TRON 4.0 Online Conference: Panel Discussion on the Upgrading of Blockchain Wallets
>> Alex: Okay, thank you! I think DeFi apps are the most promises areas about transactions makes the financial sections to have the innovation model including the security process for learning various investments in low-cost financial finish accounts etc.
>> Moderator: Thank you, Alex. Next is Konstantin.
>> Oh, thank you! Actually, I support the more use cases for the DeFi applications inside of the wallet so basically, the wallet is like a decentralized bank in your pocket so I expect more financial services will be in the existing applications. That’s my opinion.
>> Thank you, Alex, you’ll be next.
>> Alex: Oh, okay. Well, we have seen Blockchain and we’re not just transforming the way of payment. It will digitalize every aspect of human life. Blockchain will become the internet and what it will be is the key infrastructure of people holding out the digitalized asset of themselves. How we eat, how we educate, how we take medicine, how we grow the internet will all have answers for organizations and all of the data will be transferred to storage and also be used through the wallet. So people will manage the digital assets through private key and smart contract in their wallet. Yeah. So we hope that the wallet will be the entry point of people into the Blockchain world.
>> Yes, we hope so. So Wang you will the next.
>> Wang Chao：Even today, if you are — that type of people to — manage it correctly and interact with the Blockchain network, but several years ago, there wasn’t a lot. So it can only be used to use a simple transaction such as a coin transfer but today with more innovation from the new Blockchain network, you can see a lot of new scenarios are coming out that have smart contracts, DeFi and staking. Some will be born with a wallet. So my guess is that the future of wallets will not only help people to manage their cryptocurrencies but also manage a lot of things such as their identity, their social insurance, financial product, contracts, and more. I think wallets will be widely involved with people’s daily activities. Maybe, everything can be and will be integrated, thanks.
>> Moderator: Yes, I agree. So, Maria, it’s your turn.
>> Maria: Thank you very much! I agree with the point that Wang Chao made. The currency wallets right now are more diversified than the ones we have seen in the past, like the wallets that were super heavy. First of all, the wallets are now faster and they take less space. You can choose between different versions and have multiple cryptocurrencies on board and generally, the development has been great over the years.
I can say right now the wallets are moving towards becoming multi-tools more so something more like banking apps over the years where you can no longer transact or swap currencies, cryptocurrencies in this case, but also, check transactions and make payments any time you would like to, from any place in the world, create something unique for financial management, deposit, make some kind of accounts and do all of the management that you want in one — client.
Generally, your crypto wallet in the crypto space are already moving towards this direction and the wallets we have now including ours, are multi-platform and asset, and different things and have special features like staking and delegations that were already mentioned.
This is all moving gradually towards uniting all of the management features in one client and we can expect next, is pretty much the same but even more features and even more, tools integrated into the wallets which seem like a great future for it.
>> Yes, awesome! So, Marcus, you will be the final one to answer this question, thank you!
>> Marcus: Thank you, we may wish to move the topic — there has been so many years of development and — the payment, and live chat and when we go back to the block, it’s still — just start. We believe that the wallet is Blockchain so in our future is like connected to the Blockchain. If you find you can’t leave your wallet, your payment, your life, your — digital, everything, it will all be connected through the only channel wallet and we believe that may — that you have been — you can go anywhere in the world with it.
>> Thank you, so let’s go to the second question. Can we anticipate a future where Blockchain wallets can be used for all kinds of payments? What infrastructure is needed for Blockchain wallets to achieve such a vertical application? Alex, you will be the first one.
>> Alex: Okay. Current transparent payment systems are low cost, I don’t see — in all cases but I believe the blockchain permanence will enjoy and have big advantages that are involved in it. In order to have more centers, the Blockchain wallets need to improve security. As the cost of it is still too high for regular international users. That’s my answer.
>> Thanks, Alex. Konstantin will be the next.
