Author: Gan Jia Ci, Singapore
An advocate and investor of blockchain, Zach Piester organised a meetup on Monday regarding Crypto Economics, Token economics and ICO Economics featuring guest speaker Ankit Malik, a research manager at Intrepid Ventures. Block Asia sat down with Piester for an exclusive interview to talk about the blockchain industry.
Zach Piester, co-founder and Chief Development Officer of Intrepid Ventures, leads a dedicated team based in not only Hong Kong, but also many Southeast Asian countries such as Singapore, Philippines, Vietnam, Indonesia and India. Piester has resources and projects all over the world, including Europe and the Americas.
Intrepid Ventures is a venture development company that invests in, designs and builds many new blockchain startups from around the world. When inquired about how the company selects their investment projects, Piester responded,
“We are kind of old school in the sense that we want companies to actually be able to build things that matter. Food delivery and dating apps on the blockchain are of zero interest. We’re most interested in entrepreneurs that can think holistically about systems design and build systems at the protocol layer that are utilizing the technology in new and interesting ways.”
He claimed that it is his lifelong goal to continuously contribute to the society that value-adds to the societal welfare. He wants to see more companies utilising the technology to solve problems in healthcare, poverty, and to empower those that are less empowered.
“Many people in the blockchain world focus on the financial services such as trading and making money for banks, I am not opposed to that. But, the reason I joined this space initially was to help those that need it the most, especially in emerging economies”, he shared.
Consumer market trends
“Most consumers and companies don’t care about blockchain and have no interest in these products. That’s the reality of where we are in blockchain ecosystem today,” he stated.
He explained that the products and use cases are still in their primitive stages where the current blockchains have massive scalability issues. Many of them have poor monetary policies in place (it gets expensive when the network gets congested).
Regarding the increasing trend of large centralised firms such as Amazon adopting blockchain technology, Piester shared his opinion,
“I don’t necessarily think these enterprises are just hopping onto the bandwagon. It is just a natural evolution of emerging technology that the large incumbents have to take a look at potential threat vectors. There are many blockchain based applications that could at some point be a threat to a large incumbent. I think the large companies are looking at the tech to implement internally for efficiency gains and not necessarily as a growth related implementation.”
Adding on, he told Block Asia,
“We are starting to have many protocol layer innovations that will allow for actual scalability and stronger security and effective in protocol monetary policies based on real world economics. Together, Bitcoin and Ethereum have proven that blockchain technology, decentralized systems and global collaborative communities can work. But, at the same time, vast improvements and innovations are needed to meet the true promise of blockchain technology.”
In order to take decentralized applications to the next level and build a viable future, he feels that it is necessary to create a better infrastructure that can scale and provide an easier way of making more sophisticated applications to solve complicated real-world problems.
“With these new innovations, we are not just talking adding linear layers on top of existing blockchains, we are talking about new models of blockchain that take these constraints into consideration. Metabase is one of them.”
Metabase is a scalable blockchain and Smart OpCodes platform for building next-generation businesses. A multidimensional blockchain system, Metabase focuses on developer usability, extensibility, scale and security.
“We’ve created a blockchain infrastructure designed to empower developers, entrepreneurs and industries, to easily create advanced distributed applications and scale them into the market-leading businesses of the future.”
From the beginning, their team understood that the first generation blockchains have several limitations that are preventing their widespread use and adoption. Scalability is just one of these limitations and cannot be dealt with in isolation.
[Scalability + Real World Inspired Monetary Policy + Smart OpCodes]
So, instead of only focusing on scalability, like most other projects, Metabase takes a multidimensional approach. It is this multifaceted approach “scalability + real-world inspired monetary policy + smart OpCodes” that makes Metabase a next-generation blockchain platform. It is precisely this feature that sets it apart from other projects.
Piester explained, “Bitcoin has a great store of value, but you are not going to use Bitcoins to buy coffee. You can, but why would you? So, how do you enable a dual currency blockchain with strong governing policies that provides both a store of value and a means of exchange that enables you to enter starbucks to buy a cup of coffee without using your life savings?”
“I’m sure that Vitalkik Buterin the inventor of Ethereum did not think that Ethereum would have grown so quickly. He’s one of the smartest guys in the space and i’m sure he would likely rethink the monetary policy of ethereum to accommodate even more growth, scalability and ease of use But without Vitalik and Ethereum most of us would not be having the opportunity to create, innovate and drive towards Blockchain 3.0.”