Ever overwhelmed by the fake news and rumours on blockchain and crypto market? We present you, the wimplo audience an exclusive interview with Mr Benjamin George, an expert on blockchain and crypto news.
Ganesh: Let me introduce to all the visitors of our News Portal about Interesting Guest to share his thoughts on Blockchain industry what’s in store for 2019. He is wearing multiple hands in terms of being a developer, journalist, trader, founder of a company and he is into multiple things in blockchain fronts.
We have got Mr.Benjamin George from the U.S who is going to share his thoughts on us. Welcome, Mr. Benjamin.
Ganesh: Can you please introduce yourself more to our viewers. How did you happen to get involved with Blockchain technology?
Benjamin: I originally got involved back in 2012, after being an entrepreneur pretty much my entire life, I started my first business in web design around 16 years old.
2012 came and it was late after Bitcoin crashed after Mt.Gox hack and it went from 1200$ down to falling 180$, but never had the time to actually look at the technology.
So I took the time and worked on the technology and was instantly sold and since then I did a bit on the bitcoin development and I got into automatic trading and from that training, I wanted to come out into the business world of the crypto space, from there I created few different projects. [02.09]
[02.11] Ganesh: You are mentioning that your zeal to know more information led you to the development of “Theory of Information”. Can you elaborate more on that? How it has impacted your creative drive?
[02.28] Benjamin: It’s a scientific paper, it describes the world is a fabric of information as the fundamental aspects of the reality existence, not to get too much of science path on it, it gave me a couple of different ideas like how to create sustainable automation systems and apply those to business,
This gave me a foundation and massive amount of opportunity when you can automate that anything it has happened twice in the business and I have been creating a platform that I run all my projects that has automation as the foundation.
[00:03:25] Ganesh: How is it different from other platforms like how you could actually apply the theory of information into automating things for yourself?
[03.37] Benjamin: It’s about putting as much information you can in one place and it correlates smaller ideas are in the world like things in emerging behaviour other sorts of principles when you have great density of information of energy, then there is dynamic changes that happen which will take on different forms you would ever expect.
That’s what I wanted to do with bringing automation and standability in information together technology, is to create those foundations to next steps to find those better solutions to do business to run societies, to do different things in communities and the crypto part of it just turned as the first step.
[04:38] Ganesh: You developed a fully automated trading and lending system that spans over multiple exchanges. Can you throw some light on that?
[04.50] Benjamin: It just uses the API and private API that are provided by exchanges, and was created a kind of a backbone to my platform; so when my projects generate income, I can have a system that can automatically take that an invests it.
[05.15] It does different trades, it does gamble trading, trade analysis, ping-pong trading, swing trading then longer-term trade as well, but most of it goes to the lending site because of its most secure and consistent investment. It something that, more of a passion project and I just turned it into a good idea.
[05:47] Ganesh: And you’ve launched a decentralized press token too. How does it combat the abuse of information?
[05.57] Benjamin: Press token is the idea is to categorizing information and making a chain of events and you create a foundation where you can begin to source whole fake news that we have, and the idea is blockchain technology with that immutable cashless system, decentralized system that cannot be changed and whenever something lands on internet, it gets recorded in the blockchain and all of the changes that take place along the way also get recorded, and wherever that pops up else on the net it gets attached as well. So what you get is an entire picture of how news article could hit the Internet how it changes over time and then the narrative is preserved. And then so from there you know there’s a lot of different applications that could be developed that would be a greater community.
[07.29] Ganesh: It’s interesting as it keeps the real news away from the noise.
[07.34] Benjamin: What it would do is it incentivizes website owners and people to run the code that allows to the blockchain to tag all these news by rewarding them tokens. The whole incentive structure is to keep it free from abuse.
[08.05] Ganesh: But still interesting to having very progressive step to not say having an authenticated stuff but still decentralized.
[08.08] Benjamin: Right, The decentralization pays is the key there.
[08:16] Ganesh: Does introducing escrow features into smart contracts bring in added complexity? Is this manageable or is it a reality?
[08.37] Benjamin: Smart contracts are probably going to be the future business in terms of they are going to underlie a lot of mechanisms of trust that are in play today. They will do escrows, contracts to keep the good documents, we have a lot of notaries, that will all be kind of moved in the smart contracts.
It does add complexity, but I don’t think that these complexities are beyond our ability to apply it properly. We have some hiccups along the way with smart contracts, but in terms of simple escrow, you can do that with just a normal script and bitcoin. In most cryptocurrencies, you can probably pour it off in one shape or form but I don’t think it adds too much complexity. I’m pretty sure that most cryptocurrencies will continue to go down our path and add smart contracts.
