CoinW Spotlight Episode 10 | Fireside Crypto Chat

This event was co-hosted by the renowned crypto exchange CoinW and blockchain security firm Beosin Security. We have invited esteemed speakers from different areas of the crypto space, such as the world-leading open, decentralized and public blockchain infrastructure Orbs Network, hardware cold storage wallet maker Ballet, Web3 security advocates Wallet Guard, Footprint Analytics for NFT, GameFi, cross-chain data, and on-chain Web3 fashion platform Another-1. The discussion will focus on looking back at 2022 and discussing how to tackle the upcoming challenges and opportunities in 2023.

Conservative outlook for crypto prices in 2023.

Skylar, Brand Manager of CoinW advocates conservatism regarding market outlook. “Bitcoin’s price action, for the moment, reflects that of the market at large. We’ll see if currencies can detach from these market dynamics, beyond the occasional pump or dump”, Skylar explains. She also adds that CoinW doesn’t speculate on price actions of any particular asset, but “we do have our eye on the yearly low near $15k USD. It will be interesting to see if the level acts as a support, and if so, to what degree”. She concludes that if current economic conditions persist, NFT trading volume might decline further, however when the next bull run starts, NFTs should be closely observed.

Crypto security remains a top priority, but the future can be optimistic.

Ricky, Tech expert from Beosin commented that most users simply use the wallets or exchanges of their choice without knowledge of the bugs or risks that might exist, therefore education plays a crucial role. He explains that Beosin provides the whole solution to blockchain security through AI engine analysis and data analysis to monitor every transaction on the blockchain and monitor for malicious activity; Beosin also offers security audit services, reviewing smart contract codes or wallet security codes to tackle these issues preemptively; Post-incident blocking is also available through Beosin’s EagleEye Smart Contract Firewall where malicious transactions can be blocked.

Despite the many incidents of hacks, crimes, and assets lost from 2022, Ricky is still optimistic about the future since many security builders have done a lot of research to tackle these problems more effectively.

Account abstraction may be the next big thing in self-custody.

Eric, Senior Marketing Manager of Ballet proposes that account abstraction might be the next big thing in the wallet space. He pointed out that the emergence of Multi-Party Computation (MPC) technology adds another layer of abstraction to the private key that would eliminate the issue of single point of failure for BIP39 based seed phrases commonly used in the market. This would enable the concept of losing your private keys but not losing your coins to become a reality. Eric commented that “it would be really interesting to see how this technology can further the self-custody space”.

The trend of self-regulation in crypto.

Boris, Dev advocate of Footprint Analytics emphasized that the key focus for crypto is transparency and communications for stakeholders to be more assured. He identified the trend among crypto companies towards self-regulation through the formation of industry associations or consortiums to establish best practices and standards for the industry. “At the end of the day” Boris commented, “the crypto industry is rapidly evolving every day and businesses are taking significant steps to build trust and establish themselves as legitimate players in the financial world”.

Transparency and education are what CEXs needs to focus on.

Shawn, Head of Community of Orbs Network gave the advice to CEXs to be more transparent and double-down on education. Shawn explains that especially during a bear market where things are slow, producing content series on how to trade, why to trade, proper risk management, strategies that professionals employ and how it can benefit the users can be hugely beneficial to the exchange’s brand and establishing trust with stakeholders.

User privacy needs to be a collaborative effort.

0xOhm, Founder of Wallet Guard believes that privacy ultimately comes down to the actions and decisions of the individual user. “Security and privacy in general should almost always be something the users take into their own account and explore the options out there that best fit their needs.” 0xOhm explain. Beside the individual user, 0xOhm also asserts that companies and projects also need to share the vision of user privacy protection, “At walletguard, privacy is one of our priorities. We anonymize all of our user data, we don’t keep any data correlating to the user and the websites they are visiting because we think this is our responsibility as a company building security tools in Web3”.

YuBin, COO of Another-1, echoes 0xOhm’s sentiment regarding user privacy. “As a phygital project, we actually need to produce physical items that need to be shipped to the users. This is where privacy comes into play for us”. YuBin explains that while in Web2 there exists user privacy protection laws such as the GDPR and various other national privacy laws, in web3 there aren’t any privacy regulations. The result is that users are more sensitive about their private data. Another-1 solves this challenge with the help of third-party companies that store user information required for shipping and customs clearance without the direct involvement of Another-1. “This is our way to safeguard user privacy at an application level.” YuBin remarks.

Market leaders needs to drive discussion and education efforts

Skylar, the Brand Manager of CoinW concludes that despite the numerous negative industry events that occurred in 2022, reaching the 90% of the world that has never traded a digital asset remains the key to crypto’s growth. “Cryptocurrency is not self explanatory”, she stated, “thus aside from reaching a wider audience, market leaders like CoinW ought to drive discussion and education efforts in the industry”.