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Ujjawal Bajaj & Navdeep Garg - Bcrpt India Roadshow 2022
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Nov 1, 2023
India is developing an index in the contemporary world economy by exploring a diverse array of technological innovations in the BLOCKCHAIN ecosystems around the nation, which provide faster and cost-effective growth to businesses. Through Bcrypt we would like to provide you with a deep insight into a recurring set of back-to-back conferences that will be held in India, starting with Chennai, Hyderabad, Mumbai, Jaipur, & Delhi from October 8-16, 2022-INDIA ROADSHOW. This roadshow will facilitates Influencers, Entrepreneurs, Investors and Developers to foster and promote the adoption of WEB 3.0, NFTs, BLOCKCHAIN, CRYPTO, METAVERSE, & DeFi. Visit #Bcrypt : https://bcrypt.live
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0:00
Begin with the small introduction with for all the people sitting around us
0:17
We will begin with Ujwal. Yeah. Please. Hello. My name is Ujwal Bajaj and I am a blockchain developer come like a technical team lead
0:30
in my company. I'm a co-founder of a blockchain development company, U-square. So, like, we
0:36
are into blockchain development, simply building DeFi applications, smart contracts, marketplaces
0:46
and many projects. So, along with me, here's my co-founder partner, Hohmang, yeah, and
0:54
Navdeep, sir, as well. Yes, Navdeep. Yes, Navdeep. Hi, hello. My name is Navdeep
0:59
I belong to Ravenportec and Eivisys. And last 15 years, we are into the tech space
1:09
and we are providing support to all the major blockchain companies. Thank you, Navdeep
1:17
Omang. Hi, everyone. My name is Omang Ajmera. I'm a co-founder at a blockchain agency called U-Square
1:23
And a little bit intro about myself. So I've been into finance space
1:29
I've worked at a mutual fund earlier. Then during the COVID session, I landed in Jeopard, which is my home city
1:35
And then started exploring blockchain space and get really dwelled inside it
1:41
And together we both founded a company so that we can really leverage this potential of the blockchain technology
1:46
and can really reshape something which exists as a pain point right now
1:51
So we are really looking forward for such kind of pain points. and you know the questions you guys have for the web 3
1:57
Thank you. Great. Thank you, Amand. So I think we won't take more time of the audience
2:03
because we are already running short of time. We will begin with the first question
2:09
that I received from people. How India will benefit from web 3? OK
2:17
Who's going to take up? So I'm taking that. Sure, sure. India you see that the whole structure if you consider our constitution the legislation of our country already has web 3 history like decentralized history because in our constitution all the states have equal rights and they have the holdings equal holdings where central can't impose
2:44
So it was already there now that was in the paper format now we have to digitize and
2:50
Put it into a decentralized fashion bike bike aren't things be running on smart contract. There are few challenges
2:57
for that but yeah things like in energy sector tourism and let's talk about like
3:06
This railways roadways so we can we can implement the competitive bidding for example
3:12
competitive bidding can be done on a smart contract why can't it be done there are challenges
3:17
and we are having conferences like this to educate people the challenges lack of knowledge
3:23
first of all so this is now evolving India is actually coming up on the stage for web3
3:30
and definitely this is how we can benefit from web3 here. On my thinking right now India is way behind than other countries
3:42
Other countries. Right. Like Dubai. Dubai is a whole sandbox. If I plan to launch anything you can go for Dubai and you can go for Dubai and you can
3:55
register your company within a few days and you can launch your product in so much fast
4:00
manner compared to India is India need policy changes. Right. Very fast policy changes. Exactly
4:07
And that will be help to India will be on web 3 space
4:12
Right now if I'm planning to sell any cryptocurrencies and India will be charging 30% tax
4:18
compared to other countries, the tax is too low. What do you think about it? Absolutely
4:27
So there is a difference which I see here. So when it comes to anything which is speculative in the market
4:33
I think India is very resistant for that. So yes, cryptocurrencies, these tokens and everything, they are actually, right now what I see is India, it's a diverse country
