02 Apr

Kieran Warwick, the creator of GameFi project Illuvium, which was valued at slightly under $900 billion as of April 1st based on publicly available data.

This is what he had to share with us.

1. What is the biggest challenges preventing blockchain technology from being widely used?

Our greatest obstacle is the user experience. Although things are improving significantly, buying cryptocurrency and taking part in activities like staking, lending, borrowing, and governance remain intimidating. This explains the bizarre inflows observed in meme coins. Complicated white sheets are absent. The larger ones are traded on centralized markets. The technological obstacles are low and the storylines are simple.

2. Throughout the history of cryptocurrency, there have been numerous "killer apps," but none have truly taken off. These include decentralized applications (dApps), nonfungible tokens (NFTs), and decentralized finance (DeFi). What is going to endure?

Despite my obvious bias, I firmly think that gaming will become a popular medium. People can easily understand it, and with the advent of non-custodial wallet solutions like IMX passport, players can quickly create an account and begin playing games as usual. However, these games will grant users genuine ownership of their assets, which will encourage more research into NFT marketplaces, DeFi applications, and the larger cryptocurrency ecosystem.

3. To date, what has been the most difficult task you have undertaken in our sector? 

I'm finding it most difficult to acclimate to the slow pace of popular adoption. When I see what seems to be a clear and beneficial invention accepted slowly, I get impatient easily, and it irritates me when others don't see the same potential.

Furthermore, there are two sides to the expectation of continuous transparency in our industry. Although it builds relationships and involves our community and investors, the constant requirement to deliver thorough updates can be demanding. 

Being transparent is essential since inadequate communication can result in lost investor confidence, which is bad for any project.

4) For the upcoming year, what do you anticipate to be the biggest blockchain trend?

 I can't decide between layer-2 DeFi programs and games. The previous cycle's main obstacles to cryptocurrency were expensive gas prices and sluggish transaction times. Because of the high annual percentage yields (APYs), yield farming was the most popular trend during the last bull market.

5) Where is the most fascinating location you have ever been, and why? 

I took my best friend on a Contiki vacation of South America when I was just starting out in my 20s. Peru was visited during the journey. He had recently experienced a breakup and had read about the benefits of ayahuasca for overcoming adversity. I said I'd do it with him without giving it any thought.

6) Which book most affected you? How come? 

Phil Knight's autobiography, Shoe Dog: A Memoir by the Creator of Nike, is without a doubt the best. It's truly amazing how he launched Nike. 

When I read that, I was experiencing severe doubts about one of the firms I had started, but it gave me the willpower to press on in spite of all the obstacles. I learned a lot about stress management, business partnerships, and resilience from that startup. I've found that all of these items have been really beneficial in Illuvium.

April 2024, Cryptoniteuae

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