Founder opinion series
Founder Opinion

Founder Opinion Series: 3 Questions, 4 Phenomenonal Projects

With so many changes going on in the crypto ecosystem every minute, it gives rise to a lot of questions in everyone’s mind. With questions comes the need for an opinion you can rely on. Not to worry! We’ve solved this bit for you. Presenting the first edition of UniFarm’s Founder Opinion Series where several industry leaders and investors come together under one roof to give a candid take on what they feel. Here are the questions we asked from founders, CEOs, and core team members of four projects – SokuSwap, Jade Protocol, Picipo, and ORE Network and this is what they had to say.

1. The rise Of NFTs and dApps are building a home away from Ethereum, what are your thoughts?

SokuSwapper, CEO SokuSwap

I believe it’s only natural. Ethereum will always be the king, they were the first blockchain to allow smart contracts and have paved the way for the crypto community. But there are some flaws with that chain. One major one is the ability to scale. They have plans to fix that and we’ll see how it goes. New isn’t always better. Even the brand new Binance Smart Chain is getting bogged down day after day. So I think it’s important for us to keep exploring ways to deal with these issues and innovating. So in short, that does mean moving away from Ethereum and looking at other options.

Melvin Libera, Jade Protocol

Eth introduced the concept of smart contracts to the cryptocurrency world and with it, dApps, without the top-down oversight by any one company or individual. If the community remembers correctly the used case was first presented in 2017, unfortunately, got shot down as it didn’t appeal to the industry’s taste pallet. So this is no new concept, just boomed with the 2020 crypto boost. The only downside is the gas fee that is killing the users. NFT is a party crasher in the crypto world. The global NFT market value is currently estimated to stand at around $43B, with a daily trading volume of over $3 billion, which is no joke. NFTs enable the creation of play-to-earn games, and entertainment, and sports. New NFTS And Metaverse is the game-changer.

Jade Protocol is live on UniFarm Cohort 30 | Binance Network

December 10, 2021

Sergei Rusak, Founder, CEO Picipo

For now, a lot of L2 solutions enable reduced gas fees, faster transactions, and a seamless experience for the users. In the long run, a home for NFTs and dApps will certainly be away from Ethereum. But now I feel that Ethereum is the main home for NFTs, since most collectors prefer ERC-721 and ERC-1155 on Ethereum, and it will take time for them to start taking other networks seriously.

Additional Read: UniFarm Cohort 28 Goes Live Tomorrow | Ethereum Network

Marc Blinder, ORE Network

We aren’t maximalists for any one chain. We believe there will be hundreds of important blockchains in the future, for different purposes, which is why ORE is designed to connect to multiple blockchains. We already support Ethereum, Algorand, EOS, WAX, and Telos, our next chains will be Bitcoin, Polygon, and BSC followed by Polkadot, Kusama, and Solana. The only way to truly scale blockchain is to have multiple blockchains.

2. What do you think will be the role of tokens in Web 3.0?

Marc Blinder, ORE Network

Tokens are absolutely essential for Web 3.0. Without centralized companies to be the arbiters of commerce, like we have now on Web 2.0, we need a way for people to buy things, service providers to get paid, and global platforms for value exchange. To do any of that requires trusted, public records of ownership. Whether you’re talking about NFTs, Cryptocurrencies, or Utility tokens, Web 3.0 requires tokens to work.

Sergei Rusak, Founder, CEO Picipo

All trends in the blockchain industry this year revolve around Web 3.0 tokens, which have skyrocketed in value. Although they are not yet widespread, rising costs and applications are driving demand. It will only be a matter of time before this subfield becomes as popular as DeFi.

Picipo is live on UniFarm Cohort 28 | Ethereum Network

November 18, 2021

SokuSwapper, CEO SokuSwap

I can’t even start to explain this one. The possibilities are endless. But I believe we’ll see tokens being used in every part of our lives.

Melvin Libera, Jade Protocol

Web 3.0, is in its infant stage. While some part of it exists, we will only know the true potential once it has the infrastructure to take over the net. we can expect to see a strong convergence and symbiotic relationship between these three technologies and other fields. They will be interoperable, seamlessly integrated, automated through smart contracts. To name one, Helium is one of the most popular Web 3.0 cryptocurrencies and is responsible for making the internet accessible to everyone. This project offers a web service designed to compete with ISP giants like Verizon and AT&T. So we have a long way to go.

3. The impending shift of Ethereum’s blockchain from Proof of Work to Proof of Stake has directed a lot of the market’s attention to staking. Are there risks involved with locking up assets in PoS?

SokuSwapper, CEO SokuSwap

There’s risk involved in everything. There’s a risk walking outside to my mailbox. I think people need to be able to evaluate risk and make educated decisions. Current mining is an issue. Most miners are not using clean energy. So switching to a PoS system seems like an ideal move to make. And if this helps with scalability, as I mentioned before, that would definitely be a good move.

Marc Blinder, ORE Network

First of all, I want to say that this is a huge improvement for Ethereum. Proof of stake is so much better for the carbon footprint of Ethereum and for the speed of transactions. ORE has used Delegated Proof of Stake (DPoS) since mainnet launch and it’s fast and efficient. In terms of the risks of staking, it really comes down to the code quality and decentralization of the platform. A poorly coded platform can be hacked and platforms without true decentralization can be victimized by 51% attacks, so there are risks, but the same is true with almost any code. PoS platforms like Algorand have been operating for years with billions of dollars and had great success, so it can work for sure.

Melvin Libera, Jade Protocol

Eth POS, was always the plan as it’s a key part of the community’s strategy to scale Ethereum. Having said that POS is still in its infancy, and less battle-tested, compared to POW. The threat of 51% still exists. My thoughts are to give it some time to mature and it will be a revolution.

Additional Read: UniFarm Cohort 30 is Here | Binance Network

Sergei Rusak, Founder, CEO Picipo

There is a strange relationship between the price of ETH and its transaction costs. Transaction costs increase and the price soon follows. This also seems logical because the demand for transactions is direct evidence of utility, and that utility determines the price of the token as people buy ETH and then spend it on a transaction. They are willing to spend ETH to the point where the value of the transaction matches the utility of the transaction, and that creates a nice circle. If you sever the link between the cost of an ETH transaction and the price of ETH with proof of stake, will you break the virtuous circle? I think Ethereum will successfully move towards proof of stake and remain intact as the second-largest cryptocurrency. However, this fate will face significant risks, and this risk will soon come. If Ethereum makes a successful leap, DeFi and other DApps will explode.

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