We asked the builders in the field of blockchain and cryptocurrency what they think about the industry… We randomly added some zingers to keep them alert!
this week, Our 6 questions were asked by Han Kao, the founder of the thesis-driven investment fund Sanctor Capital and the co-founder of Crypto Briefing, a crypto research company.
Han grew up in New York City and studied economics at Columbia University. He started as a software developer, but soon realized that he wanted to become an entrepreneur. Over the years, Han has founded several companies: a web development company (ISI Studios) during the Internet boom, an event marketing (BDBG Marketing) and online ticketing (theDreamVine) company from 2005 to 2015, and a mobile application studio (J Technology) in 2015.
In 2017, Han began to publish research on early blockchain projects through Crypto Briefing. Today, Crypto Briefing is one of the top crypto research publications, with more than 1 million readers every month.
Han hopes to use Sanctor Capital to help guide other founders in this field to find their own success. It recently launched Sanctor Turbo, a Y Combinator style mentorship program to support missionary founders.
1 — What does decentralization mean to you and why is it important?
For me, decentralization represents a structural socio-economic transformation of the modern world. For centuries, the world has relied on the central government, financial institutions and other central organizations to instill in us a false sense of security.
However, it has become increasingly clear that the organizations and authorities that we grant these powers are often not in the best interests of their constituents, and are only taking care of their individuals. In addition, the price we pay for this false sense of security is inefficient and harmful to the society these organizations serve.
From a socio-political point of view, decentralization contributes to the distribution and democratization of power, and empowers active participants in any particular society (or organization), rather than those with privileges.
From an economic point of view, decentralization helps eliminate the costs, inefficiencies, and risks associated with trust intermediaries and centralized parties.
In short, it just makes everything better-not necessarily easier, but better.
2 — What is the biggest obstacle facing Ethereum today, and what is its biggest opportunity?
Creator Vitalik Butrin, The “blockchain trilemma” refers to the challenges and trade-offs between the three main aspects of the blockchain-decentralization, security and scalability. He pointed out that developers must weigh between three aspects.
Although Ethereum is one of the most decentralized and secure blockchains in existence today, it is also one of the least scalable blockchains.Shift to more scalable, faster, and cheaper Ethereum 2.0 It has been and will continue to be one of the most complex and challenging developments in the Ethereum development community.
The goals of Ethereum 2.0 have been moving, and developers are frustrated and are looking for alternative solutions. Today’s developers want to build applications on the chain that can serve as the best basis for the target use cases they envision.
The longer it takes for Ethereum to reach an acceptable level of scalability, the greater the chance that other blockchains will file a claim in the market. We have seen other blockchains such as Solana and Binance Smart Chain take advantage of this opportunity. We are likely to continue to see more momentum in other ecosystems such as Cosmos, Polkadot, Avalanche, and Algorand.
3 — Which is sillier: $500,000 in Bitcoin or $0 in Bitcoin? Why?
There is no doubt that a $0 bitcoin is more stupid. The US dollar may be the biggest scam in the history of the world. After World War II, 700 representatives from 44 countries gathered (in Bretton Woods, New Hampshire) to study how to build a new global financial system. Since the United States has the largest gold reserves, it promised to fix the U.S. dollar in its gold reserves and make the U.S. dollar the international reserve currency of other countries.
However, by 1971-after accumulating a huge deficit-our gold reserves began to deplete. Therefore, President Nixon decided that the U.S. dollar would no longer be backed by gold. Since then, we have broken away from the gold standard, and the backing of the dollar is only the strength of our army. This sounds like a scam to me. But the problem is that only recently have there really been alternatives.
It is impractical to carry gold bars and coins with you when you want to buy something. You also cannot transfer gold bars to relatives all over the world. Therefore, Bitcoin is a viable solution for people who want to store their wealth in assets that others may be willing to accept in the future. The more people consider Bitcoin as currency, the bigger it will become.
With a fixed supply of 21 million BTC and US dollar inflation reaching record levels, I bet that more and more people will accept Bitcoin as their currency. We are really not far from the $500,000 Bitcoin. This is only an order of magnitude distance!
4 — The talents you lack but want to have? If you had it, how would you use it?
I am lucky to be given a semi-functional brain to think about problems and have body parts that can execute the commands of my brain. But I don’t have any superpowers, so since you asked, I don’t think it is too much for me to ask for the ability to create more time.
I hope I have the ability to create an extra hour for everyone in a day-for myself, for my partners in Sanctor Capital, for our portfolio companies, for everyone. Then I will spend an extra hour of US time, and then trade an Asian time block on a time DEX. This way I can spend an hour less talking to Asia every night and put it in sleep!
5 — Think of a favorite poem or lyrics. What is it and why does it speak to you?
Okay, I want to use this opportunity to become super tacky here. The verse that comes to mind comes from a song by Drake called “Start from the bottom”.
“Starting from the bottom, now we are here. Starting from the bottom, now my entire team is fucking here.”
When I invested in blockchain full-time and started Crypto Briefing, everyone thought I was crazy—friends, family, colleagues, almost everyone. “Why are you investing in these scams?” “Encryption is for criminals!” “You are crazy!” “Tulips!” Over and over again, I will hear such reactions.
Fast forward four or five years, and blockchain and encryption are now real and are moving towards global recognition and adoption. My work experience and knowledge in this industry enable me to contribute to society in a truly impactful way based on the projects we choose to support and support.
It’s important to note that when I think of “my entire team” in this song, I think of not only my partners in Sanctor Capital, who have worked with me in a long-term bear market by reducing their salaries. Practice, at that time everyone gave up on us. We still have a few months to unplug. I also think about every honest blockchain founder who experienced it in 2018, 2019 and early 2020. The same emotional roller coaster.
The world has changed tremendously. Now that we are at the forefront of the socio-economic revolution, we can influence the way we read the next chapter. Congratulations to all the builders, holders and all those who have not given up their vision!
6-What should we teach children?
I have a lot to say about education, because I am a product of the infamous New York City public education system. I went to elementary school in Queens and high school in the Bronx. Most of my classmates have not graduated. I don’t have enough space to say everything I want to say, so I will just rant until I run out of space.
Our education system and curriculum need some serious reforms. First, we need to teach our children the history-the way it really happened, not the BS that fills our textbooks.
Next, we need to teach financial knowledge from an early age-not mathematics, but financial knowledge! I wasted my childhood learning trigonometry (yes, sine, cosine and tangent things), and in my entire adult life, I have never used it. I am not saying that it is not important, but it has nothing to do with core skills.
I was better suited to understand the appearance of the income statement or how taxes work. I would love to be encouraged to become an entrepreneur and teach more about entrepreneurship, rather than just showing it as a child prodigy and genius. Today, many things are changing, but not fast enough.
Yes, of course, blockchain and distributed ledger technology should be required courses!
One wish for the blockchain community:
think Big Have a little confidence in yourself and your vision.