Crypto veteran Chen Zhuling says blockchain innovations are set to soar

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Blockchain technology is poised to surpass its association with cryptocurrencies, such as Bitcoin, and is set to revolutionize various aspects of our lives.

According to research firm Gartner, blockchains are expected to generate $3.1 trillion in business value by 2030.

In light of these developments, Benzing recently spoke with Chen Zhuling, Founder and CEO of RockX, at Crypto Expo Asia. Zhuling, a prominent figure in the blockchain industry, has a strong background in infrastructure development and financial applications, with experience ranging from central bank regulations to mobile payment services.

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Here is an excerpt from our interview with Chen Zhuling, where he shared his thoughts on the future of the blockchain industry, the current state of the cryptocurrency market (including its recent downturn), and the potential for Web3.

Why are major tech developers turning to the blockchain industry, and what does the future of the blockchain industry look like?

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The appeal of leading technology developers to the blockchain industry represents a growing recognition of blockchain as more than just a financial instrument, it is a foundation for the new digital frontier. Blockchain is akin to a new-age internet, increasingly being used as a robust, decentralized platform for innovation. This development is still nascent, mostly scrutinized through a financial lens by regulators. As the industry matures and regulations expand to embrace the technological potential of blockchain, we will see a global increase in blockchain-based innovations.

Tell us something about the current sentiments of the crypto market. Where do you see it going to rebound after the recession? Where do you see the Web3 header and its outlook?

Like any other, the cryptocurrency market is subject to fluctuations and downturns. However, those who see the long-term potential of these digital assets and the technology behind them may find it helpful to weather these volatile times. The future of Web3, the decentralized internet, is full of promise. Although we cannot predict the exact timing of a market rebound, we can expect continued growth and development in this area, generating new applications and opportunities.

Also read: Web3 and Blockchain technology for small businesses: utopia or soon reality?

Tell us about the institutional adoption of cryptocurrencies. Are crypto-assets still a viable investment instrument?

The institutional adoption of cryptocurrencies is a vital indicator of their viability and future potential. Assets like Bitcoin and Ethereum have been adopted by a growing number of financial institutions, indicating strong confidence in their value as investment instruments. As the industry matures, we are likely to see more sophisticated products emerge, from passive staking returns to hedging mechanisms, all aimed at maximizing the potential returns of these crypto assets.

What is Ethereum’s latest development and how will it consolidate its position in the coming days in the crypto market?

Ethereum’s recent transition from a mining-centric proof-of-work model to a more energy-efficient proof-of-stake mechanism marks a significant leap forward for the platform. This change boosted participation in the Ethereum network and attracted the attention of institutions. The Shapella upgrade, successfully implemented in April, further boosted Ethereum’s appeal, leading to increased ETH staking. While the current 4%-6% staking yields may seem modest, they represent a sustainable method of generating crypto returns without the inherent risks associated with trading or lending.

Why do Cosmos and Polkadot compete with Ethereum?

Emerging blockchains like Cosmos and Polkadot, although still younger than Ethereum, are quickly carving out their niches. Cosmos is recognized for its innovative scalability solutions, while Polkadot stands out for its interoperability. These new children on the blockchain block do not seek to eclipse Ethereum but rather contribute to a competitive landscape that fuels industry-wide innovation, to the benefit of developers and users alike.

Photo: Benzinga

Now Read: The Great Decoupling: Correlation Between Bitcoin and Stocks Diminishes After the Pandemic

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