Insights from the OffChain Global Panel: A Q&A with Brian Xin, Founder of Uptick Network
Panel: The Backbone of Web3 — Exploring Blockchains
On July 30th, Uptick Network founder Brian Xin took the stage in Kuala Lumpur as a panelist at the Offchain Global Conference 2024 to discuss the topic “The Backbone of Web3 — Exploring Blockchains.”
During the panel, Brian shared insights on how blockchain technology can be integrated with existing systems without causing disruption, highlighting the challenges and solutions for leveraging blockchain to enhance transparency, security, and process optimization.
Brian also shared plans for Uptick’s upcoming ecosystem development phase, detailing the initial steps and future growth strategies. This marks the official start of Uptick Network’s Southeast Asia strategy.
How can blockchain technology be integrated with existing systems without causing disruption? Do you have experience with a particular company that did?
“There is no one-size-fits-all solution. We need to identify the right use cases where blockchain can add value, such as enhancing transparency, improving security, optimizing processes like supply chain management or payments, and changing the business relationship among all involved parties for new business models.
This requires:
∙ Choosing the right blockchain platform as a base, but ensuring interoperability with others.
∙ Developing middleware (protocols and services), a scalable (modular) architecture, and a data migration strategy.
∙ Ensuring compliance with relevant regulations and industry standards, especially concerning data privacy and security. Blockchain’s immutability can complicate compliance, so careful planning is crucial.
∙ Implementing pilot projects to test integration feasibility and gather feedback.
∙ Gradually scaling up blockchain adoption in phases to minimize operational disruptions and mitigate risks.
Each implementation will vary based on organizational needs, technology stack, and regulatory requirements. Therefore, it’s crucial to tailor integration strategies to specific circumstances while leveraging lessons learned from successful case studies in the industry.
Thus, Uptick is choosing a layered and modular architecture approach to be flexible and practical when working with existing systems and bringing them into Web3"
What do you think a common variable that startups and companies underestimate when implementing on a blockchain?
“One common variable that startups and companies often underestimate when implementing on a blockchain is scalability.
Here’s why scalability is crucial and often overlooked:
∙ Startups may underestimate the potential volume of transactions their application will generate, leading to performance bottlenecks and delays.
∙ During periods of high network activity or congestion, transaction fees can spike, affecting the cost-effectiveness of blockchain solutions. Companies may not adequately plan for these fluctuations, impacting user experience and operational costs.
∙ Smart contracts on blockchains have gas limits and computational constraints. Complex or poorly optimized smart contracts can lead to higher gas fees or execution failures, affecting application reliability.
To combat these pain points, Uptick has chosen a layered and modular architecture approach to balance Web3 technologies with real-world applications and operations”
Enterprise blockchain adoption has been growing steadily. How are you seeing different industries leverage blockchain technology beyond cryptocurrencies, and what unique challenges or opportunities does this present for Web3 infrastructure?
“Enterprise blockchain adoption has indeed been on the rise beyond cryptocurrencies, with various industries leveraging blockchain technology for its transparency, security, and efficiency benefits.
Here are some ways different industries are utilizing blockchain and the challenges and opportunities this presents for Web3 infrastructure:
∙ Supply Chain Management
∙ Finance and Banking
∙ Healthcare
∙ Real Estate
∙ Digital Identity
∙ Energy (ESG)For example, in the personal healthcare management domain, we implemented a case called ‘GreenPass’ during the COVID period. It involves personal medical data management with Decentralized Identity (DID) and Verifiable Credentials (VCs) for privacy control while ensuring full interoperability, such as for cross-border activities.
This will continue to evolve and become one of our ecosystem sectors — personal data management and monetization”
How do you engage with your stakeholders? Was there a pivotal realisation or communication that affected your view?
“In our case, as a Web3 infrastructure project, we need to engage with many teams who have existing businesses or brand new ideas, but lack the Web3 knowledge. The key is communication with listening. Do not overwhelm them with a barrage of Web3 ideas and technologies.
We need to try to understand their domain knowledge and communicate and work together on identifying the pain points, because if Web3 can’t solve the business pain points, they won’t move forward.
The Uptick team has been consistently communicating with current and potential stakeholders to understand their needs and introduce what we can provide. This makes our infrastructure-building efforts optimized for real business needs. This also leads us to build our ‘Web3 economy models for the real economy’ strategy.
So far, it covers eight typical Web3 economy models:
∙ Social Commerce
∙ Digital Marketing
∙ Environmental, Social, and Governance (ESG)
∙ Sharing Economy
∙ Fan Economy
∙ Loyalty Economy
∙ DAO Economy
∙ Creator EconomyWe are going to announce the whitepaper of “Uptick Web3 Economy Models for the Real Economy” in Q3 of this year.
We are currently making these economy models into Uptick protocols and services. They are not only the basic Web3 logics but also have modular domain knowledge built-in, so that the other party can immediately use the infrastructure and create their own applications.
This is the best way to create a win-win situation for blockchain industry players and the real economy”
How do you personally see blockchain technology evolving over the next 2-5 years?
“I believe we will see massive adoption in the real economy.
Blockchain technology is likely to evolve towards greater scalability, interoperability, integration with traditional systems, regulatory clarity, enhanced privacy and security features, expansion of DeFi applications, and further development of the Web3 Ecosystem.
These advancements will contribute to blockchain’s mainstream adoption and its transformational impact on various industries globally.
Uptick Network, as a full-stack Web3 infrastructure for the real economy, is on this path. We are utilizing blockchain technology and all related technologies to achieve this goal. If blockchain and Web3 can’t bring all businesses and people into the future of the internet for a better life, what an awful waste this great industry is!”
Uptick Network is pioneering Web3 infrastructure and ecosystems for the real economy, redefining how value is created on the internet.
Our infrastructure features a Layer 1 public chain built on Cosmos SDK with EVM and WASM extensions, seamlessly interoperable with all EVM and IBC-powered ecosystems. This enables a diverse array of innovative applications that capitalize on the unique attributes of NFTs and more.
Uptick Network comprises three essential components: Web3 Infrastructure, Web3 Marketplace, and Web3 Ecosystem Applications.
Empower your digital assets via the marketplace on web or with the flagship Uptick Marketplace mobile app for seamless operations on the go, and manage your assets and make payments in the ecosystem with the flagship Upward Wallet.
