Decoding the Future of Web3 and Blockchain With Justin Sun

Insights from Justin Sun: Navigating the Crypto Industry and the Importance of Transparency and Accountability

Welcome to our series "Behind Web3," where we delve into the stories and insights of key players in the blockchain and cryptocurrency industry. Today, we're excited to have His Excellency Justin Sun, a businessperson and entrepreneur with a background in finance and technology, and the founder of TRON, a leading blockchain-based decentralized protocol. Justin is also the Global Advisor to Huobi, one of the largest digital asset exchanges in the world and serves as Grenada’s Permanent Representative to the WTO. With a wealth of experience in the crypto industry, Justin's insights on the story behind Huobi, the rebranding of Huobi, the current state of the industry, and how virtual assets are being adopted in Grenada will be incredibly valuable to our listeners. So, without further ado, let's get started.

Question 1: His Excellency Justin Sun, welcome to our series “Behind Web3.” Please tell us about yourself and the story behind Huobi?

His Excellency Justin Sun: Thank you for having me. I am a businessperson and entrepreneur with a background in finance and technology, which contributed to my founding of TRON, a leading blockchain-based decentralized protocol aiming to disrupt traditional business models with blockchain and distributed storage technology. I’ve been in the crypto industry since its early days and currently serve as Grenada’s Permanent Representative to the WTO.

In addition to these roles and responsibilities, I am also the Global Advisor to Huobi, one of the largest digital asset exchanges in the world, founded in 2013 to make it easy and safe for people around the globe to buy and sell digital assets. Huobi's success is a testament to the power of blockchain technology and the potential of digital assets to revolutionize the financial industry, which is why I am keen to support the exchange to help add more value to the broader community.

Question 2: Huobi has been one of the largest virtual asset exchanges in the world since 2013. Please tell us about Huobi’s rebrand and what it means for the crypto industry going forward?

H.E. Justin Sun: Huobi has undergone a rebranding process to better align itself with the ever-evolving digital assets industry. The rebranding is not just a change in name but also in the company's mission and vision. We are now focused on building a more inclusive and decentralized financial system that empowers individuals and institutions to take control of their assets.

The rebranding reflects the ongoing maturation of the digital assets industry and our commitment to staying at the forefront of innovation in the space. We believe that the decentralized finance (DeFi) movement and the growing popularity of non-fungible tokens (NFTs) are driving the next wave of momentum for digital assets, and we want to be at the forefront of this trend.

Going forward, the crypto industry will continue to evolve and mature, with more institutional investors entering the space and more mainstream adoption of digital assets. We are committed to being a key player in this process by providing secure, reliable, and accessible digital assets services to our users.

Question 3: Recent events such as FTX and BlockFi bankruptcy filing have impacted the cryptocurrency industry and may have a contagion effect. What are your views on these recent events, and how can we minimise such events in the future?

H.E. Justin Sun: These recent events are indeed unfortunate, and it's important to remember that the crypto industry is still relatively young and there will be growing pains as it matures.

To minimize the likelihood of these events in the future, it's absolutely crucial to maintain a regulatory environment that promotes transparency and accountability. Additionally, it's important to educate investors about the risks associated with digital assets and to encourage them to diversify their portfolios.

It's also essential to remember that the crypto industry is still in its early stages, and the technology is evolving rapidly. As the industry advances, greater numbers of institutional investors will enter the space, more sophisticated products and services will become available. This will help to increase stability and reduce the risk of contagion.

All in all, it is crucial for the industry to take a proactive approach to risk management and to continue to build an infrastructure that promotes transparency and accountability. This will help to establish the crypto industry as a trusted and viable alternative to traditional financial markets.

Question 4: As the Ambassador and Permanent Representative of Grenada to the WTO, please tell us about how virtual assets have been adopted in Grenada and how virtual assets can help the citizens and economy of a nation?

H.E. Justin Sun: Virtual assets have been gaining traction in Grenada and have the potential to benefit the country's economy and its citizens considerably.

Grenada has a small and open economy, and virtual assets can help to diversify our economy and attract new investment. Additionally, virtual assets can provide citizens with new financial tools and opportunities, such as access to global markets and new forms of investment.

One way that virtual assets can help the citizens of a small island economy is by providing access to financial services for those who are unbanked or underbanked. Virtual assets can also help to reduce the cost of remittances, which is particularly important for a country like Grenada, where a significant portion of the population has family members working abroad.

Furthermore, virtual assets can also provide a platform for developing new industries, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), which demonstrate immense potential to create new opportunities for entrepreneurs and businesses.

Question 5: Please tell us your views on the digital dollar and how it may impact the world economy in the coming years.

H.E. Justin Sun: The digital dollar is a topic of much discussion in the financial industry and has the potential to significantly impact the world economy in the coming years, namely because it can be easily and securely transferred between individuals and institutions. It also has the potential to increase the efficiency of financial transactions and provide a more secure and transparent financial system.

One of the main advantages of the digital dollar is that it could help to increase financial inclusion by providing access to financial services for those who are unbanked or underbanked. Additionally, it could also improve cross-border transactions by reducing the need for intermediaries and lowering the cost of transactions.

Essentially, the digital dollar has the potential to bring significant benefits to the world economy by increasing financial inclusion and efficiency while also formalizing the economy and resulting in higher income for governments.

Question 6: According to his excellency, what new technologies and business trends can we witness in the blockchain industry in 2023?

H.E. Justin Sun: I feel we will see new developments upon technological foundations that have already been laid. For example, we will see the growth of DeFi 2.0, which is basically an extension of existing DeFi services. We will see a lot more of Web3, metaverse, and NFTs.

The market is also ripe for the development of advanced smart contract functionalities and tailor-made solutions to meet institutional needs. You can also expect to see a lot more regulatory involvement and a massive influx of “super-apps.”

In 2023, I believe we will see the blockchain industry continue maturing between better infrastructure, more secure and efficient platforms, and broader use cases. These advancements will bring more real-world applications while improving blockchain technology accessibility for the general public.

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