Blockchain 101: A Quick Brief To A Private Equity and Venture Capital Company

Blockchain 101: A Quick Brief To A Private Equity and Venture Capital Company

Blockchain is a type of DLT where transactions are recorded with an immutable cryptographic signature called a hash. The transactions are then grouped in blocks and each new block includes a hash of the previous one, chaining them together, hence why distributed ledgers are often called blockchains.

The consensus of blockchain is that all nodes maintain the same distributed ledger. In traditional software architecture, the consensus is hardly a problem due to the existence of the center server, hence the other nodes only need to be aligned with the server. Most blockchain projects use one of the three currently most common consensus algorithms: Proof of Work (PoW) and Proof of Stake (PoS).

Crypto wallets store your private keys, keeping your crypto safe and accessible. They also allow you to send, receive, and spend cryptocurrencies. As of February 2021, there are 82 cryptocurrency wallets available (Cryptowisser, 2021). They come in various forms and support different cryptocurrencies. The more popular wallets include Coinbase, Metamask, Token Pocket and more.

There are many popular coins/ tokens too. For example Bitcoin, Ethereum, BNB, XRP, Tether, Cardano, Polkadot, Stellar, USD Coin. Many of them have their own unique selling points and utility. A utility token is a crypto token that serves some use case within a specific ecosystem. These tokens allow users to perform some action on a certain network. A utility token is unique to its ecosystem.

The more talked about buzzwords in this industry is Web 3.0, Gamefi, Defi, Metaverse, Memecoin, Play to earn etc. If you don’t know, ETH is the second-largest cryptocurrency by market capitalization and is the preferred choice for DeFi projects. Blockchain game Axie İnfinity was the breakthrough of the year and got ahead of the most popular blockchain platform Ethereum in terms of revenue. SAND and MANA continue to be the taking the leader in the Metaverse market. As for Memecoin, Doge and Shiba are the leaders, while rising stars such as Babydogecoin, Kishu Inu, Dogelon, Xrdoge, Catecoin are still working hard to retain its current positions.

Bitcoin’s USP is either being a store of value, a medium of exchange or it can be dismissed as a fad. Maybe its true value is not just measurable in economic terms. Ethereum generates its value from how useful it is to its users. While BNB is strong and rising fast due to its willingness to incubate groom start-ups to grow and benefit together with them within the Binance ecosystem.

Blockchain has without a doubt created a lot of discussion as the next big thing, especially in the finance sector. It could be used to securely and efficiently transfer user data across platforms and systems. Blockchain-centric business models will present a seismic shift to how business is conducted in the future. Let’s explore and exchange more information on crypto. Sharing through sessions like this helps the general public understand more.

This Blockchain 101 briefing is conducted by Anndy Lian and hosted by Pavilion Capital. This is a session to share basic blockchain technology information. Not used for promotional activities. Non-financial advice.

 

j j j

RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

RBI should hold debates, discussions before any crypto decision: Experts + Anndy Lian’s additional comments

Additional comments that I have given to the editors: 

In a big country like India there are many conflicts of interest. Banning cryptocurrencies is not the way forward. It could be an easy way out for now. I would encourage them to need to find a way to embrace it and build a different and hopefully better future with this form of currency.

If they understand cryptocurrencies well enough, they will know that regulating a basket of crypto that can be almost 100 percent traceable is not difficult. In fact, it allows you to reduce and avoid macroeconomic instability from their legacy systems.

Education and awareness is the key to moving forward. Investors, in general, must know what they are investing in and be cautioned at all stages when dealing with cryptocurrencies.

 

– Anndy Lian

 

RBI should hold debates, discussions before any crypto decision: Experts

Reserve Bank of India (RBI) has been a stringent critic of crypto assets, reiterating its tough stand on the new age asset class.

Deputy governor T Rabi Sankar called for an outright ban on private cryptocurrencies at the IBA Banking Technology Awards. He claimed the notorious early 20th century Ponzi schemes were better than investing cryptos.

Prior to this, RBI governor Shaktikanta Das said that private cryptos are a serious threat to macroeconomic and financial stability, and investors should keep risks in mind as such assets have no underlying value whatsoever, ‘not even a tulip’.

The harsh remarks from the central bank has vexed the crypto industry. They suggested the RBI hold debates and discussions at various forums before making a final conclusion.

Rahat Beri, Founder and CEO, Acryptoverse, a crypto advisory firm said that cryptos are a budding technology and an asset class that should have the freedom to be explored with guardrails. “Otherwise we risk being left behind.”

“Stablecoins are backed by currency, assets or other projects. We have seen success right in our own backyards,” she added. Cryptos come with multiple challenges and these must be addressed, experts said. Authorities should move in the direction of debate, assessment and deliberation over such assets.

