BLOCKCHAIN EXPERT SHARES HIS OPTIMISM AMID ONGOING ‘CRYPTO WINTER’

BLOCKCHAIN EXPERT SHARES HIS OPTIMISM AMID ONGOING ‘CRYPTO WINTER’

Anndy Lian is a blockchain executive and author who gave his insights this week regarding the current ‘crypto winter’ marked by the downturn in the virtual asset market.

This Singapore-based chairman of cryptocurrency trading platform BigONE Exchange expressed his upbeat stance despite the market drawdown investors worldwide feel across the board.

We want to share this report with our readers about Mr. Anndy Lian’s hopeful viewpoints despite the present ‘crypto winter.’ We believe we can mitigate their worries, especially if they are adversely affected investors.

Crypto winter is a period when virtual currencies’ trading prices sharply drop, and investors do not see any recovery in sight for more than one year. This time spurs paranoia that the notoriously volatile cryptocurrency industry is about to undergo another prolonged slump.

Additionally, crypto winter indicates a steep decline in virtual coin prices followed by a prolonged flat trading period. The most recent crypto winter took place around 2018.

During that period, Bitcoin rallied to approximately US$20,000 prior to an estimated two-year slide that witnessed it plummet to under US$5,000.

Lian, who wrote the best-selling reference, “Blockchain Revolution 2030,” published by South Korea’s largest bookstore chain, Kyobo, remarked that the Terra crash had doubled down on investors’ fear that the sharp meltdown in the virtual currency market could be longer-lasting and not transitory, much like the US inflation’s steep surge.

This virtual asset collapse drew in confident crypto-asset newcomers, making it quite astonishing. Lian added that the new investors felt enticed partly due to the high level of well-known venture capitalists pouring their investment funds into the cryptocurrency startup and its stablecoin offering.

The Mongolian Productivity Organization’s chief digital advisor mentioned that cryptocurrency commentators were already noting the first signals of crypto winter. These signs are led by Bitcoin’s fall from grace this year.

The flagship cryptocurrency, which trades at exactly US$29,273.97 at the time of writing per the information posted on Coinmarketcap.com, is down from its spectacular US$69,000-high in November 2021 to US$33,000 in January this year.

In Lian’s article posted on blockchain and cryptocurrency news source Forkast News, he remarked that the final nails in the coffin consist of the recession risk following the tapering off of trillions of US dollars injected into the United States’ economy and the US Federal Reserve System getting serious about raising interest rates.

He added the record-busting inflation rates in the world’s largest economy complement the implosion of UST and Terra’s LUNA in dragging down the already ailing crypto-asset market.

Nonetheless, Lian cited that he believes the cryptocurrency and blockchain space would likely become stronger from the present market downturn. He also said that these industries would eventually be more innovative and integrated with mainstream retail and financial ecosystems.

Lian mentioned investing’s fundamental tenets as well. He cited that retail investors should only invest what they can afford to lose, get involved in the cryptocurrency investment scene with a lucid plan, and be careful with crypto-assets’ inherent volatility.

He also said that investors should not invest too much as a component of their overall investment portfolios. We appreciate Mr. Lian’s views about the crypto winter.

We understand that many virtual currency investors feel perturbed these days. However, we hope they will take Mr. Lian’s perspectives and advice.

We are on the same page as this blockchain professional. We also believe the current crypto winter will not last, and better things are ahead for cryptocurrency investors.

 

Original Source: https://cryptofrontline.com/blockchain-expert-shares-his-optimism-amid-ongoing-crypto-winter/

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”.

j j j

Anndy Lian Shares His Vision for Successful NFTs at NFT Meta Korea 2022

Anndy Lian Shares His Vision for Successful NFTs at NFT Meta Korea 2022

Speaking at the 14th World Blockchain Summit MARVELS, the Chairman of BigONE Exchange Anndy Lian said that key to success for NFT startups was a supportive community and a compelling user case. As a guest speaker at the event on February 22, under the theme of ‘NFT META Korea 2022’, Lian agreed that the global market for NFTs was very active currently but wanted to share his thoughts on how NFT projects can be successful in the longer run. One key factor that should be with a team from the outset is to ensure the NFT has utility, which is closely tied to the importance of community.

 

Lian illustrated the importance of getting this relationship between the NFT and its community, between creators and fans, with the example of starting a NFT around a well-known soccer player. While on paper the fans of a soccer player appear to be automatically part of the NFT community you are building, that isn’t necessarily the case. What was needed was a strong bond to be created between the fans and the soccer star and the platform for it to work. This was related to the importance of ensuring that when you see a new project in the NFT space you should as an investor consider whether it has utility. Lian added that for NFT creators it was important to be transparent about their offering to investors, not only to better convey its value, but also to ensure that when regulators start to enter the space in 2022 the quality of the NFT industry stands up to scrutiny.


