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EOS is a thunderous in the currency circle, but the helm team behind it, Block.one, rarely hears discussions. Block.one is a software company established specifically for EOS development. The EOSIO developed by its team is to build the underlying technical architecture of the blockchain, similar to the operating system in the blockchain, enabling more developers to quickly based on the EOSIO platform Conveniently build distributed application software (dapp). Bitmain CEO Wu Jihan said: “The EOSIO protocol is a good example of blockchain innovation. Its performance and scalability can meet demanding consumer needs and pave the way for large-scale blockchain applications.”
Block.one and the EOS blockchain are most famous for their one-year crowdfunding from June 2017 to June 2018, and they received a total of US$4 billion in fundraising. Although projects such as Kik and Telegram face strict supervision, fines and even termination of activities due to crowdfunding, Block.one was able to reach a settlement with the US Securities and Exchange Commission with only a small amount of civil fines.
This week, Forbes reporter Tatiana Koffman had the opportunity to sit down with Block.one’s founder and CEO Brendan Blumer for an exclusive interview to discuss Block.one’s vision and how to become an outstanding leader in the ever-changing technological environment. And what tools he uses to maintain his leading position.
1. Block.one focuses on the development of Layer 1 protocol, and EOSIO focuses on the tools needed to integrate private chain and public chain infrastructure.
2. China is very insightful in the development of blockchain.
3. Bringing social change must first comply with the existing legal framework.
4. The value proposition of Bitcoin and cryptocurrency is similar to that of gold.
5. As a leader, you must be the bridge that brings everyone together so that you can scale up sustainably.
The following is the full text of the interview:
Tatiana Koffman: Hello, Brendan. Blockchain innovation provides unlimited possibilities. It is not just a more efficient and safer way of data sharing. What is the future of this technology, and how does it fit into the vision of EOS and Block.one?
Brendan Blumer: Hello. Currently, Block.one has three core parts:
(1) EOSIO business. Block.one focuses on developing the Layer 1 protocol and all the tools needed to integrate the architecture. EOSIO focuses on integrating the tools required for private chain and public chain infrastructure, and developing the required support functions.
(2) Private equity department. This department mainly focuses on investing in EOSIO. Although we also carry out some direct investment activities ourselves, more of them are completed through third-party fund managers, so that we can diversify funds to other experienced investors and expand the coverage of the ecosystem.
(3) Finally, we explore the potential of EOSIO by building a business.
Last week, Block.one announced “EOSIO for Business”, a new set of enterprise service products designed to help companies integrate blockchain-based solutions into their businesses. These four new products focus on EOSIO performance software and will include blockchain as a service (BaaS), consulting, technical support, and training and certification programs.
Tatiana Koffman: For the blockchain field, the cooperation with Google is an important partner because it is one of the first technology giants to recognize the legality of this field. Do you think other Silicon Valley heavyweights will join in the future?
Brendan Blumer: Of course, I think they are all exploring in their own way and have different risk appetites. Google is far-sighted in this process, and it is only a matter of time before other companies join.
Tatiana Koffman: The company is located in Hong Kong and has the opportunity to understand the development of China’s blockchain. So, what impact will China’s digital currency DCEP and Blockchain Service Network (BSN) have on the world?
Brendan Blumer: Asia is actively adopting blockchain technology and striving to achieve interoperability between public and private chains. China is building a huge private infrastructure, and China is very insightful in the development of blockchain. They have used it as the cornerstone of reforming its currency and improving its currency status (especially in emerging markets).
In terms of economic growth, the most incredible thing is that China is actively using these new technologies to innovate, rather than hindering development with regulation like the United States. In China, what you see is that the government is opening the way, and this can be reflected in the growth figures.
Tatiana Koffman: Coinbase’s Brian Armstrong (Brian Armstrong) recently publicly stated that Coinbase will become a “task-driven” company that will no longer tolerate political discussions in the workplace, thus making headlines. Will Block.one adopt a similar policy?
Brendan Blumer: I respect the decision of Brendan Armstrong. When you want to make a change, you can take two routes: cooperation and confrontation. Many people in this field are inclined to anarchism… But I think that bringing social change must first comply with the existing legal framework.
Block.one is committed to compliance, focusing on bringing changes to the public. We want to win the trust of the community and comply with the legal framework, and then we have to have an wise dialogue on how to make changes. In order to make changes, we must follow the rules.
Tatiana Koffman: The United States is actively discussing monetary stimulus policies. Do you think adding more stimulus policies is the correct path to recovery?
Brendan Blumer: Economic stimulus is just another form of taxation. When faced with global price decisions that affect people, you will face difficult choices. So how do you solve this problem? When these things happen, we do expect the government to intervene. I think the stimulus policy is the correct way for the government to solve the problem, but the way the money is distributed is very unreasonable. One of the most frustrating aspects of the epidemic is that it really makes the rich richer and the poor poorer. The implementation of the policy is to push up asset prices for the wealthy, without redistributing subsequent value to those who need it most.
The reality is that fiat currency is not a good investment method. Governments are responding to the crisis in the way you expect, and it is probably the way they should be. But for cryptocurrencies, this is also a very strong market. Even in the absence of stimulus measures, the value proposition of Bitcoin and cryptocurrencies is similar to that of gold.
Tatiana Koffman: In the context of negative interest rates and active pursuit of inflation, companies such as MicroStrategy MSTR, SquareSQ, and Stone Ridge now allocate funds to Bitcoin. Does Block.one use Bitcoin as part of its money management strategy?
Brendan Blumer: Block.one holds less than 10% of EOS and also holds a very substantial amount of Bitcoin. As loyal ambassadors of this ecosystem, we have kept value on Bitcoin for a long time. I think other institutions will follow suit.
Tatiana Koffman: Let’s fast forward 5 or 10 years. Where is the end of Block.one? Will Block.one continue? Will the dream become bigger?
Brendan Blumer: Block.one is a holding company, and different businesses will appear, but technology projects take a long time. In this field, one of the most difficult requirements to meet is the expectations of the speed of community growth. I hope that in 5 or 10 years, I am still doing this. I really like my work.
Tatiana Koffman: You mentioned pressure from shareholders, investors and employees. When becoming a leader, what challenges do you have to face?
Brendan Blumer: Blockchain is challenging. We are in an evolving regulatory environment. You need to have an overall understanding of the market and ensure that you are operating in compliance with regulations. Building a practical route can be User service can provide a competitive advantage and realize innovation. This is a very interesting but very difficult thing.
Another thing is to establish the right culture. We live in a world where a large part of it is done through remote collaboration. It is necessary to understand the frontier, productivity and culture of remote collaboration, which is becoming the basis for building a transformational blockchain organization.
Therefore, this is one of the major changes that I am concerned about. Recently, we hired Marty Chavez, former chief information officer of Goldman Sachs, as a consultant. One of the reasons I am happy to work with him is his experience in corporate governance. We spent a lot of time discussing how to actually apply the best practices of extending the organization, and how you can become a better leader when you have 10-15 employees.
As a leader, you must be the bridge that brings everyone together so that you can scale up sustainably.