eXeBlock Technology founder Jonathan Baha’i provides insight on the state of the blockchain industry, where it is going and how his company fits within it.
The company is currently in the process of developing its first two DApps: 50/50 Labs, a blockchain-enabled tool for conducting 50/50 draws, and the Freedom Ledger, which will enable secure credit and debit card transactions.
In the interview below, Baha’i outlines the company’s progress in the constantly growing and shifting blockchain space, and also presents his views on what the future of blockchain looks like.
Below is a transcript of our interview with eXeBlock Technology founder Jonathan Baha’i. It has been edited for clarity and brevity.
Investing News Network: Please give our investor audience an overview of eXeBlock Technology and its role in the disruptive blockchain space.
eXeBlock founder Jonathan Baha’i: eXeBlock is a unique player in the blockchain space, and is dedicated to building decentralized applications within verticals where we believe blockchain will make a big impact. While most players in blockchain are focused on cryptocurrency mining or blockchain software development, we believe the power of blockchain can create the next generation of networks that support global markets.
We are entirely focused on developing solutions in decentralized public blockchain platforms and are looking to enter verticals where we can make use of a first-mover advantage from a blockchain standpoint. We also seek opportunities where we can serve a mass audience, as our revenue model is transaction based, like that of Visa (NYSE:VISA) and Mastercard (NYSE:MA). This means that as these networks see continued utilization and mass adoption, eXeBlock’s per-transaction revenue will grow.
INN: What has been your personal experience in the blockchain space and how does that channel into what eXeBlock brings to the table?
JB: I have been involved in the blockchain space for five years, having first held an interest in mining bitcoin at a time when it was worth between $50 and $100 and was quite volatile. Ultimately I dove into the blockchain space and discovered that there was a more advanced blockchain to bitcoin’s: BitShares. BitShares uses a consensus mechanism that doesn’t require the same heavy hardware that bitcoin needs. Instead of using proof-of-work networks, the BitShares process is infinitely faster and requires far fewer resources.
Having come from the data-hosting space, I became a node operator in the BitShares community, and also worked as an operator in the subsequent Steem Blockchain, made of the same technology. These two blockchains account for approximately 60 percent of the blockchain transactions happening today.
With this experience, I went on to develop a team that created a blockchain called Peerplays, and this is the same team with which I founded eXeBlock. Our experience with Peerplays has given us a significant advantage and increased our agility in the current market.
INN: What are the solutions that eXeBlock is currently offering and developing? What are the industries that benefit from these decentralized applications?
JB: The first thing we decided to build was a decentralized application that will run on the Peerplays blockchain, which we have named 50/50 Labs. It is a blockchain-enabled application for running 50/50 draws for charitable organizations, non-profits and any other group that needs a tool to raise funds for a cause. This helps organizations from an administrative perspective and makes it much easier and more cost effective for large organizations to execute fundraising. The DApp also allows for organizations to hold draws on a global level, as opposed to just locally, and will also support cryptocurrencies.
Once 50/50 Labs is complete, the company will work on deploying its second application, Freedom Ledger. This is a blockchain-based onboarding and offboarding application, whereby users can use credit or debit cards to purchase and exchange digital currencies or tokens. In the case of 50/50 Labs, for instance, Freedom Ledger will allow users to use credit and debit cards for ticket payments, making the system seamless. In this way, people can use blockchain technology without having to learn what it is and what it does. Beyond 50/50 Labs, Freedom Ledger has also been designed to integrate with third-party DApps from around the world.
With these two tools, we’re going to be able to help organizations raise more funds than ever before, while also giving them access to a demographic that they have had trouble reaching: Millennials. These organizations will also be able to be more transparent about the type of funds they raise and how they use them.
Both applications will earn per-transactional revenue and, being on a blockchain, will give anyone involved in running the network the option of earning a fraction of revenue from each transaction. In this way, everyone around the world will be able to partake in ongoing development and maintenance, while having a vested interest in seeing these applications grow.
INN: What is next for eXeBlock and how does that fit into the company’s long-term plans?
JB: eXeBlock’s next step is to continue work on Freedom Ledger, which will allow for mass adoption of the 50/50 Labs DApp and anything we build subsequently.
The long-term plan is to ensure that when our first two DApps are launched, that these become part of the networks of the future. We believe that blockchain is effectively going to be the next internet and will change the very infrastructure we use to do business. In the midst of this change, eXeBlock wants to be in a position where we have first-mover advantage in growing verticals.
Our long-term vision is to be a leader in decentralized public blockchain development, thus ensuring that we have a very healthy position as the industry continues to develop.
INN: In your eyes, what is next for the blockchain space?
JB: There are four ingredients in a public decentralized blockchain. These include the following: a consensus mechanism, such as proof of work or proof of stake; an incentive structure for having operators keep the networks secure; a ledger; and a smart contract which follows “if this, then that” commands. In today’s general understanding of blockchain, people don’t know that these components are all necessary, which allows for companies to stray away from the correct “recipes” for making decentralized public blockchains. As blockchain continues to grow as a space, there will be a time when more people understand the difference.
Blockchain is going to penetrate every level of society. We are looking at the emergence of a peer-to-peer economy where everyone can transact with one another using blockchain as a medium of trust. We are seeing the emergence of a new world that is demanding the ability for people to transact in a safe way without the technology hangups that permeate current technologies.
All the private information that is exposed when exchanging banking details or conducting credit card transactions will be held by the user, instead of by companies. In that way, blockchain networks will help solve some of the biggest issues in data security today.
Blockchain’s functionalities for peer-to-peer transactions and data security will also extend beyond the western world. Much like with the telecommunications and internet industries, where regions such as Africa and Asia were able to leapfrog the legacy systems developed in North America and Europe, there will be a similar opportunity for the global south when it comes to blockchain. Unlike the western world, countries without banking infrastructure won’t be tied down by strict regulations, giving room to effectively deploy blockchain solutions as a means for transacting.
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