Interview: Charly Pham, CEO at Dataeum
Dataeum is a blockchain-based platform which uses crowdsourcing to enable the collection of 100% of all global physical data (such as stores, gas stations, traffic signs) anywhere in the world, with 100% accuracy. It does this by using a distributed workforce of “collectors” who are incentivized in XDT Tokens to submit physical data
1. Would you agree with e-Commerce Giant Alibaba’s Jack Ma that said: “Blockchain Is Not a Bubble, Bitcoin Is”? Given your experience in business and finance, can you give us three reasons to back up the claim?
Blockchain is definitively not a bubble. The different markets and industries are turning more and more into this technology for different reasons: security, transparency, wire fees, etc. The recent Facebook scandal confirmed as well the trendy mood for decentralization. So definitively, Blockchain can’t be considered as a bubble, it’s the future and this future is now. Regarding Bitcoin, it’s hard to say. Bitcoin is driving the market right now as we all know, but how could it be without it? I think that by the time cryptocurrencies will be less dependent on the Bitcoin price fluctuation. However, hierarchy exists between any type of currencies but this can change. As for a global currency that is driving this new economy, I don’t think that Bitcoin has fully reached its potential.
2. Why does the United States hate the crypto world so much? Major institutions like J.P Morgan, Goldman Sachs, and Morgan Stanley are flirting with Blockchain and cryptocurrency. Are they adopting the “adapt or die” business mantra?
The United States do not hate crypto! They simply want to control it, to get benefit from it, like for any business. At the beginning of this year, the exponential growth of all cryptocurrencies was followed by many regulations and bans, from many governments and big corporations all around the world. When it started to go down, you could have seen some interesting financial information linking these major institutions you mentioned and the crypto world: platform exchange acquisition and other crypto trading desk creation. These players are now deeply involved in this new economy, so I would not only use “flirting” to define their interaction with the crypto world. The “adapt or die” doesn’t even need to be mentioned as it is already adapted! You only just have to look at how all ICOs are now paying attention to be compliant with the different regulations, and especially with the U.S’ one.
3. Let’s assume the US finally embraces crypto and allows ICOs. If that were to happen, what would you say will happen to the “wolves” of Wall Street? What about Silicon Valley?
As I said before, they are already involved and the United States have already embraced crypto. For now, only accredited investors can contribute when it concerns utility token. But as for anything, regulation in the different jurisdiction will take place. Probably by the end of this year. So once major players will control the flow, or at least get benefits from it, and individuals will have a tax to be applied, everything will be open. It’s true that we are far from Satoshi’s (Bitcoin’s creator) ideology but it’s just the beginning!
4. How do you plan to market/advertise your ICO now that Facebook has banned paid ads? Would you say the future of marketing Blockchain-related projects will depend entirely on high-quality content creation?
Facebook or Google is not the only relays to promote ICO. There have never been the main ones. Even if only a few admit it, most of ICOs are financed through private agreements with crypto funds. The market changed a lot compared to a few months ago, and will change again in the next months. But basically, ICOs are also more and more qualified. Investors ask for more and more reliable projects. So success depends already on high-quality content creation.
5. We’ve come to the conclusion that ICOs are surrounded by bad press because of weak regulations. Many Blockchain-based startups don’t inform investors and contributors about the risks involved; they only talk about opportunity. Would you say that the key changing people’s minds and making them trust an ICO’s mission & vision lies in better regulations (reasonable investment rules & regulations)?
Investing in ICOs still represents an opportunity for participants. Governments position regarding crypto is hard to understand. Is it an honest disinterested position to protect the population? Or is it linked to the control of this new economy? I’d let you judge about it. So I think that the bad press will turn into good one when the regulation will have been applied, and thus when governments and corporations will be fully involved in it. So definitively, people’s mind regarding ICO is linked to the regulation, as it influences the press.
6. What went well for you and what advice would you give to others?
First, you need to have a project that talks to people. Many projects are very complex and nobody understands them. And investment is made because the team is coming from this or that University and the management team worked in top corporation previously. But is it a guarantee of success? I mean, are all of the idea brought by the most valuable companies from the past 20 years was built by people coming from top companies? Was it the case for Facebook, Snapchat, Uber, Google? I do not believe so. Don’t misunderstand me, I have no problem with it but the creativity and vision are rarely coming from formated people. So open your mind, think the step after when you build your project but think about your model and invest your thoughts on the vision. Your project should be built on a scalable and profitable model. This is the key element you need to define. This is what we did as the best guarantee of the model’s durability is to be supported by a profitable model.
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