We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Ming Duan, the co-founder and chief operating officer of Umee, a cross-chain DeFi hub that allows decentralized interactions between different blockchains.
Ming Duan’s knowledge of the crypto and blockchain world goes back to 2014 when she initially learned about the emerging industry through the first-ever blockchain course taught at a business school. Since then, she has developed extensive crypto investment knowledge through hands-on practice. Duan brings unique insight to Umee, having experience as both a crypto investor and builder in the ecosystem. Her goal for Umee is to build a platform where individuals can interact with different tokens and chains all in one place. While propelling Umee forward, Duan leads crypto investments at Argonautic Ventures and Fenbushi Capital. She graduated from Duke University and received her Master of Business Administration degree in 2016.
1 — What is the main hurdle to mass adoption of blockchain technology?
Simply put, blockchain technology is too hard to use.
When it comes to mass adoption, it’s really about comparing what blockchain technology can bring to users through existing solutions. The challenge is that, most of the time, our existing solutions work. When wearing my investor’s hat on a new project, I always like to ask about whether blockchain is really necessary to achieve the goal for the product. From a user’s perspective, if the target audience is not already in Web3, blockchain is oftentimes not needed because a centralized solution is already faster, cheaper and easier to use.
So, why are we here? Well, it’s because of the potential that blockchain-based applications can be as fast, cheap and easy to use as existing solutions while creating new solutions: new ways of looking at economic coordination, new ways of looking at finance, from both an…