Anndy Lian’s speech at Block Review Thailand Roundtable- Ethereum Merge: Everything you need to know

Anndy Lian’s speech at Block Review Thailand Roundtable-  Ethereum Merge: Everything you need to know

Block Review organized a roundtable lunch in Bangkok Thailand, on 26 July 2022. 20 carefully selected guests were present at the event. The guest comprises former minister, senior bankers, and c-suite technology founders.

The roundtable aims to let stakeholders understand more about blockchain technology and how this can help with their businesses.

The event is closed door, held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed. Mr Anndy Lian, who is based in Singapore is not able to attend the event in person, had his session recorded with the agreement of all the participants. Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member and keynote speaker.

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. He also 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.

The topic of the roundtable is Ethereum Merge: Everything you need to know.

The Merge represents the joining of the existing execution layer of Ethereum (the Mainnet we use today) with its new proof-of-stake consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. A truly exciting step in realizing the Ethereum vision – more scalability, security, and sustainability.

At the Ethereum Community Conference in France, Vitalik Buterin said that Ethereum is just 40% complete—and there’s plenty more coming after the “merge.” The Ethereum mainnet with the proof-of-stake beacon chain—is just the first in a series of planned upgrades.

Ethereum will then undergo further upgrades, which he calls the “surge,” “verge,” “purge,” and “splurge,” he told the conference. These terms are no strangers to Ethereum followers.

Highlights of Ethereum 2.0 aka The Merge:

– Ethereum will move to a POS consensus when it merges with the Beacon Chain

– ETH2 is not a new asset. ETH in your wallet or exchange account will not be impacted.

– Ethereum’s transition to POS will bring numerous benefits, including improved efficiency, scalability, and security, as well as reduced centralization

Anndy answered some of the questions that were being asked:

  • What is Ethereum 2.0’s release date?
    The Ethereum development community is making good progress and we expect ETH 2 to go live in 2022. As of July 2022, the Ethereum core developers updated the Ethereum merge timeline with a tentative launch date sometime during the week of September 19th, 2022.

 

  • Why is Ethereum moving to proof of stake?
    Ethereum’s transition to proof of stake will bring numerous benefits, including improved efficiency, scalability, and security, as well as reduced centralization.

 

  • Will ETH gas fees be cheaper?
    No, it will not be cheaper. Gas fees are governed by simple supply and demand. If there is more demand than supply, then gas prices are high. If there is more supply than demand, then gas prices will be low.

 

  • Is ETH 2.0 a new coin?
    No. There is only one $ETH. There is no $ETH2.

 

  • Is Ethereum going to be on POS?
    Yes. Ethereum’s current POW consensus will be shelved. However, the network will still operate the same to its end users.

 

  • Is ETH 2.0 going to help the current ecosystem?
    Yes. The projects that are built on Ethereum will benefit greatly from the upgrade.

 

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 “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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Global Cloud Native & Opensource Summit: What you need to know in 2022 & Beyond

Global Cloud Native & Opensource Summit: What you need to know in 2022 & Beyond

Cloud Data Architecture: What You Need to Know in 2022 and Beyond (Big Data Analytics) talks about cloud solutions, cloud analytics, decentralized storage, data democratization, and more.

Key takeaway pointers:

1) Cloud analytics is often associated with artificial intelligence (AI), machine learning (ML), and deep learning (DL). And it is commonly used in industry applications

2) Democratize advanced technology by allowing your employees to work efficiently within their current knowledge. With innovative technology, there is a learning curve that developers/technicians need to go through to make the most of that technology.

3) Decentralized storage works on a reasonably democratic concept where data storage is not concentrated in the hands of a few tech giants. Instead, it is a peer-to-peer cloud storage solution with ordinary users or miners managing the system. Users rent out free disk space on their drives and are incentivized with tokens in return for their contribution.

4) Cloud adoption is a strategy used by enterprises to improve the scalability of Internet-based database capabilities while reducing cost and risk. To achieve this, businesses engage in the practice of cloud computing or using remote servers hosted on the Internet to store, manage, and process critical data.

5) Distributed cloud will support expanded service availability. By 2023, the leading cloud service providers will have a distributed ATM-like presence to serve a subset of their services for low-latency application requirements. Many cloud service providers are already investing in ways to make their services available closer to the users that need to access them.

Moderator:
Athiratt Jarnyaharn, Director of Data at BukuWarung

Panelist:
Nikhil Singh Kushwaha, Senior Data Architect at OCBC Bank
Bernard Tan, Director, Internal Audit at ISACA Singapore Chapter
Anndy Lian, Chief Digital Advisor at Mongolian Productivity Organization

Global Cloud Native & Open Source Summit 2022 focuses on a full range of cloud-native & open source technologies and is committed to defining the standard of the next generation of software engineering.

 

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 “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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What is Terra Luna 2.0? Everything you need to know about Terra’s fork

What is Terra Luna 2.0? Everything you need to know about Terra’s fork

The Terra Luna community has approved of the revival plan that would see a hard fork from the failed token and the creation of a new blockchain Terra 2.0.

Earlier this month, LUNA crash made headlines, sending shockwaves through the wider cryptocurrency space, with bitcoin (BTC) and ethereum (ETH) crumbling and cryptocurrency trading platform Binance (BNB) forced to suspend trading.

The luna coin is part of a dual-token system along with Terra’s US dollar-pegged stablecoin Terra USD (UST).

Terra USD is an algorithmic stablecoin, which means that its peg to the US dollar is ensured by algorithms and game theory, using a series of smart contracts to keep the price at $1.

