Crypto
Forget crypto: Hong Kong Web3 events focus on what’s next for blockchain
Events such as September’s Edge Summit, the recently concluded ETH Hong Kong and a hackathon this past weekend hosted by Shanghai-based blockchain company Neo reflect a growing desire to focus on practical applications of Web3 technologies beyond speculative assets.
In some ways Hong Kong has long been at the forefront of this area of Web3 development, with home-grown Animoca Brands being a leading blockchain video gaming company. Yat Siu, the company’s co-founder and chairman who spoke at the Edge Summit, has been an outspoken Web3 advocate.
“[Web3 is] like the internet 25 years ago. You had all these people building websites and didn’t really know what the website was supposed to do,” Siu said in an interview with the Post on October 13.
“[Companies] know it’s important,” he added. “I think the difference 1698632352 is that the urgency, and the sense that it is important for their future, are now there.”
Telling users they have to manage and safeguard cryptographic keys is a usability hurdle, though, and it is one that many Web3 organisations are now trying to solve.
Dfinity Foundation, which appeared at the Edge Summit and develops the Internet Computer Protocol (ICP) blockchain, aims to solve this with passkeys, a type of technology that makes a user’s physical device the key for accessing an account. The passkey concept is growing in popularity among Big Tech firms seeking to end issues related password-related vulnerabilities like phishing attacks.
“Web3 is not just about crypto, but about maintaining the good of blockchain technology,” said Darren Wong, co-founder of ICP Hub Hong Kong, part of the new ICP Asia Alliance that Dfinity recently started with a US$20 million grant. “And you see a lot of Web2 companies right now are coming into the Web3 space, because they have the right users.”
Vitalik Buterin, co-founder of the Ethereum blockchain, also promoted ways of making Web3 easier to use for average people in a talk given remotely at the ETH Hong Kong event. He discussed things like social-recovery wallets, which enable people to piece together keys through a network of social connections in the event they lose access to their accounts.
“There’s a lot of work involved in understanding users and building things that work for users,” Buterin said. “There’s developers and applications, wallets for infrastructure, and all of these different actors that really need to work together to make some of these transitions work.”
But making Web3 easier to use is just one step in giving people a reason to use it.
Karl Blomsterwall, CEO of Sweden-based Nibiru Software, said his company made a strategic decision to focus on Asia for its play-to-earn title Planet IX.
“This part of the world is much more open to new ideas and open to blockchain in general,” Blomsterwall said on the sidelines of the Edge Summit. More than half of Planet IX players are in China, he added, and 80 to 90 per cent are in Asia.
Many of Animoca’s initiatives also involve enabling creators to retain value from their creations by putting them on a blockchain. Last year the company acquired TinyTap, which allows teachers to receive royalties in perpetuity for their lesson plans, and has invested in Virtual Arts, which allows street dancers to prove ownership over their moves using NFTs on its app DanceFight.
“This platform can create the income for … musicians, writers, artists of all sorts,” Siu said.
“Singapore is definitely, from a regional perspective, a competitor,” said Ryan He, the other co-founder of ICP Hub Hong Kong. “Where our advantage [lies] is [in] how quickly we can tap into that supply chain resource of developers.”
Da Hongfei, the CEO of Neo who currently lives in Singapore, said the blockchain firm is in the process of moving resources from Shanghai to Hong Kong, primarily because the blockchain uses a crypto token for payments, which is banned on the mainland.
“The environment in Hong Kong is really vibrant,” Da said in an interview with the Post during the Neo Hackathon on Saturday. “Although there are not so many developers … it’s really easy to find financial, legal [and] marketing people here.”
Additional reporting by Xinmei Shen
An up-and-coming player in the world of cryptocurrency is looking to revolutionize the industry through its unique processes that highlight sustainability.
According to Be3, cryptocurrency XRP, developed by Ripple Labs, could have a “transformative impact on both finance and environmental sustainability” thanks to its unique consensus mechanism that does not require mining and uses a negligible amount of energy even as it scales.
It generates a minuscule amount of pollutants per transaction while producing 1,110 pounds of electronic waste and impacting just over 8 cubic miles of natural resources.
This approach separates XRP from its contemporaries, which often rely on the notoriously power-hungry proof-of-work systems and hulking mining centers that can destabilize the grid.
Statistics provided by TRG Datacenters show that XRP is the second-most eco-friendly cryptocurrency behind IOTA, consuming just 0.0079 kilowatt-hours per transaction. Comparatively, bitcoin ranks last at a staggering 707 KWh per transaction.
Furthermore, the cryptocurrency became the first major global blockchain to achieve carbon net zero by purchasing enough renewable energy to offset its minimal energy requirements, per the XRP Ledger.
Be3 also noted other features that make XRP an attractive option for institutions focused on environmental responsibility, as it takes just three to five seconds to settle at fractions of a cent per transaction.
It’s a welcome addition to a sector that desperately needs more sustainable options. A study by the International Monetary Fund found that crypto mines, in conjunction with artificial intelligence data centers, accounted for 2% of global electricity demand and 1% of carbon dioxide pollution in 2022.
The United Nations found that the bitcoin mining network used 173.42 terawatt-hours of electricity between 2020 and 2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal.
Coal and natural gas also supplied 66% of the energy for mining operations during this period, polluting the planet with planet-warming gases.
Luckily, the sector has made significant strides in recent times in an effort to become more eco-friendly.
Alephium, which utilizes a proof-of-work blockchain, has partnered with Gigatons to implement a proof-of-less-work consensus that is significantly more energy efficient.
Meanwhile, Ethereum has transitioned to a proof-of-stake system that has cut its energy consumption by nearly 100%.
“In a world increasingly attentive to environmental impact, XRP’s innovative technology not only promises efficiency but also a greener future,” Be3 wrote.
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ZIUM
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Additionally, ZIUM excels in cryptocurrency marketing, offering projects and startups a strategic edge in the fast-paced blockchain industry. By combining deep knowledge of crypto trends with cutting-edge marketing strategies, the agency helps blockchain projects stand out in an increasingly crowded market.
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Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Trump: A Significant Crypto Portfolio
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
From Skepticism To Support
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Implications For Regulation
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
Meme Coin Boom
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
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