Abstract Sphere Global Network, Hexagon, Honeycomb Shape, on black backgroundGetty
It's been a relatively difficult year for blockchain (and its public opinion), and all eyes are set on the very near future.
Could it scale while remaining secure? Will corporate companies finally adopt it, not to mention end users? What keeps it the long term "plan" from happening?
I sat down with Jack Lu, Founder of Wanchain and Factom, two blockchain projects with a conjoined market cap of around 120 million dollars, that also works with corporates such as Telefonica on mass adoption initiatives.
Yoav Vilner: How did you find yourself in the blockchain space?
Jack Lu: I first got involved with Bitcoin in 2012. Around this time, one of my friends asked if I would look into a startup called Ethereum.
I researched the project, read the whitepaper, and was immediately captivated by this vision. Soon after, I started coding on Ethereum, then I decided to invest all of my Bitcoin into Ethereum’s initial coin offering.
In 2013, I was approached by David Johnston and Paul Snow to start a company called Factom, where I joined as CTO and Co-Founder.
In 2016, I decided to move back to China to to build blockchain solutions for local enterprises and government organizations - I also began incubating the Wanchain idea.
Why do you think financial corporations are slow to adopt digital assets?
On the technical side, the industry needs more work on creating user-friendly tools, or applications that incorporate cross-blockchain technology. The financial organizations can't adopt it knowing the end user will have trouble using it.
Once an incredibly user-friendly application can solve a problem for a mass audience, we will start to see the industry take off.
The ideal vision for the future of interoperability between blockchains, is a world where the user inte...