4:44
We have a fiscal deficit here as well. So think about it. The money has to land up somewhere which cannot be locked inside some digital contract
4:53
So that it has to go somewhere so that the country can grow and not something digital contract, something like that
4:59
So what I feel is the cryptocurrency which is speculative in the market, that thing, yeah
5:03
that thing is where the founders and everybody is seeing India is lacking speed
5:07
But if you remove the cryptocurrency side, just pick the technology as the blockchain
5:13
then India has picked that up. There are banks the government of India is really looking forward for as you said the COVID app So there are private blockchains as well which can really you know arrange an ecosystem where India as in its execution phase in its operation phase
5:32
can actually benefit from the blockchain as not just a smart contract or a cryptocurrency
5:37
but rather an entire ERP system where everything is connected, everything is secure
5:41
everything is transparent, despite of being hidden. if it has to be come to the public it can join hands and be shown to the world
5:48
to the Indian citizens that yes it actually happened so that technology I
5:53
see has a big boom but not the cryptocurrency yeah India need some fast policy making in the web space web 2 and web 3 space at
6:02
both the space okay so if anyone meanwhile have a question please let know
6:11
we will take up the question immediately because we are like short of time. Also
6:19
is that you know in India in India not only in India but if we say that almost
6:25
every person is coming up with various various protocols on blockchain so what
6:32
do you think that which is recommended of course I would say that we are not
6:38
here to give any financial advices to buy sell or trade crypto it's individual's choice but it's
6:46
just a discussion on it it's a very it's a very legit question so there are so many blockchains
6:54
coming up they all promised some exceptionally beautiful and well-written use case which is
7:00
solving in the in the real world right and now the question the dilemma of the end user is which
7:05
one to trust which one is the real thing which blockchain among the all of the
7:09
blockchains is the next Google maybe but we're not looking for something like a
7:13
central power like Google but yes which is the one which can provide a general
7:17
purpose platform where everything can be there and it's on the blockchain but
7:22
what if you change your perspective and you think of something why is there a
7:26
need to pick one or two or three or five blockchains on whom you can build trust
7:31
why can't you just understand the underlying technology where if something is there on the blockchain that means it is trustless so rather than looking at
7:40
one blockchain which is general purpose what if we have a collection a network
7:44
of so many blockchains out there which are providing specific niche use case and
7:51
they all can be interoperable and the tendermint is way behind it was way in
7:56
past than a theorem, Ethereum was in 2015 but tender mint came into picture in 2014
8:00
and they promised only one thing where there could be an ecosystem of blockchains which could be interoperable
8:05
and everything can move ahead with the collaboration. So yeah, I can say if you want to choose one who trust, I'm not sure about that
8:15
But why not a network of blockchains can together provide that use case where it's all trusted and they're all interoperable
8:25
I agree with you, Manda. We are bringing up a world of blockchains here
8:29
So it's an interoperable atmosphere and blockchains are meant now, the objective is now to communicate
8:36
with each other and we should look for the utility as well and every blockchain is designed
8:44
to serve a utility. So we need to trust the process and the transaction itself is trustless
8:51
If you want to check, like you can go, it's all they are traceable on the explorers
8:57
And I think one is my idea is why we are not plan to auto bridging right now everyone talking
9:03
about interprobability auto bridging is much better of a form to you can communicate to
9:10
any network rather than you make the interprobability if you creating auto bridging then you can
9:19
do the transaction for any blockchain right. Makes sense. Great. You know, if we talk about past one year, we have seen a lot of bubbles going around, NFTs, metaverse
9:37
But not in a longer detail, but in a brief, what would you guys suggest to the audience about it, whether it should be, you know, holded or it's just..
