In this interview, Safety Detectives spoke with Dmitriy Sheludko, CEO of Biconomy, a digital assets exchange recommended by over 200 brands and able to manage $200M in transactions on average every single day.
We will be discussing various aspects of Biconomy’s technology, including scalability, security, and privacy, as well as exploring some real-world examples of its use cases, and get an insight from Dmitriy into the future of crypto.
What’s The Story Behind Biconomy? How Did The Idea Develop Over The Years And How Does Your Mission Differ From Others In Your Industry?
Biconomy, founded and registered in October 2019, is a digital assets exchange with the mission of making digital economy more easy to use for all people in the world.
Biconomy Exchange focus on the North American market, while we are a global company and we are also interested in European markets – we have an offices in the UK, Turkey, CIS, Asia – offices in South Korea and Japan. We are also interested in the Middle East and Africa and we plan to open offices there in the future.
The exchange was created by me and my partners. We saw that the development of a huge and promising industry is in full swing and we decided to join this stream.
The name Biconomy comes from B – Bitcoin and Economy.
Bitcoin economy, the economy of the future in which we participate and which we shape.
The mission of our company is to mainstream cryptocurrencies worldwide and to provide the best products and services for the trade and use of cryptocurrencies.
We want people to enjoy the products we create first and foremost.
We are working to ensure that using our products is very easy and convenient and that absolutely every person on earth, having a mobile phone and downloading our application able to join cryptocurrency universe.
Most companies in our industry are only looking for quick profits. We are building a large professional ecosystem that is convenient for people, which will exist for decades and serve the benefit of people.
How do you ensure the security of your platform against potential threats?
A cryptocurrency exchange is a complex architectural platform with a multilayer structure. The more architectural layers on the exchange, the more security the exchange has.
This is the first and initial aspect of security.
Next comes the cryptocurrency custody and wallet solutions.
Our exchange stores users’ assets and more than 95% of all these funds are always stored in cold wallets. And this means that access to these funds from the outside is completely closed.
Also, user engineering is built in such a way that the data of a particular user cannot be intercepted. Each user can use a multi-factor authentication system – it can go up to 3 and 4 levels of different types of account authentication when logging in, which makes it simply impossible to hack an individual user account.
Accounts on our exchange are much better protected than your bank account of any bank in the world.
How do you approach the compliance and regulatory challenges faced by decentralized applications?
The cryptocurrency sphere is considered one of the most unregulated areas. In fact, this is not the case, since there are countries – which are very loyal to cryptocurrencies – such as Dubai, Singapore, Canada, Switzerland, El Salvador, and others. And there are countries that have banned cryptocurrencies – China, India, Bangladesh, etc.
Therefore, we use some of the difficulties of working in those countries where cryptocurrencies are prohibited. It usually reflects on us that our app and website is simply not available in those countries, so we can’t physically provide services there.
In other jurisdictions, we simply open companies, obtain licenses and conduct legal activities.
In my opinion, even in the next 5-10 years, there will still be those who will be for and against cryptocurrencies.
And we will adhere to the same strategy – to work where possible. Such specific conditions of our business and we accept them.
How do you plan to stay ahead of future threats and adapt to the evolving blockchain industry?
Yes, the reason we are so confident in security is because we keep track of all the new threats and cases that come up in the market.
There are constant hacks and thefts on exchanges and within various projects. These cases immediately become public and you can see how the scammers act – to prevent their negative actions.
In my opinion, the blockchain itself is a very secure system. And if it is used correctly, today it is one of the safest technical systems in the world. Therefore, one should follow new trends and exclude the human factor in relation to the use of blockchain as much as possible.
Because in 90% of cases it is the human factor that is the cause of vulnerabilities and fraudulent schemes, hacks.
How do you think AI is going to impact your industry?
AI is primarily autonomous systems that can help us improve our lives and their quality, making us happier and freer.
Cryptocurrencies can achieve financial freedom, they can speed up your money flow and convert your money into new instruments.
Therefore, artificial intelligence and cryptocurrencies are a very promising hybrid for the development of the future economy on an individual and national level.
Offline utility payments, settlement automation, offline transaction strategies are just a few clear examples that are already in play now and will be greatly enhanced in the future.
In my opinion, artificial intelligence and encryption will bring more than just a leap forward in the future technological revolution.
And apart from that, how do you envision the future of blockchain and Web3 technology?
I will tell you on real examples and cases – it will be more clear and understandable.
You can find many important use cases for building Web 3, for example Web3 Social Media. The future of social apps on web 3 will be more like normal social apps today, with an emphasis on simplicity. Web3 social applications can also attract the attention of cryptocurrency enthusiasts and the younger generation of Internet users in the future.
Web 3 could gain a lot of traction in the future by playing the money-making game. The popularity of earn-to-play games like Axie Infinity paved the way for web 3 gaming platforms.
Decentralized storytelling will continue to be one of the important use cases for web3 going forward. It focuses on addressing community engagement in storytelling. Another notable highlight is the focus on wallet-conscious website and data ownership. The development of blockchain technology, such as DAO and zero-knowledge proof, will effectively promote the future development of Web 3.0.
And these are just a few examples. Each example is a separate broad industry and direction, which will have many more types of Web 3 adaptation.
Web 3 is what is happening to us right now. Another prime example of Web 3 social networking is the current transformation of Twitter under the leadership of Elon Musk. Those improvements that he is making in the messenger now is a full-fledged transformation into a Web 3 company. An application has already been submitted to create Twitter’s own payment solution, which will also support cryptocurrencies. And as soon as it appears, it will be a real Web 3 social network.
In the end, I want to add that our exchange is one of the market-leading drivers for the development and implementation of Web 3 technologies in our daily lives, so join us and plunge into the world of the next technical revolution with us