‘‘New generations need to step up’’ – the future of blockchain is up for grabs – Komodo GM
In this brand new interview series we explore the ins and outs of the crypto scene with a range of guests. Uncovering new exciting crypto projects, speculating on where the market is heading and looking into where new technological innovations like blockchain technology can really add value.
In this interview we have met up with the General Manager of Komodo, CEO and co-founder of RedFOX Labs, Benny Fairbank aka Bitcoin Benny. Benny has a great interest in how technology can enhance our lives. And he believes that blockchain truly has endless potential in making in a genuine difference in our lives. And obviously he will share his thoughts on Komodo’s future and how it is truly a one of a kind blockchain project.
Tell us something about yourself Benny, who are you outside of the crypto world?
I’ve always largely been defined by work and travel to be honest and the two have been my life. I was a global C Level Executive for the best part of both my working and my regular life. I’ve been fortunate to see the world and my skill sets have allowed me to work wherever I want. I am recently single and now focused fully on establishing a new life in Southeast Asia.
And for us in the crypto community what’s your ties to cryptocurrencies and blockchain?
I love the whole movement. I was old enough to capitalise on the dot com boom but didn’t. I have always worked for disruptive or at least fast moving tech companies and when I saw this movement, I recognised all the tell tale signs. I wasn’t going to miss out this time and I made the bold and somewhat ballsy move into it full time.
Tell us about Komodo. The background of it?
Where do you begin. Komodo has worked for a number of years to become an overnight success. It started out with the end in mind and has steadily worked towards that without ever hugely deviating. Beginning some 5 years back Komodo always had designs on being accessible to everyone, decentralised, secure, scalable and with a strong intent to solve the very real problems that impede blockchain mass adoption. I think it’s fair to say, despite a few false steps, it has been successful in its vision and even developed a few pearls along the way that we all thought were a bit unexpected.
And what makes Komodo unique?
Sounds somewhat cliche, but Komodo is unique by definition, there is really nothing like it. It is an end to end platform, that can perform atomic swaps, scale at will, is fast, can be private, is secure and most importantly, open source and extremely innovative. JL777 will one day go down as one of the remembered few in the industry and makes the project even more special.
What do you want to achieve with working with cryptocurrencies and blockchain?
For me it’s simple, and it’s why I created RedFOX Labs. I want to take the tech (Komodo) to the users and not wait for the users to come to us. Most importantly I want to make a difference and help pioneer blockchain products and services to the point where people don’t even understand they are using blockchain at all. I think with Komodo tech we are very close to this being a reality.
What are some really cool projects in the crypto space today?
“I am biting my lip at the moment as we are sorting the mice from the men over this bear market that’s for sure”.
I admire any project that has a product out there that works and people are using. I am more interested in the projects building the base layer tech for tomorrow’s great products. There are a few I will talk more in depth about in the coming months but I am biting my lip at the moment as we are sorting the mice from the men over this bear market that’s for sure.
Is there a potentially unexplored area or industry today where blockchain technology could really add some value?
Great question. I think much like the internet era, we will see blockchain evolve in ways and areas we can’t even imagine just yet, but in terms of privacy, verification and most importantly trust. In such a fake world, we need some sort of clarity and new generations need to step up considerably to solve some of the problems we have been busily causing over the past few decades.
Is there an area or use case where you frankly see no use for blockchain technology?
“blockchain has no use in any industry where it is not actually solving a problem”
I see no need to have hundreds of versions of the same thing that we only have handfuls of in the existing commercial world. It’s been geared toward the gold prospectors to date and I think, being honest, that blockchain has no use in any industry where it is not actually solving a problem.
What excites you the most about 2019 and what Komodo can achieve?
Komodo has always had a stage of sorts, but in 2019 it gets its microphone. I’m excited to take it out on the open road and see what it can really do at full speed.
“Its a baby. Its learning to walk. It took a few steps at the end of 2017”
So the crypto world has gone through ups and downs since the beginning of Bitcoin. In terms or price, but also in what if any perceived value it can actually bring. How mature is the cryptocurrency world today?
Its a baby. Its learning to walk. It took a few steps at the end of 2017 and beginning of 2018 and everyone was there to watch. But 2018 was a year of consolidating those steps and becoming a little more sure footed. By 2020 it will be running around and in full flight, but still young and still with a lot of development to go. Its true value won’t be seen for some years to come yet, not until it dents the market share of non-blockchain related goods.
What’s your thoughts on TA (Technical Analysis) and trading tips shared across Reddit and other online communities today?
TA holds great value in mature markets, less so here. In markets ruled by emotions and whales, due to their considerably low market cap values, a different set of rules often apply here. Being on the other side of the curtain sometimes you know what lies ahead and to read what people are saying when you know it’s not right or something else is happening is very amusing and concerning.
You sometimes see people get lucky and other times you see good traders making good sound calls but you may know that no matter how sound their call is, it can’t prepare for what you know is coming and it may well be right against market trends. This is a young and highly volatile industry and projects dont have the same obligations toward transparency that more mature markets have, so it’s really not the same type of trading ground.
Have we reached the bottom yet?
I have no idea. Feels like it, but nothing in this space is 100% real, YET!
Where do you see Bitcoin being in five years time?
Used, but not as magically valuable as people think. I think others will be more valuable by market cap and I think at some stage it will lose its title as king of the market cap. As unpopular as that may sound.
And how about Komodo? Will it be around? And will it be used by many?
If I have anything to do with it yes. It definitely has as good a chance as anything on the market. I would say if a project was valued on its actual use case, it would be top 10 no matter which angle you came from. Thats a day I will cherish forever, when that is realised.
Anything else you want to share with us as a leaving thought?
Blockchain is here to stay, and this will evolve in ways we can’t even fathom today.
Have a look through our previous interviews too. For example with DK the Crypto-enthusiast who publicly called the bubble at the right time.
Find more interviews and news here on our blog!