The co-founder of Unifty discussed the duality of the crypto space through DailyCoin

We often see stories of ransomware attacks that require payments in cryptocurrencies, or hacking into crypto exchanges with millions of coins, and unethical founders liquidating the “carpet pull” held by investors. We heard that cryptocurrency and proof-of-work consensus are destroying everyone’s environment. These negative narratives are part of the crypto space.

However, we have also heard stories of efforts to empower people without bank accounts in the world, and efforts to spread financial freedom and fairness through encryption. We heard that founders and individuals donated large amounts of coins/tokens to charitable trust funds. We heard that the new token project is dedicated to making the world safer and better. We have also heard stories about efforts to capture and use wasted energy production, coupled with the “green encryption mining” option leading to net zero carbon emissions. These positive narratives are also part of the crypto space.

Perhaps it is not surprising that the encryption field is good or bad, because it reflects the good and bad of the wider world.

In an exclusive interview with Colin Platt by DailyCoin, the co-founder of Unifty (a multi-chain NFT infrastructure platform focused on the creator economy) pointed out that this dual nature of cryptocurrency creates a dynamic tension involving All aspects of the industry.

“Everyone likes to think they are doing the right thing, and monetary incentives sometimes encourage behaviors that people would not do based on altruistic instincts. I think there are many areas—if designed properly—financial incentives can be one thing. Positive things. These incentives can push the desired behavior to the public positive, otherwise it is difficult to achieve. If everyone wants to do the right thing, that would be great. But unless there is this’invisible hand’, In Adam Smith’s words, it allows us to achieve the best balance. No one really knows. This is very difficult.” Platt continued the discussion. Cryptocurrency was originally considered a financial structure designed to benefit individuals and Empowering individuals is a noble intention, but it is not always perfectly executed. He went on to say that although cryptocurrencies can do a lot of good things in the world, the nature of digital assets itself, combined with the Internet, creates a target-rich environment for bad actors to take advantage of unsuspecting and innocent investors.

“I think what has shocked me time and time again is that in cryptocurrency, when you are around this space, you are a little accustomed to always looking at your back. Everyone wants to catch you and take yours. Money, do anything. You see. Someone joins the Telegram forum, makes a grand promise, and then tries to deceive members or make a fake Telegram, no matter what it is. So this happens often, you need to pay attention to these things. And I think that because we are dealing with Internet currency, the security of ordinary people’s operations is usually very poor, and hackers can easily make money from it. That’s unfortunate.” Platt said that he is most concerned about those who are new to encryption who have completely jumped into space. They have not studied. Or do not know what they are investing in or what they are doing. He said these stories are sad and it is difficult to help new entrants who have rushed in without realizing that they have invested their money or life savings in a bad project.

“And I think it’s back to my previous point: All these incentives need to be well thought out, you need to work in this field and understand it. Trying to do the right thing is a very difficult thing, but at the same time, When you face a story that sounds very difficult when a new investor loses everything, you have to be patient. Although you want to trust everyone, not everyone is honest. You have to be honest about how to deal with all of them. The type of situation is very cynical, and it’s hard. When you work in the crypto space, you need to keep a solid shield by your side.” Perhaps the best advice to balance this duality is summarized in the “trust but verify” axiom ——Because when you first verify and then trust, you may do better.

on the other hand

• Every industry has good people and bad people-everyone is responsible for conducting their own research before investing in any project, coin or token. # Buyer is at your own risk
• If individuals become increasingly unable to protect themselves from crypto fraud and scams, government regulators will be forced to deploy centralized control over cryptocurrencies.

Watch the entire interview here:

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