CFJ Conversations: What happened at the Bitrue AMA session?
On October 28, Bitrue Exchange community organized a Telegram AMA to host Kishor M (@madforcryptos), CEO and Founder of Crowdfund Junction and Mad For NFTs. The AMA was conducted in a semi-interview format and followed our founder’s journey in Web3. This blog is a recap of what happened and summarizes our founder’s ideas and vision for the Web3 space.
Dialogue between Olivia and Kishor
The following series of Q/A is an abridged version of the original Text AMA to offer you a comfortable reading experience.
Olivia: Hello Kishor, thank you for taking time to join us. Can you please introduce yourself and Crowdfund Junction to our Bitruers?
Kishor: Thank you for inviting me to the Bitrue community. As for my introduction, I started my career with an OTC Broker and thereafter worked in the Silicon Valley, USA with Asia-Tech, a B2B Marketplace. I then moved to Singapore and started my own hedge fund. I founded Future1Exchange, a licensed cryptocurrency exchange in Estonia, Europe. Afterwards, I joined Propine as Director, Business Development. Propine is a Singapore MAS regulated Tokenization and Custody service provider for Digital Assets serving Institutions/Funds/FamilyOffice/VC and crypto exchanges.
Following the stint at Propine, I joined Playermon, a Play-To-Earn NFT gaming metaverse as Chief Growth Officer. At the moment, I serve as the Founder and CEO of Crowdfund Junction, a community-driven crypto venture capital, as well as MadForNFT, an NFT Launch Partner for fashion, art, celebrities, influencers, and brands.
Olivia: That’s great! Thank you for the introduction. Let’s move on to our first question of the day: what are the core ideas of Web3 and why is it so important?
Kishor: To answer the 1st part of your question, most of the Web that people know and use today relies on a handful of private companies to act in the public’s best interests. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give the power back to the users in the form of ownership.
Although defining Web3 is a challenging task, let me point to a few core principles to guide that has been guiding its creation:
- Web3 is Decentralized: Instead of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
- Web3 is Permissionless: Everyone has equal access to participate in Web3, and no one gets excluded.
- Web3 has Native Payments: It uses cryptocurrency for spending and sending money online, instead of relying on the outdated infrastructure of banks and payment processors.
- Web3 is Trustless: It operates using incentives and economic mechanisms instead of relying on trusted third-parties.
(continued)
To answer the 2nd half of the question, let me go deeper on Web3’s killer features. However, the features don’t fit into neat categories but for the sake of simplicity, I am going to separate them into five.
- Ownership
Web3 gives you ownership of your digital assets in an unprecedented way. For example, let’s say you’re playing a Web2 game. If you purchase in-game items, they’re tied directly to your account. And if the game creators delete your account, you will lose these items. Or, if you stop playing the game, you lose the value you invested into your in-game items.
Web3 allows direct ownership through non-fungible tokens (NFTs). No one, not even the game’s creators, has the power to take away your ownership. And, if you stop playing, you can sell or trade your in-game items on open markets and recoup their value.
2. Censorship resistance
On Web3, your data lives on the blockchain. When you decide to leave a platform, you can take your reputation with you, plugging it into another interface that more clearly aligns with your values. Web2 requires content creators to trust platforms not to change the rules, but censorship resistance is a native feature of a Web3 platform.
3. Decentralized autonomous organizations (DAOs)
As well as owning your data in Web3, you can own the platform as a collective, using tokens that act like shares in a company. DAOs let you coordinate decentralized ownership of a platform and make decisions about its future. Users with tokens vote on how resources get spent, and the code automatically performs the voting outcome.
4. Identity
Traditionally, you would create an account for every platform you use. For example, Twitter accounts, YouTube accounts, Reddit accounts etc. In a single click, these platforms can lock you out of your entire online life. Even worse, many platforms require you to trust them with personally identifiable information to create an account.
Web3 solves these problems by allowing you to control your digital identity with an Ethereum address and ENS profile. Using an Ethereum address provides a single login across platforms that is secure, censorship-resistant, and anonymous.
5. Native payments
Web2’s payment infrastructure relies on banks and payment processors, excluding people without bank accounts. Web3 uses tokens like ETH to send money directly in the browser and requires no trusted third party.
Olivia: Thank you, Kishor. The detailed explanation has helped us all understand the space pretty clearly. Moving on to the next question: what are NFTs?
Kishor: NFT stands for Non Fungible Token. Physical currency like USD or cryptocurrency like bitcoin are fungible, which means that they can be replaced or exchanged for one another. For instance, if I give you my 1 BTC and you give me your 1 BTC, it would make no difference. But stuff like property and art are non-fungible which means that can neither be replaced nor interchanged because they have unique properties and are not the same.
Olivia: Understood. Now in your opinion, as it’s something a bit abstract, could you please explain to us what you actually own when you buy an NFT?
Kishor: Owning an NFT is analogous to having possession of the deeds to a house. The deeds are a record of ownership, not the house itself. Similarly, an NFT is a record of ownership or authenticity of an asset, not the asset itself. An NFT is not the digital asset itself. If you buy the NFT for a piece of digital art, the NFT is not the image file. It is only the record of ownership or authenticity that’s stored on the blockchain. The image file will be hosted elsewhere.
Olivia: That’s a very clear and precise answer. With all the information you gave us above, what would be the biggest advantages of Web3 in comparison to the past models？
Kishor: I’m glad you brought this up. To be honest, there are lots of advantages:
- Control over Data Ownership
Take a look around at all the online services and platforms you use on a daily basis. You enter your personal information on different platforms to obtain access to different services. You create content such as pictures or videos and share them online on Facebook and Instagram. Amidst all this, you must have assumed that your personal information in an Amazon account or the photos in your Facebook profile are secure and in your control.
However, that is not the case, as centralized authorities like Facebook, Google, and Amazon monetize user data in different ways. The Web3 advantages by design would ensure that end-users would have complete control over the data they own. Users could share information according to their preferences. Therefore, Web3 might provide the benefits of overcoming monopoly over user data by the tech giants.
2. Freedom for Interactions
Web3 does not have any centralized authority controlling access of users as it builds up on the permissionless trait of blockchain. Public blockchain networks serving as the foundations of Web3 applications could help in ensuring that anyone can access web3.
The basic design of Web3 can help users transfer digital assets, wealth or information efficiently at faster speeds worldwide. Without any centralized authority over the transactions, Web3 can offer freedom to internet users to capitalize on the true potential of the Web.
3. Advantages for Creators
The arrival of Web3 has signaled a promising opportunity for all content creators. Most content creators struggle to get the actual value for their work, owing to the intermediaries in different channels for reaching their audience. On the other hand, creators would have complete control over the ownership of their work. At the same time, the creator economy could also help creators find new tools and marketplaces for expanding their reach.
4. Better Security
Blockchain could provide the assurance of decentralization and cryptography for ensuring safeguards for user data. The consensus mechanisms and basic design of blockchain make it impervious to common security breaches.
Olivia: In this way, do you think the concepts of Web3 could lead to a more sustainable world?
Kishor: Yes, most blockchains are moving from POW (Proof of Work mechanism) to POS (Proof of Stake mechanism) and that’s driving Web3 to build a more sustainable world.
Web3 can lead to conscious consumerism. Let’s take an example of clothing in the real world vs digital world (aka metaverse). Would you not be expressing yourself in the digital world/metaverse without harming the planet? By transforming our consumption habits toward the digital world/metaverse, we can promote economic growth while stopping excessive production and transport of goods.
Olivia: That’s great to know! We really hope Web3 helps the world to become a sustainable place. Moving on to the next question, we have witnessed how NFTs have already changed the world of art. Do you think Web3 will change the way we interact or impact how we do business?
Kishor: The effect of Web3 on business will be inclined at making them transparent and highly user-centric. Everything that was wrong with how businesses operated in terms of users’ data will witness a revolutionary change. You will see your apps getting a blockchain upgrade, where everything will be made transparent and open to access for all.
- The gap between the digital and physical environment will be filled and we will expand the capability to bring physical objects in the digital world and digital objects in the physical world.
- Everything from phones to watches, cars to drones, and refrigerators to ovens will be connected to the internet.
- With artificial intelligence, computers will analyze and learn on the move to offer user-centric interactions.
Olivia: Wonderful! Now I understand that you are an investor yourself. And as we all know you also lead Crowdfund Junction. So could you please tell us from your understanding, what are the main impacts of the development of crypto, NFT, and Web3, from an investor’s point of view and from a business perspective?
Kishor: For the first decade of cryptocurrency’s existence, investing in the space was relatively simple: You could buy bitcoin, ether etc. Prices soared, prices flopped. Then, something changed. In the last two years, ever since DeFi , NFT and now Web3, Metaverse went mainstream, crypto has seeped into every corner of our culture.
We’re seeing this convergence of consumer culture, finance and technology. It’s no longer just a technological paradigm shift. It’s no longer just a new financial system. It’s also a new way in which culture is made, consumed and distributed. The average person doesn’t care about the underlying technology. They care about what it can do for them and they want to be part of the Web3 culture.
Olivia: Interesting. We’ll, Bitrue has listed several projects focusing on Web3 such as the collaboration with GALA that we just launched this week. Do you have any suggestions on how users can maximize their investment in Web3/NFT projects?
Kishor: IEO/IDO/INO is a good and relatively safe way for investors to get started since the exchange and launchpad have already done the due diligence on the project. Alternatively, I’d suggest buying crypto ETFs or large cap coins or high-ranking NFTs in this bear market — which are now available at relatively cheaper prices.
If you want to accumulate BTC or ETH or Metaverse Coins use DCA (Dollar Cost Averaging). If you are a little adventurous, you can be an investor in a DAO. For example, your passion is sports? Then LinksDAO could help you become a part-owner of a golf course or WAGMI United could help you own a soccer team etc.
Olivia: Many thanks for all the good advice, I will definitely have that in mind in the future. And I’m sure our community will do the same. Unfortunately, we have run out of time for today. I want to thank Kishor once again for taking the time to come and speak with our community. Do you have any final comments that you’d like to leave us with?
Kishor: Thank you for having me here. My last words are that now is the best time since everything is on SALE! and Bitrue exchange is one of the best exchanges to get some of the top coins!
Olivia: Haha thanks for the trust! That’s the end of our AMA today, thank you all for tuning in to today’s AMA session with Crowdfund Junction.
The end.
About Crowdfund Junction (Crypto DAO VC)
Crowd Fund Junction is a community DAO and influencer-driven NFT venture capital. We seek out early stage blockchain startups to help accelerate their growth whilst the projects get long-term support from a strong community.
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