As a seasoned crypto investor with over two decades of experience in the tech industry, attending the European Blockchain Convention (EBC) was like stepping into the future. The event was a melting pot of brilliant minds discussing the intricacies and potential of blockchain technology, leaving me both inspired and eager to dive deeper into this rapidly evolving landscape.
For ten years running, Barcelona hosted the European Blockchain Convention (EBC), where a vibrant exchange of ideas unfolded among industry professionals during the two-day conference.
As a keen observer in the crypto realm, I recently found myself immersed in insightful discourses about digital currencies, Decentralized Finance (DeFi), tokenization, Web3, and sustainability, all taking place in the vibrant heart of Catalonia’s capital city. The gathering brought together some of the most brilliant minds from our industry, as we collectively pondered over the potential directions our field might take, given the increasing global adoption and continuous evolution of regulatory standards worldwide.
Day 1: “Crypto Adoption Can’t Be Forced”
On September 25, the “largest edition ever” of EBC10 began, featuring Daniel Salmeron and Victoria Gago, two co-founders of EBC, discussing the importance of cryptocurrency. The day continued with a debate among Alireza Siadat (Annerton), Yael Ossowski (Consumer Choice Center), and Vugar Adigozalov (Bidget) on the topic.
The speakers debated on the gradual integration of the industry and underscored the significance of user-friendly design (UX) and self-custody. Ossowski stressed the necessity of “products designed for daily use,” which Adigozalov pointed out faced hurdles in maintaining privacy within a transparent environment.
During the ‘Will Cryptocurrency Transactions Emerge as a Prominent Application?’ discussion, the panelists observed that residents in developing countries are more open to enduring less-than-optimal user experiences in order to profit from Decentralized Finance (DeFi), highlighting the transformative potential of stablecoins in nations like Nigeria, where traditional finance (TradFi) is often met with mistrust.
Zoltan Vardai (Cointelegraph EU) and Eric Demuth (Bitpanda) emphasized the importance of clear regulations for the sustainable growth of the industry during their joint appearance. Demuth further discussed adoption, stating that it shouldn’t be imposed but rather allowed to occur organically. He also suggested that as cryptocurrency becomes more efficient and cost-effective, people will naturally gravitate towards it.
Day 2: Blockchain, A “Game-Changer” For Sustainability
On September 26th, the day was filled with discussions among panel members. A significant talk, moderated by Laurent Marochini from Société Générale Securities Services, transpired between Martijn Siebrand of ABN AMRO BANK N.V. and Emilie Allaert from Luxembourg Blockchain Lab.
During the discussion, the experts explored how Blockchain could help in tackling the issue of greenwashing. Allaert emphasized the significant advantages that Distributed Ledger Technology (DLT) offers for this purpose, stating, “With blockchain technology, it’s possible to check if companies are genuinely adhering to their sustainability promises.
It’s worth mentioning that the conversation delved into some common misunderstandings about Blockchain technology’s energy usage. Allaert highlighted that this new technology now consumes approximately 50 times less energy than it once did, and he emphasized that the energy consumption of Artificial Intelligence (AI) remains largely unchecked.
The future of Web 3 gaming was explored in a lively discussion featuring Nirav Bakshi (Blockchain Founders Fund), Sebastian Borget (The Sandbox), Bay Backner (Decentraland), and Pablo Monti (BingX). Borget highlighted that players are often introduced to Non-Fungible Tokens (NFTs) and blockchain technology through gaming, as these games serve as a stepping stone to the wider Web 3 landscape.
He emphasized the transition within the industry towards boosting the creator economy, which presents a novel perspective compared to the difficulties encountered in traditional web2 gaming. Simultaneously, Monti accentuated the sector’s evolution, progressing from the “play-to-earn craze” to a platform that “caters to the broader gaming industry,” outpacing DeFi in terms of daily wallet usage.
In different panels, discussions revolved around regulating digital assets in countries like the UK, Europe, and the US. Lisa Cameron from the House of Commons expressed strong support for international cooperation in Web 3 regulation, emphasizing the importance of customized solutions suitable for all legal systems. Moreover, she emphasized the significance of involving younger generations in these regulatory discussions, stressing that it is crucial to create a favorable future for upcoming generations.
During the second day of EBC10, topics such as infrastructure and teamwork were brought up. A conversation moderated by Yves-Michel Leporcher from Renault emphasized the ongoing difficulties faced when individual blockchains function separately, pointing out their longstanding challenges.
In this modern, digital world, it’s crucial that no one gets overlooked or left out” – (paraphrased by AI)
Although institutions are playing catch-up, Exchange Traded Funds (ETFs) have already opened the door; we’re excited about what even greater opportunities lie ahead.” – Elliot Johnson (Evolve ETFs)
Bitcoinist Chats with a Gemini Top Executive on the Future of the Industry in the Old Continent
At the gathering, our Bitcoinist group conversed with Gillian Lynch, who serves as the CEO of Gemini’s cryptocurrency exchange in Ireland and Europe, on the forthcoming MiCA legislation and its possible implications for the sector and individual customers.
During the conversation, Lynch highlighted the increase in adoption, claiming that the number of crypto holders in the region has increased from 1 in 10 to 1 in every 5 individuals over the last decade.
This rate could hike further with MiCA, the upcoming package of regulations set to be implemented by 2025 to oversee the nascent industry. Upon its implementation, crypto exchanges like Gemini, Lynch argued, and its users will finally have clarity.
The new regime of regulations could make the European region the new hub for digital assets as the US failed to provide certainty to its crypto sector. Furthermore, Lynch told us that the region and crypto actors like Gemini will benefit from increased investments as MiCA materializes.
The bigger challenge for Gemini and others will reside in educating its users on MiCA and the new regulatory regime, Lynch told us:
In simpler terms, it’s crucial for businesses to explain why regulations matter and help people understand the differences between regulated and unregulated companies or platforms. This way, customers can make educated decisions when choosing which ones to trust, based on the level of regulation they offer. Essentially, we need to do a better job of educating people about this important topic.
According to Lynch, winning the educational battle requires crypto exchanges to utilize a variety of resources, like social media platforms and internal educational programs such as Gemini’s CryptoPedia.
2022 promises significant developments for the European cryptocurrency sector with the arrival of MiCA in the market. The impact and potential future effects, alongside advancements in Web3, blockchain technology, and cryptocurrencies, will be explored during the upcoming European Blockchain Convention, marking its eleventh installment.
And that’s a wrap on #EBC10!
Over these past two days, we’ve been immersed in a whirlwind of creativity, collaboration, and trailblazing thoughts. Ranging from captivating speeches to stimulating discussions and extraordinary hackathon ventures, the upcoming era of blockchain has truly unfolded before us.
A huge thank you to…
— European Blockchain Convention (@EBlockchainCon) September 26, 2024
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2024-09-27 18:42