David Lin from Kitco NEWS and a guest, Alex Filatov, discussed the Web3 phenomenon, the key components of the crypto industry and looked a little into the future.
3 current trends:
1 — to more regulation of centralized Finance
2 — to increase the interest and need for decentralization
3 — request from governments: blockchain is able to bring more functionality and transparency to the financial system
Metaverses as a new environment, is a mix of technologies and capabilities:
1 — ownership of assets (for example, items in the games), the ability to buy, sell and transfer them
2 — DeFi aspect (you don't use regular money inside the metaverses)
3 — social aspect (new communication and visualization formats)
Is NFT dead?
• Cryptokitties and so on — it was cool, but the future of NFTs is in their utility
• For brands, NFT is an opportunity to reach their audience directly
• NFT tickets: you can use regular ones, but they, for example, will not protect you from speculators
Why do we need a DAO?
DAO helps to move away from centralized decision making with potential misbehavior to decentralized making and consensus driven decisions
About the market reversal
• It seems that the transition back to more risky forms of investment is already being started
• However, there are still no more than 100 million people around the world using cryptocurrency more or less regularly — the industry needs much more adoption
About the regulation of DEXes
• You can regulate when you know who the owner is
• Sometimes the only thing you can do is try remove the code (Tornado Cash use case)
• Some DEXes will have a kind of KYC, and some will prefer to remain essentially anonymous and not being linked to any jurisdiction
About assets storage
I don't store substantial amounts on exchanges because if you don’t own your keys it’s not your crypto.