Consensus 2019 | You Will See It When You Believe It
From May 15 to May 23, the Consensus 2019 Summit was held in New York, USA. The Krypital Group and CEO Maggie Wu attended the summit. Moreover, she acted as the opening guest for the “The Sino-US Blockchain Market — Where Opportunities and Challenges Coexist” keynote speech on the last day of the event.
As one of the most influential blockchain meetings, the Consensus 2019 Summit brought a lot of blockchain industry core leaders together. At the same time, it attracted Wall Street sharks, Fortune 500 companies, Fintech leaders, and more.
As Bitcoin prices continue to rise, the market has been saturated for nearly a year. At the same time, stimulated by major positive news, the market is filled with a bullish atmosphere. This year, the consensus summit will be able to stimulate the market, and it has become a hot spot for the global blockchain industry.
China and the United States serve as the world’s most important economic powers. They both possess the most developed blockchain markets. However, since the industry is still at an immature stage, the challenges are extremely serious. As a result, the Chinese and the US blockchain market outlook are the consensus summit’s largest concern.
Below, is Maggie Wu’s entire speech.
I’m really honored to be the consensus summit’s opening guest and share the blockchain industry’s opportunities and challenges for the next five years. First, I will briefly introduce myself. I am Maggie Wu, the CEO, and co-founder of the Krypital Group. I am an early evangelist of cryptocurrency and also have been deeply involved in cross-industry investment consulting for a decade. In the two years since the establishment of Krypital, we successfully helped several blockchain projects raise more than $100 million and aided these projects to become well-known in their respective domains. As we accumulated more experiences, we developed a keen sense and professional judgment regarding the challenges and opportunities that the blockchain industry is facing.
Three Big Challenges
1) Global Regulation
Regulation from start to finish is the most sensitive topic in the industry. It is often associated with short positions that dominate the market. However, healthy development of the industry is inseparable from its supervision. Regular and effective regulation will promote the accelerated maturity of the blockchain industry.
Global Blockchain and digital currency regulatory policies:
China: Severely cracking down on virtual currency and vigorously developing blockchain technology;
U.S.: Cautious legislative supervision;
Japan: Relevant legislation is becoming well-developed
2) The Impossible Triangle
The slow development of the blockchain industry is largely due to the fact that it is impossible to solve the “Impossible Blockchain Triangle”. On the technical level, that is, it is impossible to achieve scalability, decentralization, and security at the same time.
Currently, none of the existing public chains are able to solve the “Impossible Blockchain Triangle” problem. We can only choose two out of the three pieces of the triangle to solve, or consider balancing out the three, however concentrating on all of the indicators is not optimistic from a production standpoint. This major issue has greatly limited the development of the current public chain. If you find a solution for this “Impossible Blockchain Triangle” problem, I believe it will be a breakthrough for the blockchain ecology.
3) No Mass Adoption
DApp is an important medium for people to get in touch with blockchain. The current way that the DApp application is being implemented is in a relatively awkward stage. According to data from DAppOnline, there are a large number of DApp developed based on major public chains. However, there are only a few of them that get used by people in their daily lives. Most of them are gambling games.
Compared to the traditional app or even billions of daily activities, DApp’s daily activities are not at the same order of magnitude. The DApp developed by the public chain of tens of billions of market capitalization faces the problem that no one uses it. Today’s blockchain applications are too separated from people’s daily lives. Encouraging consumers to use them on a large scale will be a serious challenge.
Opportunities and challenges often co-exist. For example, although the market has been extremely depressed in the past year, if you bought Bitcoin two or three months ago, it still brought you very good returns today. Therefore, while we are reviewing the challenges we face, we also need to think about future opportunities and firmly hold on to them.
Three Big Opportunities
1）HODL BTC
Bitcoin is regarded as the leader of digital currency, and it is also the first Blockchain product. It is also something that the entire digital currency and blockchain industry believes in. Although we all have various differences regarding the judgment of the market and predictions of the future, I believe that we must be able to reach a full consensus on the holding of Bitcoin.
2) Financial Services
Not only can blockchain solve the drawbacks of traditional finance, but it can also combine financial technology and innovation. For example, in the fields of traditional cross-border payment, banking, lending, asset management, etc.…, it can be well-implemented and, combined with the characteristics of blockchain, it can implement services such as securities certification in an innovative way. The financial services industry will be vigorously developed in the coming years as one of the most integrated industries with blockchain technology.
3) Mass Adoption of DApp that Consumers Will Actually Use
Although the widespread daily use of DApp has a long way to go, DApp and its privacy and security features can effectively solve its fatal flaws. It will be widely used in data storage, finance, and the Internet of Things in the future. Industries such as identity verification, supply chain, and artificial intelligence are also areas in which our capital is focused on incubation.
Through the interpretation of the above market challenges and opportunities, I will make a few bold predictions for the US-China blockchain market in the next five years:
1. Bitcoin Prices will exceed $50,000;
2. ETF will probably be approved;
At the same time, regulations will also tend to be friendly and standardized, giving the market great incentives to start a new round of stagnant bull market;
3. Black horses will emerge;
It may be a national endorsement or a project with a large number of users, and it is a crucial driving force for the large-scale implementation of blockchain applications.
As an early evangelist of digital currency and blockchain, I have always been at the forefront, contributing to the development of the blockchain ecology through practical actions.
Through the establishment of a number of funds covering primary projects, secondary markets, and financial services, together with comprehensive consulting and comprehensive brand management services, Krypital provides three-dimensional incubation services for quality projects and it eliminates the marketing challenges for people in the working in the blockchain industry. At the same time, it helps them seize development opportunities and jointly promote the accelerated development of the blockchain industry.
“You Will See It When You Believe It”
The core of blockchain is “consensus”. Only by achieving a common consensus can we truly enter the blockchain world. All of us here are convinced to continue on this road because we believe in the future of blockchain. Through our faith, we can see the beautiful future of the blockchain era!
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