[09:47] Ganesh: How are the automation systems impacting cryptocurrencies & smart contracts?
[09.55] Benjamin: The bad point is that there are scams that are causing havoc to the people, but beyond that, I think one of the foundations of cryptocurrencies is automation. One of the principles of automation is the trust that usually takes to me to send you or have an exchange b/w you and me.
The more automation that comes in the crypto, the better it is. There is great opportunities for systems that can use Turing complete systems in blockchains for robotic explorations.
[00:11:14] Ganesh: You handle full life-cycle of projects. How do you manage the attrition rate of developers in this highly competitive space?
[11.35] Benjamin: The one thing I have found is that when you create projects that solve real-world problems. It tends to attract the right people as long as you make it seen. Right people tend to fall behind the projects, because they are passionate in similar things and the ideas are resonant, those are the right people to work with anytime.
[12.19] Ganesh: How are you effectively promoting your crypto directory? Are you leveraging social media for a global outreach?
[12.28] Benjamin: That’s actually pretty brand new, I have just roped in. My platform is fully integrated with social media, it does automation in a sense that it reaches out for crypto directories, people in crypto industries and it sends them friend requests if they acknowledge the request it sends them a direct message pulling their name and address.
They would review the site they add their business to the site, it can be the main marking and beginning. But my main focus is crypto plus token ring.
[13.20] Ganesh: You get everything automated around on the lead generation.
[13.27] Benjamin: Yeah, by the time I’m talking to people who are interested in service or product. Now you are cutting out all the headache from the work with identifying the people who are interested in the product.
And it’s a good foundation from the view of the marketing system. You can really build-up a brand.
[00:14:15] Ganesh: With your business relying on data and information? How do you manage data security and hacking incidents?
[14.27] Benjamin: Well, for the security the best thing you can do is choose great passwords always use two-factor authentication. Make sure the two-factor authentication backed upon at least two devices. I have my phone as a main two-factor authentication device and also a UV key with the same factors.
Never save your passwords on your phone, that’s a good way to set-up security on a personal and business level. But it’s always good to point out that things like cryptocurrencies – Bitcoin has never been hacked, the protocol itself is never been hacked.
People say bitcoin hacks, were stolen so many million dollars but can’t never hack the protocol.
[16:19] Ganesh: There are so many digital coins already in the market, how can a new altcoin sustain? What are measures of trust to be considered to gain acceptance?
[16.31] Benjamin: Well, I think the new altcoins that are going to stay here are the ones that are going to solve the world problems. There is also a need for security, decentralization to have their own blockchain. I think in 2019 we will see lot more of altcoins, because the people who are making their products know how to get the trust.
[17:09] Ganesh: As a follow-up question, do you see that existing altcoins, some of them are not solving real-world problems.
[17.20] Benjamin: Yes absolutely, many of them; because a lot of them like to have a platform where you can exchange and you can by goods, it is typically what I see. You can have a debit card and we have a marketplace with partnerships; all these things need value of propositions to people who attack on things like programmers, identification, press, news cycle, transparency in governments are things like these are real-world solutions to be addressed which is not happening.
The ones that are creating ecosystems like Ethereum, Waves, Neo is probably some of the altcoins with lasting power. It will be interesting to see the lasting power changes into finding good directions. I think a lot of cryptocurrencies are just started like a cryptocurrency project will probably fade out in next year or two.
[18:48] Ganesh: Why do you think those people would have created such fancy coins, just like that? What would be the driving force or a motivating factor for them to go for something which is not realistic which is not going to solve real-world problems?
[19.14] Benjamin: I think a lot of its being generally related to greed in the past year. If you look at all the ICOs and all, people hopped on the bandwagon and said: “people are giving away million dollars and I want some of it too.”
There are also people who are with great intentions, mainly they think execution.
[19:44] Ganesh: Do you think that could be avenue of scamsters, where they can find scams there may be a point or hint where they can go and check this could be a potential scammer?
[20.02] Benjamin: I have a portal set up for that and the idea is, it should be community driven kind of page and it’s kind of just like it checks and balances for the cryptoworld, well I’m still in the design process that haven’t quite launched it yet.
[20:25] Ganesh: With Blockchain Technology being immutable and highly secured; how could anyone hack cryptocurrency exchanges and firms. What’s the missing link OR Where things go wrong?
[20.40] Benjamin: The way these exchanges get hacked, they will hire engineers or an engineering exchanges to block the exchanges. That creates a lot of ice on the code and it doesn’t take much to break the code if the engineer really knows the skills. They hire people who have worked in a blockchain company as contractors.