With so much money, energy and creativity going to NFTs its clearly going to throw up some significant issues, and mistakes will be made. Just recently there was a legal battle over CryptoPunks, sparked by an issue with the original version of the code. The makers Larva labs attempted to ban the faulty V1 version, which had been replaced due to faulty programming code, and had the NFTs removed from OpenSea. While LooksRare, the rival to Opensea, was recently reported as experiencing significant wash trading.

 

But perhaps more worrying was the recent Wormhole bridge attack, when hackers managed to steal more than $320m from the bridge which connects the Ethereum blockchains. A ‘bridge’ is a protocol which allows crypto and NFT holders to move their assets across different blockchains. Wormhole’s bi-directional NFT highway provided a portal between Solana and Ethereum was only launched a few months ago, was designed to connect both communities and enable them to trade each other’s assets with ease. As reported in CNBC, analysis shows a hacker exploited a vulnerability on the Solana side of the bridge to create 120,000 so-called ‘wrapped’ Ethereum tokens for themselves. It appears that they then used these tokens to claim ETH that was held on the Ethereum side of the bridge.

 

This is indeed troubling on several fronts, not least because these bridge vulnerabilities have long been known about. Indeed, no less a figure in the crypto world than the inventor of Ethereum, Vitalik Buterin, posted early this year that so-called cross-chain devices such as bridges had “fundamental security limits”. The first reason is down to the fact that if a native blockchain suffers a 51% attack, which reverses a cross-bridge transaction (involving a transaction to another blockchain) then the asset could be left stranded in the non-native blockchain. Moreover, this vulnerability could potentially mean a successful 51% attack could threaten an entire crypto ecosystem. Clearly, the issue is as these handy bridges grow in volume, with the growth in DeFi and NFTs, that these issues will only increase. “Your data layer must be your security layer,” summarized Buterin in a tweet thread accompanying the Reddit post.

 

One neat solution to the threat posed by bridging hacks to NFT transactions was unveiled on February 18 by Ethereum-based platform Harmony, with a Bored Ape Yacht Club Passport. This allows users to import their NFT into play-to-earn game DeFi Kingdoms, which is also built on Harmony and boasts over 120,000 monthly active users. VP of Engineering at Harmony, Leo Chen, explained in a post in late 2021 that the wider importance of this new cross-chain bridge, as part of the Horizon bridge: “It is an important step of the cross-chain infrastructure provided by Harmony to enable a multi-chain ecosystem and one step closer to the upcoming metaverse. The multi-chain world and the metaverse require inter-connected blockchains, not just the fungible tokens, but also non-fungible tokens.” The advantage is that the bridge does not move assets, but rather establishes asset ownership. The second advantage is that it enables artists and creators, put off from participating due to high gas fees, to mint and collect NFTs as a result. A third benefit is that it allows creators to try out their art on Harmony first, and then when demand increase, to bridge to multiple blockchains.

 

Anndy Lian commented: “I welcome innovatory solutions to NFT cross-chain transactions such as that provided by Harmony, which not simply a safer solution, but which allows creators to get involved in the space without undue costs. It backs up my thesis that NFT projects need to be as transparent as possible when creating their offerings and grow a viable community as they progress.” The market in NFTs boomed in 2021, with total sales globally totaling $25 billion, up from just $94.9 million the year before, according to DappRadar. “Not surprisingly social media is awash with tales of get rich quick NFT success, from CryptoPunks to Bored Apes, and everything in between, but the fascination with digital art is going to change in 2022, with more use cases around utility. At its core of course NFTs are a great way for creators and artists to contact directly with their fans, with their community. And that’s probably the most compelling use case to date that’s going to sustain the growth of NFTs into the future,” Lian added.

 

 

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”.

j j j

“Let’s Defy to DeFi”: Anndy Lian, Crypto Thought Leader Shares Insights with Blockreview.net

“Let’s Defy to DeFi”: Anndy Lian, Crypto Thought Leader Shares Insights with Blockreview.net

By now, we have all heard about cryptocurrencies. It is a digital currency that is secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. A new spin-off from the decentralized economy is called “decentralized finance” or commonly known as DeFi. 

Basically, DeFi leverages decentralised networks to transform old financial products into trustless and transparent protocols. DeFi lending & borrowing platforms allow their users to supply and lock their funds into smart contracts from there other users can borrow and pay interest. Smart contracts make all these possible, allowing automated and open finance to transact with a bank in the middle. 

