Founder Opinion Series: Manga Token and StartFi
We are thrilled to bring to you an extension of the debut UniFarm Founder Opinion Series with you 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 the CEOs of two tremendous projects – Manga Token and StartFi and this is what they had to say.
The rise of NFTs and dApps are building a home away from Ethereum, what are your thoughts?
Elvin, CEO of Manga Token
As we all know the digital world is a fast-paced world, so we should always be open to the changes that might happen. There are continuous developments that are needed for the growth of the blockchain world. And the sudden rise of NFTs is just a glimpse of what is bound to happen in the near future.
As long as well-known people continuously spend money for NFTs and dApps becomes increasingly intertwined or connected with our daily lives, the explosion of NFTs and dApps in popularity and sales will continue and it’s no surprise.
Although there might be countries with anti-crypto regulations, it doesn’t stop the growing traction over NFTs and dApps since it has become one of the hottest commodities nowadays. A good example of this is China, they have anti-crypto regulations, which makes using the Ethereum blockchain illegal. Despite this, two Chinese tech giants, Alibaba and Tencent, now sell NFTs to the public using their own semi-private blockchains. This indeed proves that technology and people are making their way out to go with the trend. And from this, we can never tell what’ll happen in the future in terms of technology and advancement.
Mo Komy, CEO of StartFi
No, eth is still the heart of NFT & metaverse world, there’s a competition but eth still attracting all newcomers.
What do you think will be the role of tokens in Web 3.0?
Elvin, CEO of Manga Token
We can never deny the fact that evolution is always a part of life, whether naturally or technologically. Web 3.0 will be more decentralized, meaning the stage where your internet and every content you come across will be tailored exactly for you alone based on your preferences, and with this being said, web 3.0 will utilize decentralized networks, the ones on which cryptocurrency and blockchains are developed.
Since people are continually looking for more customized and personalized browsing experiences, this would finally come down to dApps and smart contracts to automate specific processes. This is where crypto players come into place. Crypto players that could offer the best technology (platforms and their tokens) to contribute to web 3.0 will get the most attention. With this, we can safely say that holding the tokens from the best platform (offering the best user experience) in web 3.0 is also an investment that will never bubble up all your savings because it’s backed by tech-based facts that hold numerous precedents.
Mo Komy, CEO of StartFi
We have more than 12k tokens I think, mostly it will be like tickets, casino chips, whatever you call it, but a utility for one thing/platform.
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?
Elvin, CEO of Manga Token
Staking is also a form of investment and any investment has its own risks and dangers. But the question is, “how much risk are we talking about?” Yes, we’ve definitely moved from PoW to PoS, but in my opinion, we can not fully compare the two. One of the risks following PoS is that:
Staking may not address malicious intentions. Any stakeholder who is staking their holding of the altcoin may very probably have malicious intentions. They may, for instance, vote for both forks of the blockchain. If there isn’t a validation mechanism in place, this would be a huge unfair advantage – not only for the blockchain but also for other users who have a much smaller stake or have only voted for a fork, which must be the best-case scenario.
Founders have a huge stake and a vesting period. A significant chunk of the tokens is available with the team, especially to C-level. The availability of a large portion with the founders makes the projects vulnerable to veto. In this scenario, the founder or C-level may tune or bend the project according to their preferences. And this is unacceptable since we are working and progressing towards decentralization. Although nowadays, a lot of new crypto-projects are creating their own DAO which gives power and authority to the community in terms of decision making.
Hoarding for commercial benefits. If a pure PoS mechanism is implemented, this very concept may turn to hoarding, where contributors only hold to foster specific commercial interests. This comes as equally negative to the project. However, if the initial distribution of funds is done in a decentralized way, for example via airdropping, then we have a solution to the major drawback of pure PoS. In my point of view, since there are ways to solve these risks, I am not identifying them as a huge danger. And utilizing PoS is a great way of getting away from the humongous waste of resources just for mining or validating transactions in a block.
Mo Komy, CEO of StartFi
The volatility is the main risk, no one wants to stake $1k then get it $100 after a year, but it’s part of the game, accept both profit & loss. For me, I think staking will be part of financial management for big private equity companies, like holding real estate.
About Manga Token
Manga Token is a reward, payment, and staking token for the manga industry that allows you to encourage your favorite manga artists through a new form of digital merchandise known as Manga NFTs. They are building the world’s largest Manga NFT marketplace for authentic manga collectibles from authentic manga artists.
About StartFi
Startfi is a blockchain-agnostic one-stop-shop content creator and owner management solution, with the goal of providing a platform that enables content creators and consumers to manage their material efficiently and conveniently. The major purpose of Startfi is to create a platform that is easy to access and use for both individuals and teams establishing new projects.