>> Konstantin: So basically, I don’t think crypto will replace the so popular Master Card and visa payments because it’s quite easy to pay with your mobile phone in stores and offline but for online payments, I think it will be huge and I expect mostly for Stablecoins. So I already see many use cases for real businesses on the internet and they use Stablecoins to pay for partners and affiliate marketing and that’s it.
So for other use cases, I think we’ll see what will happen with DeFi and so, most popular answer is like, bitcoin, I think it will stay like digital, so-called and TRON, and a few other Blockchains, there will be a few for the DeFi applications mostly. That’s what my opinion is.
>> Thank you for sharing this. I like your shirt by the way. So Alex, you are the next one.
>> Alex: So during COVID-19, we see that government of our countries is strongly promoting a cashless society for example Singaporean government pay additional services to the vendors who accept QR codes which are good for our payment companies. We will see some benefits from this trending. Technically the existing Blockchain is not good enough and the more difficulties are still in-laws and regulations and operations even for a good public chain that comes out right now, we cannot see any reason it replaces Alipay and Wechat Pay in China and merchants accept digital currency instead of using visa and master. I think it gets operations that are constantly pushing merchants' habits. In addition, they need to connect with banks and financial institutions of various countries to solve the basic problems such as pay in and payout.
To be honest, I think in payment and more optimistic about the country being a digital country like DeFi in China. It can replace the current payment system but the bank must accept it. And crypto may have a chance to grow with this trending with good user experiences and safe storage, yes. That’s it, thank you!
>> Moderator: Thank you! The next one will be, what good place to share your opinion on the question as well, thanks.
>> Yeah, the payment, this is a scenario that is most successful in the future. Although this story has — we have an expectation for more than ten years but, the payment for Blockchain is not popular yet. Things have changed dramatically. In my opinion, the infrastructure is needed for such a thing. The first is a powerful Blockchain network with good capacity and performance as well as a minimized cost. There are several strategies and I think TRON is definitely one of them. Also, we need a good channel to bring fiat currency to the blockchain network. So like Konstantin said the probable scenario has happened on Stablecoin. Most have asked to connect fiat currency. We have to admit that most people still need that and this is unlikely to be changed in the near future or decade. The last one is appropriate regulation on cryptocurrency payment.
Well, I think there has to be a rule before they accept this, thank you.
>> Moderator: Yes, thanks for the points. Maria, you’re the next one.
>> Maria: A cashless society is something that we already witness in some parts of the world like in Sweden, for example. When it comes to cryptocurrency, the question becomes a little bit more complex because if you’re talking about having multipurpose payment, crypto wallets directly, first of all, crypto needs to be accepted more widely.
We need more regulations, all of this talk that we’re having on the conferences all of the time. This is really important.
Cryptocurrency wallets can really be great means of payment but only if you stumble upon some like, a shop, or a restaurant that will accept cryptocurrency. So what we need right now is more adoption and more options in this case. Stablecoin is a great point in this conversation because it can ensure the stability of the business at least.
And secondly, I believe that the wallets are already moving somewhere towards becoming this but the extra infrastructure is needed so far, like, cars, for example, or integrations with the services that provide the payment solutions but overall, it’s not impossible. It would be great to see.
>> Moderator: Thank you, Maria. Hello, Marcus, you have the final one and thanks for your patience.
>> Marcus: Blockchain is for all kinds of payments is totally possible. However, the question is how to integrate the part that is recognized as the Blockchain technology achieved with the Blockchain features, privacy, compliance, encryption, and so on. And at the same time, how to improve the user experience and help reduce the barriers for user Blockchain servers is quite important.
This is due to the — we will — transfer the feature of TRON and we can talk about the bandwidth and energy. We believe that easier Blockchain server. It’s easier to make it happen, thank you.
>> Moderator: Thank you, big thanks, everyone! Actually, I want to hear more about it but the time is up so we will need to finish this really quickly. That’s it for our discussion.