Vijay Pravin Maharanjan, founder and CEO, bitsCrunch, a cryptocurrency and non-fungible token (NFT) platform, shares his views on how blockchain can protect digital information against malwares with FE Digital Currency.
What are the three best practices that today’s youth should follow when it comes to digital assets?
1. Do your research: Make sure that any assets you invest in, be it NFTs or crypto, are well performing ones! Do your homework before you back a digital asset with your hard earned money.
2. Keep up with the industry: The crypto space is constantly changing and evolving as new use cases for blockchain emerge. That makes it full of opportunities as well as risks. Know what the community is saying and stay up to date with current events in the industry.
3. Engage with the community: The best advantage to decentralised assets and online spaces is that there is a whole community around it. Investors, creators, buyers and sellers are a great marketplace that is dynamic yet engaging. Do not be afraid to ask questions and stay open to new concepts and ideas!
How can blockchain be used to keep digital assets safe? Which are the apps consumers can use?
The best way to safeguard digital assets and blockchain accounts is to stay vigilant about access codes and private information. Choosing non-custodial wallets is a great way to go for blockchain security. For custodial wallets, choose services and companies that have a well-established track record to ensure your security. Furthermore, apps that can give you succinct, detailed information about an asset’s history can help you make informed decisions about your digital information. They also protect you against fraud, wash trading, counterfeiting and other such malpractices! bitsCrunch has a few apps that are precisely for this purpose.
What are three tips you would like to give to people who dabble in crypto trading?
1. Never put all your eggs in one basket! Diversify your portfolio with different assets and only add a new asset after doing a lot of research.
2. Invest some time into growing your portfolio. The dynamic ebbs and flows of the blockchain industry need you to stay on top of your assets and ensure that they perform as per your expectations. Keep an open mind when a certain asset doesn’t work.
3. Remain vigilant about asset security! Hacking and malpractices are a constant threat to digital assets and an unfortunate presence in the digital world. Make sure you take all possible measures to safeguard your wallets and important access information for your accounts!
Which according to you is the country leading in the space and the Indian start-up ecosystem can pick up the best use cases?
A recent study showed high levels of engagement around the world for blockchain technology. Singapore, Iceland, Canada, Hong Kong and the United States were the most promising regions. However, this is no indicator of performance as different unique use cases have gained traction in various parts of the globe based on region-specific factors as well. For India, improving regulations and compliance standards can help start-ups engage with blockchain technology and integrate it into their products, services, and internal processes as well! It is an opportunity that has a lot of potential, and can really put us at the forefront of a very promising branch of technology! There are quite a few noteworthy start-ups relentlessly working as torchbearers across the blockchain domains, like DeFi platforms, exchanges, smart contracts, and layer 2 solutions. For instance, CoinDcx, Polygon, InstaDapp, and KrypC are making their mark in the distributed ledgers. Every problem that needs to be solved in this industry is a best use case, and all these startups are making way for more enthusiasts to believe in the technology and take that leap of faith.
What are the disadvantages of blockchain?
The main disadvantage at the moment is that of engagement. Blockchain only works with an active, engaged community of users who are fully behind unique concepts and are willing to spend time and money on them. The Metaverse, NFTs and Web3 all rely on their end users’ satisfaction (and even fascination) with new use cases of blockchain technology. As the community grows, developers and creators are encouraged to generate more work and ideas. However, low engagement can lead to projects being scrapped even before they reach their potential. This is a challenge that all creators must look to overcome at the earliest. However, with social media and the internet, they have all the tools they need to generate engagement and enthusiasm for their projects. It is a fine balance that can be quite a challenge for new and existing projects alike!