9:56
If there's a question that NFT is a bubble, let me tell you it's not. Is it
10:01
is it is NFT in a hype? No, it's not. I think there is a misinterpretation
10:07
miscommunication and misunderstanding about the term called NFT. There are so many projects just because there was a hype. So if a new vertical comes into the
10:18
existence in the realm of the humanity, then what happens? There are so many
10:22
players who can actually join the line and you know, line right behind it and misuse or
10:30
abuse or exploit or even provide something which is very beautiful. So there are multiple
10:35
projects out there which may not make sense but their marketing their global public publicity and everything is so huge that people are questioning what is this and why is it such a hype But if we understand NFT has something
10:50
which is like a certificate that you hold and only you can be the one who can
10:55
change it if there is a lounge system for that then it's a beautiful concept for
10:59
identity management for something like land properties for something like music collections you know so there are a lot of utilities where NFTs can come into
11:07
picture. But yeah, while, whilst we understand what are those use cases where it is really
11:15
needful and solving something, by that time there will be majority of players who are just
11:21
coming into the line, making money out of it, bringing more profits on the table. But eventually
11:27
that's also a good thing. I'm not questioning to those people why you're doing something wrong and
11:31
cheating and fooling around people and making money from their pockets. No. Eventually they're
11:35
helping out the bigger picture where the understanding the awareness of the
11:39
blockchain is there and people have been through that journey and now they are
11:43
ready for the real use cases as well because they have the understanding it there I hope it makes sense yeah it's due to lack of knowledge people
11:54
participate in NFT hypes and like there are some real use cases of NFTs like
12:02
one of the projects which I have been doing is data as NFT algorithm as an
12:08
NFT and this is amazing project by Ocean Protocol so they are having that
12:13
data as an algorithm as an NFT and running that algorithm on a particular
12:17
data set so and different applications also other than that in metaverse also
12:22
you can see NFT as a land and people are actually creating and developing that
12:27
worse in the in that was a lot of assets are being sold as NFT so yeah and other
12:33
than that music albums a lot of real cases definitely so it's just lack of
12:38
knowledge people are participating in hypes just to earn money just to make
12:42
money in spite of thinking anything else so it's not in it's not a not a bubble
12:48
in the NFT space people are only thinking images videos and all these
12:54
things but NFT you can use like in sharp token we are using NFT code as an NFT basically you can
13:02
use in sharp token basically in sharp token you can add the things you can use code as an NFT and
13:10
you can plug and play and earn the things amazing application no great great any questions are there
13:17
Okay, so I don't think any question is there, but anything more you all three would like
13:29
to convey to our audience about this Web3 world that how, you know, this media interchange
13:37
news publishing marketing how it's like you know creating another impact on
13:45
blockchain by coming up okay I like to answer that so like to yze India in
14:00
India we are among the top I can say and not in India in the world that this
14:06
web 3 development space right now it's in a very nascent stage everyone is
14:12
actually learning things now and resources are also limited and myself being a developer it was very hard to get to all the stuffs now there are
14:22
enough knowledge and these conferences and these events like these actually developing web 3 space so you know we are among those top two or top three
14:32
percent of the world who are actually in the Web 3 development and this space is beautiful
14:39
you know after like five years I can see according it's my point of view first of all so after
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five years I can see a lot of real-world applications building on Web 3 development metaverse is
14:52
already coming up and like more people will be aware and there will be like in India also
14:59
we'll be able to see more adoption for Web3. Yeah. Definitely I agree with you
15:06
You know, Web3 is another game changer and everything will be in hands of people in future. Right
15:16
So, yeah, please. This question has been repeated quite often that how safe it is to invest in cryptocurrency
15:29
But nowadays we don't ask this question while investing in stock markets because there are so many
15:35
well-known fund managers, right? We just hand over our money to them and then they are experts in the stock market. They take care of it
15:42
So is this something which will become increasingly common in while investing for cryptocurrencies
15:50
That these, you know, in these investments are well managed and we can view it as a regular investment just like we buy mutual funds
15:58
some of which also diverts to the stock market. So I asked this question earlier so I got a technical answer I understand the technology behind it but what my actual intent was to know how common or easy it will be to invest in cryptocurrency and how will the real world facilitate that
16:20
