Key Takeaways from Plug and Play Fireside Chat
On July 19, Stewie Zhu, Founder and CEO of Distributed Credit Chain sat down with Scott Robinson, Founder and VP of Plug and Play Fintech, to discuss the blockchain industry and VC funding practices.
Disrupted Industries and what blockchain can do:
- Supply Chain Management
- Online gambling
- Enhances the efficiency and security of transactions in both new and traditional industries. It also improves transparency
- Concept of having smart contracts is a natural environment for transactions and insurance.
Addressing the Financial crisis
- Perhaps blockchain can consider an interest rate and the capitalization of that specific number.
- In a few years time, we should be able to look at a financial institution and look at the inputs and outputs and see if there were a significant risk on behalf of the consumer.
- Could use blockchain tech to design a decentralized credit protocol that ensures everyone in the lending business sends data in a decentralized way.
- A single decentralized credit profile so that individuals can decide the distribution of the information. You can add more information to it and get rewards.
For example, on Bitexpress, one of DCC’s DApps, if you submit personal information onto the platform, you’ll gain DCC tokens as reward. In this straightforward way DCC encourages users to make contribution to the ecosystem.
Blockchain misconceptions
- Blockchain came from Bitcoin. There’s a very big difference between blockchains in the market.
- If you do an ICO, you will go rich — this is false. 16 billion dollars have been raised by ICO projects, and 50% of the projects failed.
ICOs and VC Capital Raising
- The rise of ICOs has increased the risk for VCs, but will also further differentiate VCs that bring value and those that only bring capital.
- The competition is becoming fierce since a lot of players are now competing in the early stage. In series B and C, VCs may find it hard to compete with early-stage token funds.
- Incubators should consider setting up very-early-stage VC for blockchain projects, because there aren’t many big name competitors in this stage and a small amount of investment can turn a considerable profit as the project develops.
To learn more about DCC’s collaboration with Plug and Play, click here.
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