Blockchain expert and co-founder of Quickswap, Sameep Singhania, explains decentralisation in business, the hack on GoDaddy, and the decentralization of businesses in the latest episode of Dinis Guarda YouTube podcast powered by citiesabc, openbusinesscouncil, and FreedomX. Hosted by ztudium vice chairman Hilton Supra.
Growing up with an inquisitive and enquiring mind for technology, Sameep achieved his bachelor’s degree in Computer Science. During his early years, his innate bent towards technology led him to develop solutions, like an all-device-accessible calculator and websites for his school and a library management software for college. Beginning his professional journey as a software developer at Dell Technologies, Sameep transitioned to blockchain while it was still in its infancy.
He gained a rich acumen for blockchain principles while being associated with Openbazaar, ParaSwap, healthcare, ICO companies, gaming companies, and even Polygon and Ethereum. With his experience, he was able to realise the power that layer one and side chains (of the blockchain) hold to support the businesses.
“I realised in 2020 that layer two and side chains will have their own impact. With the gas price, the transaction costs on layer one solutions on Ethereum and Bitcoin were increasing because of the increase in the volumes of transactions on these platforms. And the prices of the tokens were also increasing. With layer one, you have a very limited competitional power, and you have to divide that across the entire planet. So, the logic is very simple: Higher the demand while the supply is constant, the per-transaction cost increases. And that started happening”, he recalls in the interview.
Hilton asked the blockchain expert, Sameep, to explain Proof-of-Work and Proof-of-Stake in the very basic language. “There are multiple ways to validate a transaction on a blockchain. So, if I’m transferring 1BTC to you, whether I own that BTC or not- somebody needs to validate that and transfer it from my account to yours. There are many ways- PoW and PoS are the most famous ones. Anyone can enter a blockchain and become a minor or a validator. Even a malicious party can become a minor, start validating my own transactions. To counteract those particular parties, these validation protocols are used”, Sameep said, explaining the essence of PoW and PoS in the blockchain.
Having worked with almost every player in the blockchain, Sameep was able to share the issues with the existing blockchains in the decentralised space. He also explains ways to create a personalised solution for the business, out of the various tools and blockchains (and side chains) available.
Quickswap: A new-generation exchange over the decentralised space
While working with the team at Polygon (formerly Matic), Sameep came across the idea of establishing an ecosystem that provides a decentralised exchange and supplemented it with security features. This exchange was capable of handling large volumes, consequently proficient in providing liquidity of even billions of dollars.
Quickswap was created to bring one million users to the blockchain, overcoming the challenges that were prevalent amongst the existing chains. Constructing an entire framework of infrastructure solutions, Quickswap gradually improved the user experience.
“In my opinion, the biggest problem with UX is higher transaction costs and low transaction speeds. If I haven’t provided good gas fees, I would have to wait for minutes or even hours to complete a transaction. The main focus of Quickswap was to solve user experience problems. If these problems persist, forget about one million users, even ten thousand users would not join the space”, he said.
Concluding an extremely informative and interesting session, Sameep expressed:- “It is a very exciting space- the digital realm, where individual identities are valued over a network that follows a digital ledger format. Through Quickswap community channels, we spread information and educate people so that they are able to join blockchain and tap it to its utmost potential.”
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Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.