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Key Talks: Interview with Andrew Kiguel, Founder, Chair, CEO of Tokens.com

The advantages of proof of stake, the diverse applications of NFTs, the evolving landscape of crypto exchanges, and the promising merger of AI and blockchain within the metaverse.

Mark Galkevich
August 16, 2023
Key Talks
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Andrew Kiguel, Founder, Chair and CEO of Tokens.com

With the growing popularity of staking platforms, how do you envision the future of proof of stake in the crypto ecosystem? What innovations or developments do you anticipate in this area?

Proof of stake is a major upgrade over proof of work in my opinion. It's environmentally better. Consider that you don't need to use vast amounts of electricity or purchase expensive and rapidly depreciating asic miners. Staking uses less electricity and is available to all

I don't think Satochi ever envisioned what bitcoin mining looks like today. He would have wanted a more democratic process to mine that was open and available to all.

Today, it's not practical for anyone to mine on their own.

The only profitable way is through large industrial mining farms that consume vast amounts of electricity. Staking on the other hand, uses the concept of being able to utilize ownership.

It is available to anyone, there's no need to be part of a large organization to do it.

Staking uses less electricity and is available to anyone. It's also faster and can transfer more data and information than mining.

This is why not a single new token uses proof of work. The future of crypto is within proof of stake.

In your view, how will NFTs transform the concept of digital ownership beyond just art and collectibles? Could you share your thoughts on what industries or sectors could benefit most from the adoption of NFT technology?

Provenance is a concept from the art world. Itr is the origin and history of something. In the art world, it is incredibly difficult or even impossible to track. However, blockchain technology enables this.

Through the use of NFTs to label things, the origin history and selling price of anything can be tracked.

Additionally, royalties can be created to pay creators everytime an object changes ownership.

Additionally, royalties can be created to pay creators everytime an object changes ownership.

The future of this tech will be in ticket sales, tracking ownership of real world goods such as expensive watches and art.

And non-transferable NFTs will be used to demonstrate identity features, such as a graduate degree or a place of employment.

How do you see the role of crypto exchanges evolving in the coming years, especially with the increasing integration of cryptocurrencies into traditional financial systems?

Let's face it. Most crypto exchanges have been poorly executed and regulated. Even today, the top tier exchanges like Coinbase are facing regulatory headwinds.

North American regulators lack understanding in the sector and are, in my view, fighting the wrong battles.

The regulator have been vague and not helped to solve any questions, such as what is a Token. My view is that Wall St firms will move in to claim the exchange and custody sectors.

Only a matter of time before you'll be able to buy and trade crypto at major banks.

It will become competitive. And just like with stocks, trading fees will drop to near zero as firms fight to attract clients.

The recent news about Sam Bankman-Fried being held in a notorious Brooklyn jail has caught the attention of many in the crypto community. As a fellow leader in the industry, what's your take on this situation?

Regulators have failed the crypto market by not showing leadership in setting rules. Is SBF a criminal?

Likely, but I think more out of ignorance and hubris than a deliberate and ingenious path to ripping people off. People are always seeking heroes and geniuses.

They place people on pedestals without doing the work. I mean, why was SBF elevated so quickly? Because he played video games on private equity calls?

With South Korea's $100 million investment in Anthropic AI, a new spotlight has been cast on the intersection of AI and blockchain technologies. As a leader deeply immersed in the crypto world, could you share your personal insights on this collaboration between AI and crypto?

AI and blockchain will definitely interact. I think it will happen in the metaverse. The ability to use AI, in a 3D environment to transact with NFTs and Defi, play games, shop etc.

That's exciting. Really exciting. These are groundbreaking technologies coming together.

However, beware the media hype cycle. Media always needs an angle to attract an audience.

Often, what they produce is misleading and at times just false. Beware the current AI hype cycle that the media is promoting.

As with all new tech, there will be failures. Let's not create more SBF situations. Let's work on long term solutions and look for unicorns on every corner.

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