakamoto is Japanese), underdeveloped countries have often been the most enthusiastic about adopting decentralized virtual currencies. The explanation is simple: the promise of financial democratization offered by cryptocurrency has a tremendous appeal in nations where huge segments of the population lack access to key banking services.

It is no coincidence that Asia’s two greatest developing countries, China and India, have imposed severe sanctions on cryptocurrency while rising Southeast Asia has not. Approximately 80% of individuals in both nations have bank accounts.

In comparison, up to 70% of Vietnamese, 66% of Indonesians, and 44% of Filipinos are unbanked. Regulators in these countries are, predictably, slower to restrict access to cryptocurrencies than their colleagues in China and India.

Also, this month, Hong Kong began enabling exchanges to facilitate trading, while in the West, legal proceedings against key exchanges in the United States represented a watershed moment for the industry.

Brian Armstrong, CEO of Coinbase, one of the targets of the SECs legal action, cautioned in an opinion article for MarketWatch that weak regulation would harm the United States.

“In the 1990s and early 2000s, smart—and tailored—regulation enabled the United States to define the Internet Age,” he wrote.

Regarding Hong Kong, Armstrong stated that China’s drive for the crypto story was “no surprise.”

Be it as it may,  some people familiar with the situation believe that US regulatory action against two big cryptocurrency exchanges, Coinbase and Binance, may serve as a model for Hong Kong and Singapore as they seek to combine expansion with investor safety.

The revelation has rattled investor confidence just as Hong Kong is attempting to position itself as a trading hub alongside Singapore, which already has such a framework in place.

US Actions May Be Used as Point of Reference

According to experts, the two cities may use the US action as a reference point, which might mean greater inspection of Bitcoin and crypto trades in Asia.

Anndy Lian, Singapore-based author of the book “NFT: From Zero to Hero” said that there would be a fallout for sure.

“Hong Kong and Singapore are taking measures to regulate the cryptocurrency industry by proposing new licensing regimes for virtual asset trading platforms,” he said .

The Securities and Futures Commission (SFC) in Hong Kong has asked for an evaluation of a proposal that would urge crypto trading platform operators to get the same licenses as securities traders.

According to Lian, other firms that were not applying had been asked to prepare for an orderly closure as well.

Securities, unlike other financial assets, are heavily regulated and require extensive disclosures to notify investors of potential dangers.

“These developments indicate that cryptocurrency exchanges seeking approval in Hong Kong and Singapore will have to adhere to new regulatory requirements and may be subject to increased scrutiny from regulators,” Lian concluded.

Julian Hosp, the CEO and co-founder of Cake Group, a fast-growing Southeast Asia’s digital assets innovator, asserted that the war that the US is waging on cryptocurrencies “shows no signs of abating, and it will only intensify as time wears on.”

He went on to say that the regulator’s action is part of a bigger trend that would most likely continue through the 2024 presidential election.

Rajagopal Menon, vice-president of WazirX stressed that the SEC’s lawsuit primarily focuses on actions that have taken place in the United States and their impact on American citizens. However, he warned that for regulators in Hong Kong, such as the Securities and Futures Commission, and Dubai’s Virtual Asset Regulatory Authority, the SEC’s lawsuit could serve as a point of reference or information.

 

Source: https://www.ccn.com/bitcoin-is-bigger-in-asia-than-us/

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”.

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