We ask the buidlers within the blockchain and cryptocurrency sector for his or her ideas on the business… and throw in a couple of random zingers to maintain them on their toes!
This week, our 6 Questions go to Chen Li, the co-founder and CEO of Youbi Capital, a enterprise capital agency investing in blockchain applied sciences and disruptive decentralized functions.
Chen Li is the co-founder and CEO of Youbi Capital. He has a Ph.D. in chemistry and labored as a scientist for Regeneron Prescription drugs, the place he gained two awards for his contributions to creating groundbreaking antibody medicine. In 2015, he was launched to Bitcoin mining by his roommate in faculty, then collectively based Youbi Capital in 2017. Chen constructed the inspiration of Youbi’s thesis in blockchain infrastructure and led investments in Algorand, Avalanche, Polkadot, Stream, Kadena, Chainlink, Debank and others. He was additionally an advisor to JP Morgan’s blockchain workforce.
1 — What’s the essential hurdle to mass adoption of blockchain know-how?
The primary hurdle to mass adoption of blockchain know-how now remains to be its infrastructure, particularly, scalability and safety of layer 1s. All of us noticed that the watershed second for Axie Infinity was not the play-to-earn motion that began in early 2020 however the migration of the sport from Ethereum to Ronin in mid 2021, which led to an explosion of gamers and income development immediately.
However Axie was only one utility, and may due to this fact be simply accommodated on a devoted chain, whereas for the DeFi protocols — that are extremely composable and already interconnected — we nonetheless don’t have a layer 1 for your entire set of DeFi protocols emigrate over with out beginning to jam its site visitors. Solana is likely to be the closest to attaining this purpose, however it isn’t horizontally scalable for mass adoption.
There may be nonetheless quite a bit to do to put a stable basis for the blockchain utility.
2 — What is going to occur to Bitcoin and Ethereum over the subsequent 10 years?
Bitcoin has efficiently prolonged the consensus on its asset as a decentralized retailer of worth for everybody from people to a big group of establishments on this cycle. It’s only a matter of time earlier than it’s universally accepted. Moreover, beneath the worldwide inflation backdrop, Bitcoin may also have the possibility to turn out to be a broadly used foreign money in worldwide settlements. There was loads of hypothesis on the Bitcoin worth proposition damaged all the way down to its utilization in several classes.
By way of know-how, the group has deliberately saved Bitcoin’s progress at a gradual tempo to keep away from introducing any uncertainty. Whereas I consider that’s the proper technique for its use instances, Bitcoin will nonetheless be restricted in supporting good contracts over the subsequent 10 years.
Ethereum, however, goes via a lot sooner reiteration by transitioning to proof-of-stake and probably sharding within the close to future. All EVM-supporting chains are additionally within the Ethereum ecosystem, contributing worth to the bottom layer. As a result of sturdy community impact, the Ethereum ecosystem will seemingly stay as a dominant power within the DeFi area all through the subsequent 10 years.
3 — While you inform individuals you’re within the blockchain business, how do they react?
I bear in mind once I first talked to outsiders about Bitcoin in 2015 — they both fell silent and gave me awkward appears like I used to be making an attempt to speak them into some form of rip-off, or in some instances, enthusiastically challenged me on whether or not Bitcoin had any worth. Bitcoin mining was extra of a enterprise that individuals might perceive, nevertheless it was extraordinarily uncommon to seek out somebody that was open-minded in regards to the cryptocurrency itself.
Now, individuals are changing into an increasing number of educated and engaged about blockchain know-how and crypto. I’m typically not the one particular person they know within the business. I was requested a lot of primary questions on blockchain. However now, individuals who aren’t blockchain professionals generally share their views first as soon as they know I’m within the business.
They’ve rather more various views on the blockchain business now. In addition to holding crypto of their portfolio, a number of individuals are NFT collectors and even landowners in blockchain video games. They see blockchain as a know-how to challenge and transact NFT property in addition to infrastructure for the Metaverse, however are extra interested in NFTs and Metaverses. That’s the reason I’m very assured that the Metaverse would be the entry level to the Web3 period.
4 — Who is sensible to you, and who is senseless in any way?
Whoever is constructing a product then tells a narrative is sensible to me and who simply tells a narrative or builds a product for imaginary demand is senseless in any way.
There are many nice merchandise which can be rigorously designed and reiterated to suit the wants of the customers. For instance, Binance has a really environment friendly suggestions loop, from customer support to administration. Consequently, it is ready to reiterate its product in the best method and have interaction a brand new development out there. The Binance workforce is sensible to me. Polygon, Debank and The Graph are all glorious examples of merchandise with sturdy product-market match. All these groups make sense to me and I see a lot of potential within the adoption of their product.
5 — Record your favourite sports activities groups, and select the only most memorable second from watching them.
My favourite sports activities groups have been the Chicago Bulls and Denver Broncos. Probably the most memorable second was Michael Jordan’s closing shot with the Bulls that gained them the sixth championship.
6 — Aside from the current day, in what time and in what nation would you wish to have lived?
I want I had lived in Shanghai, China from 2012 to 2015. That was the primary crypto market cycle that I missed. The 2 main occasions in that time-frame have been the expansion of Bitcoin mining and the fundraising and preliminary community-building of Ethereum. They each occurred throughout that point in China.
Plus, China is my house nation. I like the meals and other people.
A want for the younger, formidable blockchain group:
I want that everybody in the neighborhood can survive the ups and downs, holding tight to their crypto property.
Source: Coin Telegraph
