Today we had the pleasure of interviewing Andrii Dubetsky, partner at Blocknote and Business Developer at Pandora Boxchain. He shared his insights on crypto trading, AI and the battle of VCs against crypto.
Crypto Trading and Venture Capital
Through the interview, Andrii stated that trading is speculative, so before you dive into it, you should first learn the concept of the technology behind crypto. According to Andrii:
“There are too many scams in the market right now.”
Andrii’s team specializes in performing their own due diligence. Prior to dealing with cryptocurrencies, Andrii was involved with Venture Capital, but once blockchain and cryptocurrencies surfaced, some of his fellow VCs ended up also turning to blockchain technology. The basic piece of advice given by Andrii in regards to due diligence is to always look for experienced teams.
According to Andrii, the weak capital markets in Ukraine led to VC diversification into crypto. When compared to the cryptocurrency market, Andrii admits that the venture capital market is much easier to understand due to its years of development, regulations and organization. The cryptomarket is a young one, so it changes drastically every year.
Andrii assured more innovations in this industry are yet to come adding that:
“crypto creates a new economy, new business models, new markets and new services.”.
According to hium, future contracts are a good example of “economy bridges” that are so much needed in order to connect the crypto world with the real world.
When asked about the latest cryptocurrency exchange hackings, Andrii strongly believes that the common denominator was due to the digital assets being kept by the exchanges, which obviously motivates hackers to attack such targets. Although decentralized exchanges could easily offer a solution against major hackings due to their peer-to-peer trading system, those exchanges often have liquidity issues due to lack of popularity. The reason why most people turn to centralized exchanges is due to the simplicity of the trade, allowing users to exchange thousands of dollars within minutes.
As for security, Andrii’s advice that in order to keep your digital assets safe, do not store them on exchanges unless you are trading. Hardware wallets are the best way to go when dealing with cryptocurrencies.
Andrii also spoke about the project he is currently involved in, Pandora Boxchain, a project that seeks to combine Artificial Intelligence and Blockchain. According to Andrii:
”Pandora is going to announce a general purpose protocol that can be used by anyone. The platform will be decentralized.”