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Exploring the Future of Web3 with Ananteshwar Singh of Expand My Business

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What do you think is the future for Bitcoin and the crypto industry?

When I consider the future of Web3 enterprises, blockchain appears to be the most promising use case. Applications such as supply chain security orchestration within the context of a tree seem to be the most promising. As for crypto and Bitcoin, I believe the industry is still in a phase where it is determining the best use cases for commercialization concerning customers.

The industry is also experiencing a trust deficit, and companies are figuring out how to make the best use of the use cases offered by various businesses for modalities like loyalty programs, customer benefits, and rewards. I would say that the industry is in its infancy, and everyone is trying to determine its future.

I can see many use cases for your company. Can you describe them one by one and explain the use case for an NFT marketplace in your company?

Our business focuses on development work for clients who are looking to outsource projects and don’t have in-house expertise. We are witnessing many companies and brands approach us for launching NFT marketplaces due to the rising trend of Gen-Z audiences seeking loyalty with brands offering NFTs. Luxury brands such as Louis Vuitton are exploring these use cases. We are seeing brands approach us to develop deeper customer connections through NFT marketplaces, which seems to be a strong modality for us. We are also seeing event and media companies approach us for virtual events in the Metaverse, aiming to interact with customers and build commercialization on top of that.

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How do you envision Metaverse development? What is the Metaverse to you?

To me, the Metaverse is a more immersive experience where you can be present anywhere in the world without being there physically. For example, attending a lecture at Harvard remotely from India and interacting with people in a simulated environment. While I’m a millennial, and it might not make sense to me, I understand that Gen-Z audiences enjoy interacting in immersive settings. I see the Metaverse as a strong future.

Do you think governments will join the Metaverse?

Absolutely. They must. Even in the government sector, there is a growing need for training programs for engineers and infrastructure projects worldwide. With remote connectivity and training, especially in a post-COVID world, the Metaverse will become a vital modality for governments to train their resources and bring them up to speed on various projects.

India can be strict with crypto at times. What do you think about future regulation in India?

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The crypto market began with decentralization, but the Indian government now wants centralized control to prevent the market’s downsides, including misuse and fraud. Rather than being skeptical, the Indian government is working on establishing the proper frameworks to mitigate the negative effects of crypto, prevent money laundering, and protect retail investors.

Are you working on any DeFi projects?

I’m not a DeFi expert, but we have a team of consultants with extensive experience in the DeFi space. We take client requirements and ensure impeccable project delivery. We are seeing increased interest from fintech companies and P2P players looking to create lending or micro-lending platforms in the Web3 space. However, industries are still in the experimentation phase, and no single use case stands out as the most successful.

How many developers do you have in your company?

We have a partner ecosystem of about 100,000 developers in India.

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Does that mean you can utilize any blockchain?

Absolutely.

Do you plan to utilize Luna Classic in the future?

Why not? Never say no.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Tokenized KYC: Tron Founder Foresees Crypto Regulation Future

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In a recent interview, Justin Sun, founder of Tron, discussed the increasing regulatory scrutiny on the cryptocurrency industry and how tokenized know-your-customer (KYC) checks could become a new standard. He suggested that, in the future, even decentralized exchanges might need to adopt these procedures to ensure compliance with “travel rules and anti-money laundering (AML) requirements.”

Sun’s comments come amid a broader conversation about regulatory requirements for cryptocurrencies, particularly in the United States. Sun conjectured that the U.S. government could mandate KYC checks for anyone involved in crypto token transactions. This could mean that developers of decentralized exchanges, like Uniswap, would have to ensure KYC checks for all their on-chain users.

In a potential solution to this regulatory challenge, Huobi, a cryptocurrency exchange where Sun is an advisor, recently launched the Dominica Metaverse Bound Token (DMBT). Part of the state-backed Dominica Metaverse Digital Citizen (DMDC) program, DMBT is a “soulbound token” that essentially offers tokenized identity to those who have passed tier 3 KYC verification on Huobi. This verification process includes facial recognition and the submission of personal information and national ID pictures.

DMBT is minted on the Tron blockchain and grants holders “citizenship” to the Dominica Metaverse, which serves as a government-issued ID for the Commonwealth of Dominica. Beyond its initial function as a virtual interaction layer and a regional marketing tool, Sun envisages greater potential for the Dominica Metaverse in other parts of the digital economy.

According to Sun, having a recognized platform with KYC could enable users to access various platforms using the same soulbound token or decentralized ID. Such a system could be adopted by different applications such as Compound, Uniswap, and dYdX to verify a user’s identity.

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Sun believes that this approach could balance regulatory compliance with the core values of decentralization and self-custody of digital assets prevalent in the crypto industry. He anticipates a multitude of use cases for decentralized ID in the future, given its potential to meet both user and regulatory needs.

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