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Blockcast.cc: How is everyone coping with the coronavirus? I hope all are well. Every Monday we invite people who are working hard for the blockchain and crypto industry for a chat. This week we have George Sheng, Cofounder of KEYGROUP. Hi George, Can you tell us more about Key Group? Your vision for your company.
George: KEYGROUP is a blockchain technology company including Chinese-leading blockchain media platform BIHU(bihu.com) and decentralized self-sovereign identity system MYKEY(mykey.org) aim to build a holistic digital living platform from content, community to crypto investment, financial management for blockchain users.
BIHU is the biggest Chinese crypto media/community with an innovative token-incentive model. Currently, BIHU has more than 1,000,000 registered users and more than 2,000 active top crypto writers. MYKEY is multiple-chain smart wallet with the most DAU. Furthermore, MYKEY as a DID program is part of the Web of Trust. In the era of Web 3.0, MYKEY returns data sovereignty to users, which fundamentally protects users’privacy.
Blockcast.cc: How smart is your smart wallet?
George: Well, MYKEY is built based on KEY ID smart contract. The characteristics of MYKEY are when user’s account is lost, it can be easily frozen and restored through “Emergency Contact”, and in MYKEY, there is no need to manage the resources of multiple public chains, we manage the gas of each public chain unified as “Network Fee”. You can transfer ERC20 token without ETH and use EOS DAPP without mortgaging resources.
That is a smart product design, simple user experience!
Blockcast.cc: How do you differentiate yourself from other wallets in the market?
George: We are committed to lowering the user threshold.
In terms of products:
As I just said one is that the account can be recovered to help users solve the problem of easy loss of private key; the other is that there is no need for gas，only network fee.
On the market side:
In the Chinese market, BIHU provides us with the first batch of users, so that we have more crypto users than our peers when we start. Free is our advantage in the global market. One is that the MYKEY account can be registered free, the other is that we will provide a certain amount of network fee for new users so that users can get rid of part of the GAS fee. There are also free transfers up to nine times a month. As we all know, EOS account has cost, and Ethereum transfer cost is very high. So it’s worth to have a MYKEY account.
Blockcast.cc: I am told that most of the crypto wallets are not safe? What is your views on this and why do they say that?
George: People said that crypto wallets are not secure, in part because private keys are not easy to manage. As a smart wallet, MYKEY is to solve the problem of private key management. When the user’s MYKEY account is lost, it can be recovered. In addition, we attach great importance to the security of MYKEY wallet. It had security audit by several security agencies: slowmist / certik / beosin etc.
Blockcast.cc: Do you think the adoption of crypto wallets will increase when players like Paypal, Moneygram and all kick into the system?
George: When there are strong participants in an ecosystem, it is conducive to ecological development. More people will know and use crypto wallets. For pioneers like MYKEY, on the one hand, we have blockchain genes; on the other hand, our goal is decentralized digital identity, hoping to become part of the trust network, not just a wallet.
Blockcast.cc: How do you see the crypto environmental in China?
George: China’s blockchain practitioners have made many positive initiatives. Due to the influence of mobile Internet, Chinese entrepreneurs are very good at application layer innovation. But in the long run, it still depends on regulatory policies.
Blockcast.cc: Do you think crypto become mainstream in China?
George: Haha, not no. Crypto is still very early, a paradise for the brave dreamers and speculators.
Blockcast.cc: My team and I who are also very active in China see that China will be the major player in the blockchain adoption space. What is your view on this?
George: In October 2018, President Xi mentioned the development strategy of blockchain. Later, the DCEP plan was launched. On the whole, China has a leading consciousness for the development of blockchain technology.
For the current situation of Chinese blockchain industry, mining pool business, investment and community are doing well.
Blockcast.cc: China is a big driver for the blockchain space. We hope to see new annoucements soon. Thank you George for your time. This is Jenny Zheng, cofounder of Blockcast.cc, see you next week.