Being a successful graduate of Belarusian State Economic University (BSEU), Maria has acquired competencies in economic and social studies. Given Maria’s previous research working experience, and desire to explore what's really shaping the future, the main research focus is placed on FinTech and Blockchain Technology.
The founder of the ELVN cryptomessenger, the active evangelist of the digital market, Alex Reinhardt, talks about the state and prospects of cryptology, stating that professionalism and trust are the main components of the success of the new industry.
Today’s growing need for more sophisticated and advanced technologies triggers steady surge in innovations and inventions. From the analog way of doing things, to the digital movement, and now blockchain and cryptos, it is clear we are way further into the advancements than we were years ago. Blockchain tech, along with cryptology, is widely believed to be the future, the future worth investing in.
At the same time, as any emerging technology or market, the industry lacks professionals, which in turn scatters the available skills. To find out what are the prospects of cryptology, and what components can bring the industry success, Coinspeaker reached Alex Reinhardt, founder of the ELVN cryptomessenger and active evangelist of the digital market.
Coinspeaker: “You are a regular participant of events connected with blockchain technologies and the development of cryptocurrencies. How can you evaluate what is happening in the community and in the market?”
Alex Reinhardt: “In less than 3 months my team and me have visited several large blockchain-events. They were BlockShow Europe 2018 in Berlin, Russian Blockchain Week in Moscow and Blockchain Summit in London. These are very representative, authoritative events, where you could talk with representatives of leading companies – Ripple, IBM, Heritage Sports Holdings, Circle, UNOPS, ING and many other amazing participants.
We listened to the stars of the crypto and IT world – the founder of Wikipedia Jimmy Wales, co-founder and former CEO of the Chinese BTCC stock exchange Bobby Lee, CEO of Global Situation Room, Inc. and many other crypto-heroes of today. I was really surprised to see that there were thousands of participants at all these meetings, a lot of cool projects, but all this was concentrated within the limited space that the crypto community had created for itself. People were trying their best to increase this space, broaden this market. But due to high volatility, instability, lack of regulation there is no explosive growth of the market there.”
Coinspeaker: “Why does it happen?”
Alex Reinhardt: “The reasons are clear: the technologies are new and very often are really raw. Most of the inhabitants of our planet do not understand anything about the blockchain. Not only the ordinary people, but many investors and potential users still are not able to evaluate the ideas of new products and their benefits. The level of trust is decreasing: thousands of companies are collecting money, and they still can not present any product.
Most of the startups presented at the stands of blockchain exhibitions and congresses are technologically very interesting, but they look like twins. For example, the company is registered in the Cayman Islands, it has many ideas. At the same time, the issues of legality and organization of processes are not solved, services are very basic and extremely unprofessional, there is no contact with real money. If you look in the details, you’ll see that all the inventions are only in the plans.”
Coinspeaker: “How do you see the global modern cryptomarket?”
Alex Reinhardt: “We are engaged in crypto projects – it fills our whole life! There is a huge interest to the crypto industry throughout the world, and it seems that all newspapers, TV channels, radio and the Internet talk about the blockchain technologies. But if you look at the market and users of our products, the situation is completely different. How many people do you think really own cryptocurrency? Even if you optimistically assume that there are 20 million of them, it only constitutes a population of one megalopolis, for instance, New York.
When I think about it, I involuntarily recall the final part of the famous Disney cartoon film “Ant Antz”, which my children love so much. There is the whole world in front of us – a lot of important events, heroic accomplishments, overcoming, victories! And then the camera drives off and it turns out that the whole world is placed between the garbage can and the old lantern in the megapolis park, which knows nothing about it! The same goes for the blockchain industry: we think that the whole planet lives for that, but in reality the scale is much more modest and more prosaic.”
Coinspeaker: “Anyway, what figures today characterize this market?”
Alex Reinhardt: “There are 15 million users in the world, which form a market with a capitalization of almost $ 300 billion. Compared with the real sectors of the economy with a global market of more than 65 trillion dollars, this is negligible.”
Coinspeaker: “How do you see the future in the context of the crypto economics development?”
Alex Reinhardt: “We are just at the very beginning of the road, at the beginning of the development of this market. All the best is ahead of us. I foresee the time when it will be possible to pay cryptocurrency freely in shops and cafes, in a taxi, and in any city in the world. But while most market participants are spinning in their small world, we are unlikely to see such a bright future soon. Imagine if you could stretch kriptornok from 15 to 150 million users? Capitalization would have grown significantly, we would have got a strong lobby. Together we could seriously change the world and life of all people!”
Coinspeaker: “How should new blockchain projects develop?”
Alex Reinhardt: “The first is working on a common infrastructure. It is expensive, long and does not guarantee return on investment. But the infrastructure project is able to bring a lot to its owners, its users can work with hundreds of blockchain services, which are ready to enter the big market.
The second is the creation of a really large community. Now cryptomarket consists mainly of people with deep technical knowledge and traders. For consumers of ordinary goods and services crypto products, cryptospace and blockchain sound like something incomprehensible, unreliable and complex. This is “scam”, “hype”, games for geeks. If we want to make cryptology accessible and understandable for a mass user, we need convenient and reliable projects with an extremely simple entry point.”
Coinspeaker: “How is your company integrated into these processes?”
Alex Reinhardt: “We focus exactly on these directions. We offer ELVN cryptomessenger with a built-in cryptowallet with the ability to receive coins, making the usual actions within the network. Our team is developing a platform where infrastructure and service projects will work together. I believe that many people will join us, not only for the sake of high profits, but first of all for the gigantic prospects of development and, of course, for the sake of all 7 billion people whose lives can be improved by such projects. No wonder that at the core of the blockchain technology lies a wise idea of justice.”