One of the main issues that have made many people become hesitant to dip their toes in the cryptocurrency space has been the volatility of cryptocurrency prices.
In truth, cryptocurrency price volatility will always exist in one way or another but can it be minimized if order books are streamlined or become non-existent on cryptocurrency exchanges.
So, during one of these moments where we dig through the cryptocurrency space for new and interesting projects and ideas, we come across a small and yet, unknown decentralized finance (DeFi) project known as Iqi-invest.
From an initial perusal of the website, the project may not look like much but upon closer inspection, we discovered the project has its merits and could be the “one project” to change everything and thus bring about mass cryptocurrency adoption.
So, we reached out to the project owner who we only know for now as Jeff. Jeff in a typical coder fashion has kept his interview answers direct and straight to the point. Here is what he had to say.
Jeff, Founder, the Iqi-Invest Project
How did you get involved with cryptocurrencies and their underlying technologies?
I earned my first bitcoin in 2015. I’ve been using bitcoin as a main currency ever since. As a newbie programmer, i found blockchain development to be the best entry point. I deployed my first smart contract on the ethereum network in 2017.
What were the first problems you saw when you first came on the scene?
The first problem is the irresponsible behavior of people, which they have learned with the help of centralized banks. For example, when someone loses a private key and then asks wallets or explorers to recover it, or sends the wrong transaction and tries to revert it.
How has the existence of order books contributed to the volatility of cryptocurrency prices?
There are 2 different things.
The classic exchange with the order book is much more complicated and expensive, so it is not the best choice for the inner-blockchain exchange.
Cryptocurrencies are the least volatile money ever created. The problem is in the paradigm of using the only one fiat currency for measure the price. Fiat money is a credit money with extendable supply. Every time someone takes a loan, she/he dilutes the entire money supply, and your fiat money loses some of its value.
What is the Iqi project all about?
Iqi is about investment and exploring. Iqi token was issued to record interactions between investors, then an exchange was created to buy and sell the token for eth.
How does the Iqi project solve the problem of cryptocurrency price volatility?
By changing the price paradigm. We only use btc or eth to determine the price and do not use fiat money at all.
What do you think are the causes of cryptocurrency and digital assets price volatility besides the existence of an order book?
What we are seeing is the volatility of fiat money, but not the volatility of crypto money.
What are your thoughts about the decentralized finance (DeFi) explosion?
People are beginning to understand the benefits of smart contracts. Now we have to deal with big fees.
Does the Iqi project have any roadmap for 2021?
We plan to integrate the iqi token into our partner’s investment platform and start to use one more blockchain.
What do you intend to achieve with the Iqi project?
The goal is to use crypto as a main money and to develop the iqi blockchain.
What are your thoughts about regulating cryptocurrencies and their underlying technologies?
Code is the law, miners/validators are the main executors. That’s all the regulation we need.
What advice do you have for anyone who wants to delve into cryptocurrencies and their technologies?
The sooner you start, the better. Be responsible and always learn.
Please, can you tell us about your views concerning the centralization of projects in the cryptocurrency space?
I did not noticed the centralization.
What are your thoughts on the high gas prices required for transaction confirmation on the Ethereum blockchain?
Developers try to attract users with excessively complex solutions. For blockchain projects, the simpler the solution, the better it is. Most of the data should be stored off-chain.
In what ways do you think cryptocurrencies and their underlying technologies can change the world?
Blockchain will remove any third parties from most deals. People will trade land without any entities other than buyer and seller. Many social institutions will become obsolete.
What do you think are the problems that surround cryptocurrency adoption?
People who have gained a lot of wealth in the non-crypto world will not accept crypto.
Are there other cryptocurrency projects you’re involved with besides the Iqi project?
Yes, there are other projects besides iqi.
Please, can you tell us how you think cryptocurrency exchanges should operate?
Exchanges should not request or store any user data. Exchange should use bitcoin as a main currency.
What would your ideal cryptocurrency market look like?
It is ideal the way it is.
Do you have any price projections for Bitcoin this year?
Bitcoin price will be the same as usual – 1 btc. While the price of other currencies will correlate with their supply.
If you had three wishes and a genie that could make those wishes come true, what would they be for the Iqi project?
I will ask genie to buy iqi tokens, use them and tell friends about them.