Bybit Talks — Anndy Lian’s Vision for Web3

Bybit Talks — Anndy Lian’s Vision for Web3

The AAAI 2023 Inaugural Summer Symposium served as a dynamic platform for industry experts to converge and explore the horizon of technological transformation. Against this backdrop, Anndy Lian’s thought-provoking perspective resonated, shedding light on the intricate challenges and promising potential that Web3 brings to the forefront. Lian’s incisive quote, “Revenue is one of the factors that is really stopping Web2 companies from fully embracing Web3. The other factor is governance,” sparked profound discussions that unveiled the transformative journey ahead.

 

Revenue Challenge: Web2’s Dilemma in Embracing Web3

Web2 companies have long thrived on advertising and traditional revenue models. Lian’s observations poignantly highlight the clash between these models and the decentralized nature of Web3. The uncertainty surrounding revenue generation in a decentralized ecosystem poses a significant obstacle for companies looking to transition. But rather than dwelling on the hurdles, it would be more productive for Web2 companies to consider the solutions. By incorporating blockchain-based systems, tokenization, and NFTs, companies can not only find reliable sources of revenue, but also ensure that profits are tied to the overall growth and success of the community.

 

Governance: Web2’s Centralization vs. Web3’s Decentralization

Governance, a cornerstone of the Web3 narrative, surfaces as another pivotal aspect. Lian’s acknowledgment of the evolution from Web2’s centralized decision-making to the decentralized ethos of Web3 resonates strongly. He strikes a chord by noting the current discrepancies between ideals and implementation. Yet, Lian offers a visionary outlook by introducing the concept of Web4, a realm guided by a fusion of blockchain consensus and AI. This harmonious blend could bridge the gap and accelerate the transition towards true decentralized governance.

In conclusion, while the journey from Web2 to Web3 may present challenges, the potential rewards are immense. The decentralized ethos of Web3 empowers users, fosters innovation, and creates an environment where creativity and collaboration flourish. The revenue and governance challenges that Web2 companies face are not insurmountable roadblocks, but rather opportunities to redefine how businesses interact with their users and communities. As we collectively work toward a Web3 future, we must recognize that the current challenges are stepping stones to a more decentralized, inclusive, and prosperous digital world.

 

Source: https://blog.bybit.com/en-US/post/bybit-talks-anndy-lian-s-vision-for-web3-bltb37b72da181991f5/

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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Bybit Talks — The Convergence of Web3, Blockchain, and AI

Bybit Talks — The Convergence of Web3, Blockchain, and AI

Introduction

 

At the Brand Launchpad Event held on 29th May 2023 at Ho Chi Minh, Vietnam, Anndy Lian, advisor of Bybit, discussed the growth of the Web3 industry and its relationship with AI. Lian highlighted how Web3 empowers creators and communities in making informed business choices. He emphasized the convergence of Web3, blockchain, and AI, addressing concerns and emphasizing the benefits of understanding and leveraging AI’s capabilities. Lian also mentioned the advantages of using AI in crypto trading practices.

 

 

The Empowering Potential of Web3

 

Lian emphasized that what we should all focus on is that ” Web3 is for the creators.”. He explains how Web3 “ushers in a fresh type of economy that empowers users and communities to make more informed and advantageous business choices.”

 

The convergence of Web3, blockchain, and AI, according to Lian, is transforming multiple industries and driving innovation across the board. He further discussed the relationship between these technologies, highlighting their potential to collaborate and create innovative solutions. Blockchain, as Lian explained, plays a crucial role as the verification and security layer. By establishing a decentralized and tamper-proof system, blockchain ensures data integrity and transparency, instilling trust among participants and the AI layer.

AI’s Impact and Potential

 

Addressing concerns about AI’s impact, Lian reassured the audience that there’s no need for undue worry. Instead, he encouraged understanding and taking control of AI’s capabilities. Lian emphasized that AI can yield positive outcomes if properly harnessed and leveraged. Understanding AI and its potential empowers individuals to make the most of this transformative technology.

 

 

 

By harnessing data analysis and pattern recognition, AI-powered crypto trading systems can generate improved results. These systems process vast amounts of historical and real-time data from diverse sources, including price charts, market indicators, news articles, and social media sentiment. Through this analysis, AI algorithms can identify patterns and trends that may elude human traders, facilitating more informed decision-making. Anndy concluded his take on the advantages of utilizing AI in trading practices by linking it all back to how AI can ultimately aid crypto exchanges.

 

In conclusion, the panel discussion at the 29th 2023 Brand Launchpad Event brought attention to the immense potential of Web3, blockchain, and AI. These technologies hold the promise of unlocking unprecedented opportunities for creators, businesses, and individuals in a decentralized and data-driven world. As they continue to advance and intersect, understanding and embracing these transformative technologies will be crucial in navigating the ever-evolving landscape of the digital economy. By staying informed and proactive, we can fully harness their power and pave the way for a prosperous future.

