Things I Wish I Knew When I Started
Memoirs from Eric Gu, CEO of the Metaverse Foundation
In late July, I went to Beijing to watch the World Cup, and then headed back to Shanghai to meet friends. The weather was sunny wherever I went. In Shanghai, as a metropolitan city and a hub of finance, more and more blockchain communities are emerging. A couple of weeks ago, it was my honor to join a meetup that was organized by RCLUB Shanghai for a debate between traditional financial gurus and blockchain co-founders.
In total, around 50 founders and financial researchers were at the venue. I met many new and old friends, including NEO’s co-founder Dahong Fei, Draper Dragon’s co-founder Yuehua Wang, and Penta Global Foundation’s co-founder Zuo Peng. The way people greeted us compared to the way they greeted the traditional finance gurus was interesting to me. For example, the highly respected Mr. Bai (Chinese Academy of Sciences doctoral supervisor), Mr. Fu (Inno Angel Fund co-founder), and Mr. Huang (Yun Qi Capital founder), were all greeted very formally. Whereas, the audience perceived and greeted Uncle Da (Da Hong Fei), Zuo Peng, and me (Tiger) casually. Even though we are young in the financial technology sector and the blockchain industry, it is never too late to make your presence known.
At the debate between traditional finance and emerging blockchain, we had a heated discussion regarding the attributes for successful decentralized applications that are built on blockchain technology, DApps that are more likely to achieve future sustainability. The consensus was that the gaming industry is more applicable than traditional industries in terms of applying this new technology. The gaming environment is very similar to the token circulation environment. For example, people tend to buy in-game tokens to pay for the equipment they need in the virtual world to upgrade to the next level with better tools and weapons.
(Zuo Peng, Da Hong Fei, and Eric Gu)
To increase the efficiency of commercial operations, it is crucial to ensure appropriate applications and sound management of private identity data. When entering the Information Age where data become assets, companies need to understand the importance of protecting consumers’ personal data. It is crucial to be aware of the fact that consumers’ data are as important as their own data.
A blockchain decentralized identity ensures a person’s private information is owned by that person and protected by the immutable ledger, where no sensitive personal data can be leaked. As I would like to say, “should someone ever sell my personal data on the Internet, at least I will get paid.” The sellers will have to contact me for permission to use my data first, and only when I agree can they release my data to their specific platforms.
(Eric Gu speaking to the audience)
(Eric Gu presenting next to Da Hong Fei)
With blockchain decentralized identity, customer privacy data are treated as assets. Thus naturally, customers’ privacy data are protected just like their assets on the blockchain. That is to say, digital identity on blockchain is going to make a huge impact on privacy protection.
(Blockchain founders vs. Financial researchers)
This summer left a deep impression on me as I witnessed the fluctuating economic state and social status of China. The situation reminds me of the various crises that this nation has gone through. I would say that we should not be self-defeating. Almost all of the Fortune 500 companies have invested in China. As one of the biggest source of profits for many multinational companies, China’s market is comparatively stable, in order, and prospective. Thus we are here to continue to prosper.
During my trip in Beijing, I realized that the source of innovation is to keep exploring the meaning of humanity. Even if we start late along the way, and numerous talents are highly engaged in short term make-a-quick-buck schemes rather than focusing on long term goals such as achieving sustainability through innovation, I believe blockchain technology is here to stay. Though currently our pursuit in scientific knowledge is a bit lacking, in the crypto market, we have a better view to bridge scientific findings and technical applications. We have the best talents to witness and create breakthroughs in blockchain and finance. Best of all, there is more to come.
How can we utilize science and practice? We invite you to learn more below: