Sergey Sevantsyan: Facebook and Telegram cryptocurrencies will blow up the micropayment market
Sergey Sevantsyan, a crypto-evangelical and blockchain technology adviser in his interview for LetKnow.News told about the impact of crypto-projects from Facebook and Telegram on the money transfering market, and how blockchain and cryptocurrency changed the financial world.
- Tell us about yourself, at what point did you become interested in cryptocurrencies and why?
- I’ve been working in the IT industry for 25 years, I started with programming, I had my own company providing telecommunications services and Internet access. Most of the time, however, I worked for various corporations - Microsoft, Alcatel, Nokia, Shell, IBM, Accenture. I became interested in cryptocurrencies in 2016 when Microsoft started looking closely at the
Then it became clear that blockchain gives us a digital representation of all human interactions and instead of exchanging beautiful pieces of paper with portraits and numbers, the new technology made it possible to see these numbers on a smartphone, computer, tablet - thus opening the possibility of money to completely migrate to the digital world. And of course, we started this transition to a new ideology with the most important thing - with money. After that, I left the corporate market and began to delve into this topic. As a public speaker, I conducted about 200 events and became the world’s opinion leader - Key Opinion Leader. Therefore, for me,
crypto industry is a consecutive continuation of my path in IT technologies. Now I lead the Quantum Warriors movement, where we are puzzled by the security issues of blockchains and wallets, specialising in quantum computing, since that’s a pressing issue of the near future.
- How strong is demand for loans secured by cryptocurrency?
- When somebody makes more money than he spends, the question of what to do with the money arises sooner or later, and one of the options is to entrust this money to someone and make money on interest. The entire IPO market is built on this,
ICO, IEO, STO - the entire investment world.
If earlier only accredited organisations or professional investors had the right to lend: micro-
finance institutions, banks and states, then thanks to the blockchain technology, an alternative digital currency appeared, and with it you can check who issued the loan, how big it was. You can have a look at the person in social media, see his standard of living. At the moment this area is only in its infancy, but that’s a very promising direction, since people have really begun to treat cryptocurrencies as money.
In addition, over the past 50 years, the credibility of the banking system has been completely lost, since there are many examples in history when financial institutions, and even whole states have gone bankrupt, have simply thrown their citizens and entire nations. And the main feature of cryptocurrency is that the person himself is the owner of his fortune and he controls, everything that happens with his money.
In this case, however the issues of identification and cybersecurity become relevant, and that’s why I decided to address the issues of security and asset storage using quantum technologies: quantum encryption and post-quantum resistance.
- What is the role of the blockchain in Fintech and what problems does it help to solve?
- If we go back to the beginning of the creation of Bitcoin, Satoshi Nakamoto tried to solve several problems that are associated with control in the financial world. First, it’s the money emission, which was solved by
mining. Secondly, it is a question of asset ownership and validation of this information.
We already understand that a new era has begun in financial sector, when anyone can be confident about not loosing one’s money by accident, because every transaction can be traced. Previously, it was the prerogative of the few people in power, and they kept the whole process secret and under their control, but now ordinary people have this possibility. Thus, the reset button was pressed and the financial world was restarted.
- How does the Bitcoin exchange rate affect the development of crypto industry and crypto technologies?
- The Bitcoin exchange rate is our emotions, that’s the human emotional component on the crypto market. It’s our reaction to what is happening in the financial establishments on a global scale. Bitcoin rate does not depend only on the news, it goes against the current financial establishment. And you need to understand that the financial sector, the investment sector has a beneficial effect on the crypto industry. Since big businesses and the states has already begun to watch it closely. Yes, there are some issues that require addressing and polishing. In addition, honestly, we are really tired of messing with papers and coins, and finally we can be spared of them. So, all we need is to adopt new technologies and reject the prejudices.
- How easy and convenient, from your point of view, is it to run a crypto business in Russia? And in which country the regulations are more helping?
- In Russia, we look at everything from the point of view of power, and although here cryptocurrencies are not prohibited, to run business here is not convenient. I don’t understand people who are constantly whining and waiting for something: for the laws to be written, for the lawyers to understand all the crypto issues, for the permission "from above" it all resembles me the Middle Ages.
In Russia, there are no conditions for running a crypto business, if there is no law abidence - that’s anarchy, and in case of Russia - anarchy belongs to the state and there isn’t anything or anyone to rely on. At the same time, there is no need to go far for the better examples.
Ukraine is actively promoting the blockchain and cryptocurrencies to be applied at the government level, Georgians are great lads - they don’t look at anyone and decide for themselves how to develop the industry. They have huge mining structures, and the state does not interfere them, but creates opportunities for the further development.
Another example is Switzerland. That’s the state, that values human assets above all, is an ideal country for a crypto-business development. This is a country where you can open a company with cryptocurrency and forget about fiat money, since all operations can be legally carried out in a cryptocurrency.
It is also comfortable to do business in Hong Kong,
Japan, Korea, Liechtenstein, Malta, Britain, even in America. Although everyone there is afraid of the Securities Commission (SEC), but, from what we know, the SEC has issues only with fraudsters. And now we see that Americans are accepting crypto, with caution, however - JPMorgan, Bank of America, major corporations Microsoft, IBM, Accenture are already diving into it.
We need to understand that the whole Asia is watching how Americans live and they are trying to follow them in all aspects. And we are watching whether Venezuela will accept cryptocurrencies or not, why should we care? It is a pity that Russia, being on the cutting edge and with technical experts, is going to miss such a chance.
- Facebook is going to launch Global Coin. How will it change the micropayment market and affect the development of the industry itself?
- The move confirms that blockchain technology is already accepted by everyone, as long as such giants went there. I think Facebook will really get a huge market share, because it already has a huge audience of 2 billion users. For example, I can’t transfer money from Russia to Ukraine through a bank now, and in this case Facebook is the perfect solution, because it doesn’t matter what nationality you are or what country you are in, the main thing is that you can make payments without any obstacles.
Previously, all this part of the infrastructure had to be represented by banks, but under the conditions of prohibitions, sanctions and restrictions, this is not what users need. Therefore, Facebook and Telegram will blow up this market. In addition, the ability to transfer money to each other, regardless of jurisdiction, will only accelerate the process of globalisation. And to raise in these conditions questions of nationality is at least ridiculous. After all, this alternative digital world he brings together much faster, and he blurs the boundaries.
- How did blockchain and bitcoin influence the development of the modern financial system?
- Bitcoin and blockchain turned the financial world upside down, they have reset it. Thanks to these tools, people began to ask very uncomfortable questions about the development of the institute of finance. Why financial institutions have the right to issue money, and why exactly banks are their owners. As a result, citizens have encroached on the most sacred part of the financial system - money printing.
It goes without saying, many stars came together for the Bitcoin emergence - smartphones and the Internet appeared, and in 2008 another financial crisis only accelerated the arrival of new money. The fact that Bitcoin was supported by people shows that this problem really existed. Although Bitcoin solved only the issue of digital money, but ideologically it undermined the positions of the state and undermined the position of investing in business.