HDAO’s AMA Global with the Chairman of CWV: Mr Neo Wang
HyperDAO held its 35th AMA Global session on November 18th at 20:00 (BJT). The AMA session this time features the Chairman of CWV, Mr Neo Wang. He presented the topic “The DeFi Hype has weakened, what types of DeFi projects are sustainable?” Below is an overview of the session hosted.
November 18th 2020, 20:00 (BJT). The session started with Mr Neo Wang’s introduction. Mr Neo Wang has participated in countless blockchain-related projects and has won multiple professional awards locally and abroad. He has also become a Huawei blockchain technology supplier. His core technical team has developed a centralized large-scale system containing millions of TPS (Transactions per second), which turned out to be quite famous in the blockchain industry.
In the interview, he shared the actions he took to seize the opportunity in this unpredictable market environment. He believes that it is necessary to study regularly every day, to learn the knowledge found within and outside the industry and communicate with exceptional users in the same industry. He said that persistence is the key to controlling the industry information and solve the industry information asymmetry problem. He also added that one must have risk awareness and set goals to ensure stable returns.
In addition to the above sharing, Mr Wang has also explained the current situation and development trend of the NFT market. He believes that NFT is a very interesting concept as its future development path and future goals can imprint unique value onto an asset, such as games or art collectibles, through NFT attributes and smart contracts. Recently, the rare digital artworks and trendy artworks favored by many traditional investors and young investors are helping to promote the development of the entire NFT market. Mr Wang has always believed that NFTs can get rid of the stems that has no intersection with the real economy; NFT also has a good integration and compatibility with rare works of art and limited trending toys.
In the AMA session, he also shared the difficulty and entry barriers surrounding the on chain for real world assets and the best path that could be taken from multiple perspectives. The following are his views on the matter:
1) The market size of the industry for real world assets and the demand for data applications on the blockchain.
2) Whether the data on the chain can solve the problems presented and what kinds of problems can be solved by the currency issuance.
3) User needs and the product’s application scenarios, as well as the usage and consumption frequency. The entire blockchain industry, whether it is on-chain data or the rise and fall of tokens on exchanges, is still due to the high and low frequencies of its own products, such as FMCG. The integration of many aspects of the high frequency and the low frequency of the financial market is still difficult to achieve.
4) What purpose are you using the blockchain or encrypted assets for? Are you trying to enhance it or use it to help the people in need. As of today, I think the better option would be to enhance it.
5) Are you trying to solve the traditional industry’s issue or solving the issues encountered by the users? I think that helping out the users should remain your top priority.
The best path that could be take are as follows:
1) The industry that needs to validate the authenticity of the data and products would require the blockchain’s data, ledger functions and etc.
2) The market’s size, industry’s gross profit margin and net profit margin. The blockchain development will be significantly sped up if the market size is big enough.
3) The team in charge needs to have a strong skillset, each with the curiosity and willingness to learn about the industry. They need to invest in learning by themselves early on, so their learning ability as well as the ability to expand and realize the new industry and the original industry must be strong enough.
4) The ability to handle risks. The risk of integrating old and new industries needs to be handled by the founding team and the company’s senior management and they must face their failures head on. Failing to integrate the industry is normal, but you must learn to rapidly adjust our mentality in the face of failure and learn to handle these risks.
As a decentralized financial service ecosystem, HDAO has been committed to creating an efficient, transparent and achievable digital financial ecosystem. HDAO, as a pioneer for on chain assets, is steadily advancing the NFT minting system, allowing users to conveniently place real-world assets as collateral for lending and mining purposes. HDAO will lead the NFT industry’s business innovation and application scenario’s exploration. There will be more developments in HDAO in the future. Only by thinking about the community can we grow together!