22 C
Thursday, March 23, 2023

Ava Labs CEO Shares Key Differentiation

Ava Labs CEO Shares Key Differentiation

Emin Gun Searlecreator of the Avalanche consensus protocol and CEO of Ava Labs, believes there is a very easy way to discover a long-standing cryptocurrency project.

On Feb. 7, Sirer discussed blockchain venture capital and crypto regulation in a fireside chat with MarketAcross COO Itai Elizur at Building Blocks 23, a Web3 builder-focused event.

During the discussion, the Avalanche founder pointed to the key role of “staying power” in the crypto industry, condemning participants who run from project to project or jump into “every new token launch” in the hope that they will rise. According to Sirer, the desire to make a quick profit from cryptocurrencies just makes the space scary, and VCs are not to blame.

“I’ll tell you who’s to blame — us,” Sirer declared, urging the community to support solid crypto initiatives and avoid short-lived scam projects. He then shared his “very simple test” of how to spot long-standing projects in cryptocurrency and stay away from those who made grand promises and then disappeared.

Ava Labs founder and CEO Emin Gün Sirer (right) and MarketAcross COO Itai Elizur (left). Source: Cointelegraph

“So, look at the team behind any project; look at their staying power,” the Ava Labs CEO said, adding that the regulatory jurisdiction of a cryptocurrency company provides one of the most important hints about its long-term capabilities. He said:

“If a project is based outside of the U.S., you know it’s — some kind of Cayman Islands, Bahamas, etc. — some kind of tax haven, or Austin, Texas, etc. They sell points there and then Disappear. They have no staying power.”

Sirer believes that Silicon Valley-based crypto companies may be playing a “pure technology game.” “They’ll do a technical trick pony, and then they’ll disappear,” he noted.

The Ava Labs CEO went on to say that long-lasting crypto projects are more likely to be headquartered in New York, “where the assets are,” and integrate with financial institutions. “This is where we need to be,” Sirer said, emphasizing that there are people who have dedicated their lives and careers to cryptocurrencies. “VCs certainly like short-lived projects,” he added.

related: New York Assembly Proposes Crypto Payments Bill for Fines, Taxes

Additionally, Sirer emphasized the importance of always adding room, even during a bear market. “In fact, I just happen to like bear markets better. It’s more fun to build when everyone is more rational,” the executive said.

Sirer’s latest remarks add some new thoughts to the executive’s view of the cryptocurrency market. In 2020, Sirer believes that more than 95% of cryptocurrencies are nothing but scams. He also criticized the use case for the new crypto initiative, noting that Bitcoin (bitcoin) is the first cryptocurrency to offer a peer-to-peer online payment method.

Source link

Related Articles

AI Solutions To Unlock Enhanced Potential – Mouhamad Kawas

Welcome to the Entrepreneurial section of UAE Times, where we bring you the most inspiring stories from the world of startups and business. Today,...

Latest Articles