Before my panelists answer, I would again like to convey that, you know
16:25
we haven't kept this session for any financial advisors. So it's purely individual choice, but definitely like government is getting positive even by implementing taxes and all
16:42
There will be platforms coming up. There will be, unless these banks support, right
16:51
It's impossible to say anything about the investment because still there are platforms going on
16:58
You could say that even we have Exchange, Sun Crypto, which have a booth
17:06
They say that they accept UPI payments. They are doing it. Even banks are supporting it
17:12
Until and unless this is whole supported and the new notifications come up, regulations come up
17:19
Right? It is not that easy. And also to add to that, yeah
17:26
Sure. So one is how the implementation of this cryptocurrency as an investment management principle will exist in India
17:34
That's going to be in the regulatory sides and the implementation as per the country laws
17:38
Now let's talk about internet. I believe internet is something which is very simple to see and very easy to use
17:46
So now I'm going to speak how cryptocurrency as an investment can for the end user be very simple
17:53
It's just a simple website where you go, or just a simple application where you go
17:57
Now if you look at Zerodha, if you look at all these trading terminals
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they're really complicated for a simple individual who wants to invest. He doesn't want to know about the technical ysis
18:09
all those stuff. And now if you go to Coinbase, if you go to Binance
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all these are similar in pattern. So there's that complexity on the user interface
18:19
for the user. Oh my god, what are these graphs? What are these candlesticks
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How can I invest something? where to click, what to do. And there are so many prices, so many methods
18:27
and so many branches, branches, branches. I don't think this is how cryptocurrency will move ahead
18:33
I feel the crypto investors, the crypto project owners, all these people are really visionaries
18:39
They understand this thing that it can be as simple as how much money you want to do
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The rest, everything can be algorithmic. And in that sense, crypto investing can become very simple for the end user
18:51
But now let's discuss about institutional investing. So as you mentioned, there are fund managers who are managing big funds and the
18:59
real, the money of the Indian citizens of the country of India are being held by
19:04
those people, so they have to follow something like a like a trust act, like a
19:08
fund act and all those regulatory policies. Hypothetically if India allows cryptocurrency as a legal tender, then these fund managers will be equally
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equipped with this cryptocurrency technology knowledge as well. So they can introduce like there is an arbitrage fund in mutual funds where they
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actually speculate the market and they adjust the returns of their fund based
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on arbitrage mechanisms so if cryptocurrency hypothetically after some time down the line is as a legal tender accepted then why not arbitrage
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why not use d5 protocols and arbitrage the decentralized exchanges and the
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centralized exchanges come to a price point where you can make profit and you
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can increase the returns of your portfolio the Indian citizen is happy
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The country is happy. The fund manager is making commission. The fund in itself is very happy because they have hired AUMs now with them
19:56
Eventually, I can see a win-win for everybody. And the only thing this can happen is when those people are technically equipped
20:05
this is institutional. And the first one was the user perspective. Right now, a lot of options are available
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If you go into the market, people are only thinking some options like Uniswap
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if you go for like a balancer and all these things, you can use one time as a mutual fund
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you use as a mutual fund. And you can use money for the same time, you can use money for like fund
20:30
manager, the balancer is using as a fund manager, you can use your money to manage crypto
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automatically manage your fund on some beautiful manner. You can use that type of solutions as well
20:45
Actually, you need to work on, actually this space is new right now and everyone need to
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little more study about these things, then they can go for automate, increase your money
20:59
DeFi is giving so much good return right now. I completely agree and with this, I would like to end our session on this Web3
21:12
But however, if anyone has questions, I would request them to please meet anyone from Navdeep, Umang and Ujjal one-on-one and clear their doubts
21:25
Right? Thank you. Thank you. Thank you. Thank you, everyone
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