Typically, it’s going to be from the inside, in just about every major hack that I have researched myself there seems to be strong potential inside component like how the hacks actually happened.
When you set up a wallets, cold storage, warm storage, when you do it in rightway. It shouldn’t get hacked for vast amounts. It might be possible that somebody engineered and knew the backdoor process, that they might break in the code.
The missing link is, that you know the exchange codes are a very complex piece. The third party sources as a wallets which provides the whole different security, constantly get exposed.
With the lightning network, the decentralized exchanges will provide high security through blockchain and not by third party exchanges. I think that will be the ultimate solution. But, the big third party like Coinbase has the public access and can be trusted on.
[23:26] Ganesh: Every country is imposing its regulations and restrictions. How would the crypto market shape up in 2019 in such a scenario?
[23.40] Benjamin: I think a lot of people are taking it cautiously and are looking at it from a you know like we’ve kind of seen the tech boom for thedot.com And I think that gave at least kind of a foundation of appreciation for how technology can really change our economic disposition in the world.
And so I think a lot of people are taking it nice and slow. I mean in the United States there’s a couple of states that are rolling out really interesting regulation you can pick your taxes. They have business accelerator programs.
Some guys in Costa Rica who are trying to get hands off legislature passed with some frameworks for having ICOs and crypto companies down there and places like Switzerland who are traditionally good and have been very progressive with all of that.
In fact, a lot of European countries are kind of moving towards progressive frameworks and corporations.
So I think 2019 will definitely see more regulation but I think it’ll be much more of a hands off regulation and just kind of frameworks on how we can structure with existing structures that we have in government and other places.
[25:07] Ganesh: You are very optimistic about that its moving towards in getting strengthened.
[25.15] Benjamin: Yeah, The simple reason is you have to trust many third parties not just banks but also lawyers and all sorts of other things payrolls of trust. You know all of these different processes and business require trust. When you take cryptocurrencies the cost of the trust is relegated to the cost of electricity.
And in the same way, Everybody has a website now, because they cannot have a brick and mortar business, and you got to have something on the web. It’s the same kind of idea, just a bit larger.
[26:32] Ganesh: How different “The Monday Morning Crypto Show” is from others?
[26.40] Benjamin: Very. Because it hasn’t launched yet. I’m working on a crypto network, crypto.xyz and in more long form talks and to get the greater business understanding about the crypto, what actually you can do with it at a business level – which will be the focus of the show.
The show involves, peoples interesting projects like – how they are solving real world problems? And getting to know from them why they are solving problems how they’re solving the problem and how crypto applies to that. And to show them the real world applications.
[27.42] Ganesh: When do you hope to launch it?
[27.45] Benjamin: Probably, I’m thinking to launch by the end of March.With interviews for the first season.
[28:18] Ganesh: How would integrating Artificial Intelligence with blockchain together, compliment each other and why should an investor care about it?
Benjamin: Well, Artificial Intelligence is a interesting thing; you know automation is artificial intelligence, it’s a very dedicated task.
To generalize Artificial Intelligence, we do have a high level more networks, that are doing some interesting works in other field. In terms of crypto, I think there are some people doing predictions that are based on Artificial Intelligence, which are interesting projects.
I think Artificial Intelligence, Crypto and Automation – all of these higher technologies will all be working together. Once you are talking about the mass amount of storage in the blockchain, it will be done with the help of AI.
[29:47] Ganesh: That’s more of progressive way in today’s scenario. You mean to say Artificial Intelligence will have a major role to play in the blockchain.
[30.00] Benjamin: I think it will play a major role from the investors’ point of view. But again generalize Artificial Intelligence is the ways are, at least its seems from my arena.
So, the people saying that it will revolutionize the next step, I don’t know it would be the next step but i’m sure it will be the one to follow.
[30:30] Ganesh: Coming back to your ‘Directory’ project it seems to be the interesting one. Who are your potential targets? How are you getting the businesses onboard?
[31.45] Benjamin: The idea behind that is I want to incorporate any business that accepts cryptocurrency world because at its for once it becomes populated it turns into a travel companion. It gives directions. So you would be able to give your location and then say I need a bitcoin, Ether ATM and you plug it in and it would give you the directions to the closest a meeting.
I need to spend some cash today. And you know this bar takes cash and you go get a beer for cash. That’s kind of the ultimate goal of it. The onboarding process is just going to be more of a word of mouth. And then just that automated marketing push and then more direct marketing once it starts to find some traction.