This “trustless” model has its pros and cons. 

Anndy Lian will share his views on Defi. He is an early adopter & thought leader in cryptocurrency and blockchain and currently the Advisory Board of Hyundai DAC, the blockchain arm of the South Korean carmaker. 

 

1. In your own words, give us an overview of what is DeFi?

DeFi is “Decentralized Finance”. This term has been the talking point at the start of 2020 and it has grown to a market cap of $15 billion according to Coin Gecko. In very simple terms, DeFi is a combination of traditional finance and decentralised technologies. 

It is poised to be the start of a new financial era where it aims to be self-managing and is open to everyone who wants to be on it. It does not require everyday users to place trust in it, unlike the traditional financial system where the trust is placed on the bank to take care of the money deposited and the government to maintain the monetary value. 

 

2. Recently, the supply of wrapped bitcoin has increased significantly. To what extent do you think Bitcoin (and bitcoin holders) in particular are driving the growth of DeFi? Are they a major part of DeFi’s growth?

Big whales are always more careful with their money, they normally hold only BTC, early on if they want to participate in the liquidity mining they have to deposit their BTC to ETH and other Ming tokens to participate which most of them think it’s risky. Yes, I think the use of WBTC pair mining will boom the Defi market in certain extend.

According to the data released today(the 2nd day of Uniswap Liquidity Mining), 50% of the miners used WBTC/ETH pair in the initial mining, and most of them are big whales.

The DeFi market is no longer the same market we see in 2019 or early this year before small investors can make a big profit in the market, now as the APY drops and gas increases, it favours the whales more. And small investors are forced into the secondary market.

The good thing about this is the market/volume grows, the bad thing is the DeFi is not that DeFi any more.

 

3. Conversely, are the opportunities provided by DeFi encouraging people to invest more in bitcoin?

Sure it will.

Firstly, as I mentioned before, now the DeFi market favours the whales more, small investors can not even make their ends meet after paying skyrocketed gas fees. So they are forced out from the DeFi mining game and move to the secondary market. As we all know trading Waited for 7 hours, nothing is done.tokens on the secondary market is very risky so many might just trim back to bitcoin(cause bitcoin price will also rise if more WBTC mining pools opens).

Secondly, as big whales they will keep on selling whatever coins they mined and swap them to bitcoin.

Thirdly, as the market as a whole, more and more bitcoins will be locked up which will bring another bull market for bitcoin.

However, all of these above happens only when WBTC liquidity mining succeed. So far we can see Uniswap locked up 750 million dollars on their second day of liquidity of which half is from WBTC/ETH pool, but we can also hear many complain of the market that the APY is much lower than before(compared to Sushiswap, Moonswap or Sakeswap). It’s only the beginning let’s go forward and see what’s gonna happen.

 

4. What, in your view, would happen to DeFi if the price of bitcoin crashed significantly/collapsed? Would DeFi struggle to grow or survive? And what would happen to Bitcoin if DeFi collapsed?

Most of the “Value” coins will go zero if the price of bitcoin crashed significantly/collapsed. One thing is for sure: no coin(maybe tiny shit coins can) can survive if bitcoin collapse. Even 10 years later the Blockchain industry is gone bitcoin is here to stay.

Well, Bitcoin is still bitcoin whatever DeFi live or die, just like the universe will still be there non matter the earth exploded or not.

 

5. Do you see DeFi and Bitcoin becoming more or less interrelated in the future? In what ways might their relationship change?

Defi could go big or disappear but Bitcoin is here to stay. There are no doubts about this. But I do hope to see new players coming into the challenge bitcoin supremacy. With challenges, there are improvements. This is what’s lacking in today crypto space.

 

Meanwhile, “Let’s Defy to DeFi”– Defy current financial norms to embrace the new DeFi economy. 

 

 

About Anndy Lian

Anndy Lian is an intergovernmental blockchain thought leader, a best selling book author, investor and crypto advocate. He is currently appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business. 

Anndy is driving the crypto and blockchain agenda with governments and businesses and is a known figure in this segment. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, helping the province to grow using blockchain technologies.

 

About Blockview.net

Blockreview.net started as a platform for crypto and blockchain enthusiasts who want to monitor and understand the market better. Users can monitor the trends in the market and review the coins and exchanges activities. 

You can find out its rank, price, market cap, history, volume and other things. You have all the information about the cryptocurrencies right at your fingertips. We have since added a news and media section to share impactful news on the industry. 

“Let’s review the blocks together!”

 

 

 

Original Source: https://blockreview.net/news/anndy-lian-crypto-thought-leader-lets-defy-to-defi/

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”.

j j j