Don’t Trust, Verify: 1inch Network Co-Founder’s Advice to Crypto Newbies
• 1inch Network co-founder Sergej Kunz discussed various topics related to the Web3 space with Cointelegraph reporter Joseph Hall at Paris Blockchain Week 2023.
• Kunz spoke about the limitations of investing for ordinary people and what mass adoption looks like in the crypto space.
• He highlighted that understanding “the noncustodial way” was key to achieving mass adoption.
1inch Network Co-Founder Discusses DeFi at Paris Blockchain Week 2023
At Paris Blockchain Week 2023, 1inch Network co-founder Sergej Kunz sat down with Cointelegraph reporter Joseph Hall to discuss decentralized finance (DeFi) and various other topics related to the Web3 space.
Limitations of Investing for Ordinary People
Kunz began by talking about what people on the street may be interested in regarding the Web3 space. According to him, people are often very interested in putting their money where they will not lose it, and how to earn passively with their funds. However, he explained that there are many limitations for your average investor. He said: “Right now, you are very limited as a person, a normal person out there. You are very limited in products where you can invest.”
Mass Adoption of Crypto Space
Hall and Kunz also discussed how people currently perceive the crypto space and what mass adoption looks like from Kunz’s perspective. According to Kunz, while people may think of crypto as a place to buy and sell digital assets, there are many more things within this space such as deploying applications that can be used by everyone in a permissionless manner. When asked about his team’s thoughts on what mass adoption looks like, Kunz explained that understanding “the noncustodial way” would be key in achieving this goal.
Don’t Trust Anyone; Verify
In response to a question directed towards newbies entering into the crypto world, Kunz suggested that they should verify everything before trusting anyone or anything else: “My advice is don’t trust anyone — verify.” He added that it was important for users to understand why something works before using it so they could make better decisions when making transactions or investments on any platform or currency network.
Big Companies Jumping Into Web3 Space
Regarding big companies jumping into the Web3 space, Kunz said he was excited but also cautious because of potential security risks associated with these companies due to their size: “They have so much data […] I’m expecting them [to] provide some kind of security measures.” Despite this precautionary sentiment from Kunz, he ultimately expressed optimism toward big companies joining the Web3 space saying: “[I]t’s very interesting times now […] we’re going through this transformation period where traditional finance meets decentralized finance.”
