It is not “the young people handling a such new industry” that we should be worried about. Most of us know that we need transparent and probably would be able to give a few reasons for why we need it, but exactly how much transparency do we have? That is something that we should be more concerned about. In this last part of our interview with Whale Alert, co-founder Frank tells us where we as users stand in this industry, and also points at the significant role that transparency plays, and will continue to play in the future, that we must be aware of.
(Frank : Co-Founder at Whale Alert)
Interview Date :13th February 2020
Collecting all the data
It takes a lot of technical knowledge and a lot of computers to collect data. We have over 40 servers right now in order to collect all the data, and are also working on some really big upgrades for our system. It’s not easy especially with the amount of data that’s being processed. In the future, people are going to use cryptocurrency a lot more and the result of this will be more transfers. So we will have to design our systems accordingly to the changes coming. We are going to see many more transactions and it will be, and is, a very hard challenge to tackle. However I think we are pretty successful in regard to that. That is why are innovating to become the biggest source of transparency.
Hacks and Poor Network Security
People call it hacks, but most of the time it is poor security leading to hackers stealing money from exchanges. So the word “hack” actually describes what happened. Anytime money is stolen from someone and it is transferred, people call it a “hack”. But it doesn’t necessarily mean that Bitcoin or a blockchain is hacked.
There was an incident of an Canadian exchange called Quadriga. Quadriga’s Gerald Cotten, who was the CEO of Canada’s biggest cryptocurrency exchange, who suddenly died due to a disease when traveling to India. The key for his share which he had in the blockchain allegedly got lost, and this also resulted in prices changing and increased volatility. We will probably never know.
Thus, also have to consider the transparency aspect of hack transfers. For instance, we are tracking all donations made to Binance to show people where their money actually is going to give them the promised transparency. Especially with donation etc. those kind of things, nothing escapes the watching eye of Whale Alert. We are protecting and showing the people that their money is being spent in places as they wish to be send to. On the other hand, people who steal money are never going to be able to spend the money anywhere. There has been a lot of problems with exchanges, especially fake exchanges that stole money or got hacked etc. That’s also one of the things we are working on; giving people more transparency into how safe an exchange is, and how much money an exchange has. Where does it go? Are they spending it in the ways it should be?
Young founders of big Crypto Companies
In this industry, there are many young people who are managing businesses, but I don’t think we need to be concerned about young people in their twenties handling cryptocurrency companies. People in their mid twenties are not children anymore, and I think that with such a new thing as cryptocurrency, how much does experience really matter ? It’s a bit it too early to say that there is an the right way or a wrong way, but there are many smart people in blockchain and if it all goes south, it is because we probably were wrong about the future and not because of incompetence.
Future Vision for Whale Alert
Our vision is to create more transparency. I think a lot of the problems in the world right now, especially inequality and such is due to things not being transparent. It is difficult to say where exactly all the value in the world is, and what is happening at the moment, or how the flow of the market looks like, and who’s transferring money where. However, I think that’s going to become an even bigger problem than what we can expect in the future. We need transparency and blockchain is the answer to that. I think Whale Alert has the potential to become the center of transparency.
Interviewer , Editor : Lina Kamada
The Article published on this our Homepage are only for the purpose of providing information. This is not intended as a solicitation for cryptocurrency trading. Also, this article is the author’s personal opinions, and this does not represent opinion for the Company BTCBOX co.,Ltd.