RBI has always been an active critic of crypto assets and vocal advocate to put a blanket ban on the private crypto assets. Proliferation of such currencies will undermine the rupee, they said.

Repulsing from RBI’s opinion, market experts said that banning cryptocurrencies is not the right way forward, rather the easiest way out for now.

In a country like India, there are many conflicts of interest, said Anndy Lian, Chairman, BigONE Exchange. “The central bank should find a way to embrace it and build a different and hopefully better future with this form of currency,” he added.

Change is never accepted easily, said Beri. “A decade ago, no one gave online payments much of a chance and today the common man uses it. A nascent technology comes with inherent challenges.”

In the union budget 2022, Finance Minister Nirmala Sitharama announced that the gains arising from the transactions in the private crypto assets will be taxed at a flat rate of 30 per cent, with no exemption or deduction.

The loss arising from the sale of any virtual assets cannot be set off against any other income. TDS at the rate of 1 per cent would be levied on payments made on transfer of digital assets.

The move was welcomed by the crypto players, particularly the exchanges. Reading between the lines, they expected a positive regulatory framework to the new age asset class. However, after RBI comments, the dreams appear to be shattered.

The crypto companies may also hold back on their expansion plans just because there are no clear instructions from the government, said the crypto experts.

Jay Hao, CEO of OKX said that it’s important for the regulators of a country to be on the same page to form the crypto policy framework. He believes that India needs clear guidelines for the continued growth of the crypto ecosystem.

“Multiple statements from officials may create confusion in the minds of investors which could be harmful for the users,” Hao added.

“The lack of clarity on regulations also discourages foreign institutional investors from investing in the sector.”

 

Original Source: https://economictimes.indiatimes.com/markets/cryptocurrency/rbi-should-hold-debates-discussions-before-any-crypto-decision-experts/articleshow/89616737.cms

j j j

KBCC Panel 1: Blockchain Technology, Development, Innovation & Opportunity

KBCC Panel 1: Blockchain Technology, Development, Innovation & Opportunity

Korea Blockchain Conference (KBCC) was held at the Grand InterContinental Seoul Parnas Grand Ballroom on the 15th February 2022.

KBCC was conceptualized and curated to help the growth and development of the blockchain industry. The event helps to let the South Korean audiences know more about the technology and also bringing foreign talents to share their experiences with the local.

The opening session was given by HS88 Chairman Kim Ho-seong. The session ended with a video congratulatory speech by Won Hee-ryong, a member of the People’s Power, and Lee Sang-ki, the Korean representative of the World Blockchain Organization (WBO).

Hoon-ki Park, Secretary General of the Busan Blockchain Industry Association, and Hyung-joong Kim, a special professor at the Graduate School of Information Security at Korea University have also shared their insights.

There are numerous foreign blockchain experts who participated in the event too. The panel titled Blockchain Technology, Innovation And Opportunity. The panel is led by Jenny Zheng (ByBit, NFT BD Lead), Anndy Lian (Big One Exchange, Chairman), Davy Goh (Passion VC, CEO), and Joe Lu (Origin Storage, Partner) , and Hwang Byung-sun (Big Bang Angels, CEO).

“As an exchange operator and investor, the main driver for blockchain technology is utility. There are better use cases as we progress. The integrated of Web 3.0, gamefi and NFT help to related with more people and allow new blood into the business. Meme coins are also another trend that cannot ignore. Their communities are the real assets in time to come.” Anndy Lian, Chairman of BigONE Exchange said.

Jenny Zheng, the business development lead of by Bybit NFT marketplace also mentioned in the panel that Korea has always been a very powerful country in the field of entertainment & gaming industries and Bybit is looking for more opportunities to work with good Korean projects in those fields. “NFT is surely a trend that you cannot ignore. More and more companies are getting on. Do not be a late adopter.”

“I am in the fund management business and there is a strong demand and interest in blockchain technology investment. We need to quickly fill up the gaps and start to explain what is blockchain to the traditional players. If we can get them to understand what this technology can do, we will see more funds flowing into the industry.” Davy Goh, CEO of Passion Venture Capital explained.

The global blockchain market is currently about 2,000 trillion won and has achieved explosive growth in blockchain-related industries such as exchanges, blockchain companies (Defi, NFT, Metaverse, etc.). However, the domestic blockchain industry is undergoing regulatory enforcements such as special tax laws and taxation before entering the system, and general investors are not protected by policies that do not have clear guidelines. In order to improve this and help all parties to understand this industry, KBCC will continue to hold international conferences in the future with the aim to aid the development of the blockchain industry.

 

j j j