 

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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India Leads G20 Talks On Crypto Regulation & SOP

India Leads G20 Talks On Crypto Regulation & SOP

India’s Finance Minister, Nirmala Sitharaman, has stated that the Indian government is engaging in “detailed discussions” with other G20 members regarding the development of a standard operating procedure (SOP) for regulating cryptocurrencies. The current unregulated environment for cryptocurrencies in the country and across the globe, has prompted India to seek a collaborative effort, on the sideline of the G20 Summit, to develop a comprehensive framework. Sitharaman stressed the need for a globally coordinated approach to regulating cryptocurrencies during a recent meeting with the International Monetary Fund Managing Director Kristalina Georgieva.

The Group of Twenty (G20) comprises 19 countries and the European Union, representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. Sitharaman has affirmed that the government is working together with other G20 members to develop a “coherent, comprehensive approach” that will regulate cryptocurrency mining and transactions.

In India, the cryptocurrency trade currently attracts a 30% tax and a 1% tax deducted at source (TDS). While the country has still not prepared a regulatory framework for cryptocurrencies, the government introduced new crypto tax penalties, including jail time for nonpayment of crypto TDS. Meanwhile, India’s central bank, the Reserve Bank of India (RBI), has continued to recommend a complete ban on crypto assets, including bitcoin and ether. RBI Governor Shaktikanta Das has warned that cryptocurrencies pose a risk to the country’s financial system and will cause the next financial crisis if they are not banned. The government’s stance on cryptocurrencies has been challenged by the Indian crypto industry, which has been advocating for regulatory clarity and a favorable operating environment.

Sitharaman’s call for a coordinated approach to regulating cryptocurrencies is a significant development that highlights the need for international collaboration to develop comprehensive regulatory frameworks for digital assets. The outcome of the discussions within the G20 will be closely watched by industry stakeholders and governments around the world as they could provide a model for regulating cryptocurrencies in other countries.

Uniform Regulations For Cryptocurrencies May not Work

In my humble opinion, I do not have any objections in forming regulatory frameworks to protect users. The idea of having uniform regulations throughout G20 countries is the issue I have. There are several reasons why uniform regulations for cryptocurrencies may not work.

Firstly, the global cryptocurrency market is highly fragmented, with different countries and regions having different regulatory frameworks and approaches to cryptocurrencies. Therefore, imposing a uniform set of regulations across all these jurisdictions may not be practical or feasible.

Secondly, cryptocurrencies themselves are highly diverse and complex, with different types of cryptocurrencies serving different purposes and having different features. For example, some cryptocurrencies are designed to be used as a medium of exchange, while others are intended to be used as a store of value. Furthermore, cryptocurrencies can be structured in different ways, such as security tokens or utility tokens, and can be traded on different types of platforms. Therefore, any attempt to impose uniform regulations may not take into account the nuances and specificities of different types of cryptocurrencies.

Thirdly, there may be differences in the priorities and interests of different countries and regions when it comes to regulating cryptocurrencies. For example, some countries may prioritize consumer protection, while others may prioritize financial stability. Therefore, it may be difficult to reach a consensus on uniform regulations that satisfy the interests and concerns of all countries and regions.

Finally, even if uniform regulations are agreed upon, enforcing them may be a challenge. Cryptocurrencies are highly decentralized, and transactions can be carried out anonymously and without the involvement of traditional financial institutions. Therefore, enforcing regulations may require sophisticated technology and a high degree of international cooperation and coordination.

Regulated By A Patchwork of Different Regulations Across Different Countries

It’s true that traditional finance, or “tradfi,” has not achieved uniform regulation globally, and this may be an indication that achieving uniform regulations for the cryptocurrency industry may also be difficult.

“Traditional finance is regulated by a patchwork of different rules and regulations across different countries and regions, and achieving global harmonization has been a long-standing goal of regulators and industry participants. However, despite years of effort, there are still significant differences in the regulatory frameworks across jurisdictions, and achieving uniformity is a complex and ongoing process.

Given the challenges of achieving uniform regulation in traditional finance, it’s possible that the cryptocurrency industry may also face similar difficulties in achieving global harmonization. However, it’s important to note that the cryptocurrency industry is still in its early stages, and there is still a significant amount of uncertainty and ambiguity around the regulatory frameworks that will ultimately be put in place.

Ultimately, the goal of achieving uniform regulations in any industry is to promote transparency, consistency, and stability. While it may be difficult to achieve this goal, it is an important one to strive for, as it can help build trust and confidence in the industry, promote innovation, and protect consumers.”

 

Source: https://www.3-verse.io/3versetv/blog/india-leads-g20-talks-on-crypto-regulation-sop/BA-20230218141140026-226059

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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