When UST unpegged from the USD on 9 May, UST redemptions massively inflated LUNA supply, driving the price down by 99%. The UST crash happened as the algorithms could not keep up, forcing the Luna Foundation Guard and its governance team to sell their bitcoin reserves to save the stablecoin.

This caused BTC to drop to $27,000 and wiped out nearly $400bn of the total cryptocurrency market value.

What is LUNA 2.0?

In a new plan proposed by Kwon, the Terra blockchain would undergo a hard fork, with the launch of Terra 2.0 and the old luna tokens being  renamed into luna classic (LUNC). Kwon’s revival plan has passed with 65.5% majority approval.

The snapshot for Terra 2.0 given by Kwon gives an idea of how the blockchain would work and states that the new Terra will be created without the algorithmic stablecoin.

The Terra Builders Alliance have provided technical details on integration, decentralised applications (dApps) migration, and a guide to rebranding the original Terra chain as ‘Terra Classic’.

The tokens will be renamed as Luna Classic (LUNC), and while the original Cosmos chain will continue to operate, the option to mint or burn coins will be disabled.

The new blockchain is due to arrive on 28 May, according to Terra’s twitter. “The community has been working around the clock to coordinate the new chain’s launch,” the project said.

Terra Station, Terra Finder, the project’s block explorer, and Terra Observer, the project’s feeder for dApps, will all have full functionality when the network goes live, according to Terra’s team.

How will LUNA Classic work?

What is Terra Luna Classic (LUNC)? It’s simply a new token that will replace failed LUNA coins. In the latest LUNA 2.0 news, the new tokens are being airdropped to LUNA and UST holders on 28 May, according to Terra’s Twitter.

There are predetermined groups that are receiving airdrops of the new LUNA coins:

  • Community pool will receive 30% of the token distribution, with 10% earmarked for developers.
  • Pre-crash LUNA holders will receive 35% of the new tokens.
  • Pre-crash UST holders will receive 10% of the new tokens.
  • Post-crash LUNA holders will receive 10% of the new tokens, including staking derivatives – 30% of the tokens will be unlocked at genesis, with the remaining 70% vested over two years, with a six-month cliff.
  • Post-crash UST holders will receive 15% of the tokens – 30% of those are unlocked at genesis, and 70% will be vested over two years, with a six-month cliff.

Terra will airdrop the new LUNC tokens to all LUNA holders with at least 10,000 of luna tokens or less “to ensure that small luna holders have similar initial liquidity profiles”.

The governance will also remove Terraform Labs’ (TFL) wallet from the whitelist for the airdrop, to make Terra a fully community-owned chain. Additionally, a large portion of the token will be allocated to Terra dApp developers to make the ecosystem successful in the long run and provide network security.

Terra LUNA recovery will depend on how its developers and governance team manage to prepare core public infrastructure, wallets, GEN file, execute the launch, provide oversight on essential development programs and act as a steering committee for the new chain.

Meanwhile, Terra ecosystem has millions of users globally, and the Terra Station allows developers from across the world to work together on multiple projects from decentralised finance (DeFi) to fungible labour markets, enabling them to use state-of-the-art infrastructure and gain community experience.

LUNA Classic forecast

“No matter what the price is and how the fork is going to turn out, the more immediate thing to do is to stabilise the projects in their current ecosystem.”

by Anndy Lian, chairman at BigONE Exchange

The future of Terra (LUNA) depends on its successful rebrand and launch. With the Terra community’s strong support to give LUNA a rebirth, the team is on the recovery plan. Popular Terra Classic projects, Astroport, Nebula, Prism, RandomEarth along with several others, will be migrating to the new Terra.

As of 27 May, the LUNA classic price stands at $0.0001313, according to CoinMarketCap’s Terra Classic market page. However, as Terra Chain will be rebranded as Terra Classic the price data would migrate to Terra V2 CMC page.

As the new LUNC coin is at the very early stage, it is extremely difficult to forecast its further direction. As of 27 May, an algorithm-based forecasting service Price Prediction suggested that the new coin to average at $0.00017152 in 2022, rising to an average of $0.00052103 in 2025, and averaging at $0.003 by 2030.

However, these predictions are based on algorithms and do not consider the current scenario. A rebranding attempt to save the crypto and regain the community’s trust will depend on how the launch plays out and if the Terra team can succeed in the airdrop mission as promised.

Anndy Lian, chairman of the Netherlands-registered crypto trading platform BigONE Exchange said that Terra community is remaining strong, yet he’s uncertain for how long.

“They are willing to make changes on their own. Some of them even go to the extent of sending their own wallet to the burn address to help reduce the supply. This is the kind of commitment you see on the ground,” he told Capital.com in a note.

“But such moves by the community are temporary and will not last long given that the core issues are not resolved. They have to clearly state how the funds were being managed, who was and is involved in the whole process.”

Lian believes that in order for Terra 2.0 forking to succeed, the project needs trust and transparency, which would ensure an upbeat outlook and speedy growth.

“Many people out in the market are just concerned about the price. The truth is no matter what the price is and how the fork is going to turn out, the more immediate thing to do is to stabilise the projects in their current ecosystem, let them migrate their dApps and apps to the new blockchain so that they do not have any downtime,” Lian added.

Note that price predictions can be wrong and shouldn’t be used as a substitute to your own research. You should always conduct your own due diligence. Keep in mind that cryptocurrencies are extremely volatile, and never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/terra-luna-2-0

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 “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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