May 22, 2019 08:32 UTC
May 22, 2019 at 08:36 UTC
George Lucas from Connect Coin in an Exclusive Interview with BTC Wires
Q1.What is the blockchain for you and what do you think about its future potential?
Blockchain is basically like a distributed ledger which stores the database of assets and transactions done across a peer to peer network. You can think of a blockchain as an open infrastructure that can store various types of assets. Blockchain Is quintessentially the world’s next operating system, Blockchain enthusiasts claim that the technology will greatly expand opportunities for economic exchange and collaboration by reducing the need to rely on intermediaries and the frictions associated with them. The technology has obvious appeal to the development sector, where trust—both between individuals and in institutions—is seen as an important precursor to growth. With such great promise comes great enthusiasm and the hype surrounding blockchain technology continues to grow. While this excitement is understandable, it also creates a risk that development organizations embrace and begin to rely on the technology before they fully understand it, which raises concerns about data security and potential financial losses. There is also the possibility that blockchain-based applications simply fail to live up to the hype.
Q2. What misconceptions do people have about trading cryptocurrencies?
The major misconceptions surrounding cold and hot storage, addressing it is possible to make trades as well as earn interest in cold-stored funds. He also debunks the myth there is always just one key holder when funds are stored online. He also explains that although hardware security modules are a great security tool, they do not yet offer the same amount of protection cold storage does.
Cold storage does not necessarily mean the funds are impossible to trade—in fact, certain products. Trade over-the-counter using delayed settlement. The funds will be transferred only after the trade is made.
Similarly, there are ways to make an investment while your funds are placed safely in the cold storage. Tezos, for instance, allows keeping a small portion of funds online to potentially make a profit. There are also other projects in the works.
The number of key holders and hot versus cold storage are unrelated concepts. Therefore, their number is reliant only on the design of a custody solution.
Both hot and cold storage offer different advantages—funds stored online can be traded off faster while offline storage offers better protection.
Q3. What according to you can be some hurdles in the future? How do you plan to tackle those?
Several challenges must be addressed before blockchain-based development solutions are widely adopted. These include concerns about data privacy, operational resiliency, and governance. There is also a need to further educate the development community about the technology, including recognition of its limitations.
ConnectCoin (XCON) offer a way to conduct international payments outside of the correspondent banking system, which several start-ups, including Connectpay have sought to take advantage of. In this business model, the ConnectCoin (XCON)-based money transfer operator (MTO) typically takes payment from a sender in local currency. Then, instead of instructing their bank to send a bank-to-bank payment to the receiver’s country, the MTO uses the funds received to buy ConnectCoin (XCON) from a seller in the sending country. They then swap XCON for local currency at an exchange in the receiving country before sending this currency to the receiver’s bank, as
Q4. Could you share your predictions about the future of cryptocurrency economy for the next 5 years?
A cryptocurrency that aspires to become part of the mainstream financial system may have to satisfy widely divergent criteria. It would need to be mathematically complex (to avoid fraud and hacker attacks) but easy for consumers to understand; decentralized but with adequate consumer safeguards and protection;
Q5. How do you think the volatility of the crypto market has affected the ICO industry?
Volatility is an important market concept for any investor or trader to understand before engaging in different types of investments. The cryptocurrency market is a highly volatile market that is a double-edged sword; it has the potential to generate massive amounts of returns but you also face a high risk of losing a significant amount of capital. Ultimately, you should be aware of your own risk appetite to assess if you’re prepared for the worrying level of risks that the market has to offer
Q6. Coming to your project ConnectCoin, what is it about, can you give us a brief?
CONNECT (XCON) is ER2C0 Token XCON designed to connect the world in payment system and transfer of money globally. Under CONNECT (XCON) we have build difference platform which is going to make a revolution in the financial world in general as we focus to simplify means of payment and money transfer global. Also under XCON we have our online global market for goods and services known as CONNECT MARKETPLACE in which sellers will be able to advertise their goods and services and buyers can pay using our coin XCON. We also focus to educate society adopt XCON and cryptocurrency in general through our ACADEMY platform
Q7. What are your vision and the goal you want to ultimately achieve with ConnectCoin?
To connect the world by streamlining the existing means of fund payments and transfers across the globe. The coin intends to empower merchants by offering an easy and secure payment system that is based on the blockchain technology and denoted as Connect Pay.
Q8. What motivated you to initiate this project?
Personally, Investing in the crypto currency Bitcoin an investment in the future. I strongly believe in BlockChain technology and crypto currency, and I believe that these technologies will make our world more productive
Q9. What do you think is the advantage of blockchain as a technology for your project/platform?
Blockchain’s confirmation mechanism along with transaction recording does not allow users to double book or double spend, thereby ensuring transparency in the transaction process.