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Bob Ras is the CEO and co-founder of Sologenic, a fund that brings together different financial markets by tokenizing different asset classes in a decentralized ecosystem built on the XRP ledger. Sologenic’s team is focused on combining both cryptocurrencies and non-blockchain-related assets for ease of trading.
Bob went into detail about Sologenic and shared the rationale for choosing the XRP registry as the underlying technology.
Speaking about the economics of NFT and the problems faced by creators and artists, Bob thought about the main problem of high entry barriers. In addition, he added a couple of gems in the form of futuristic ideas about how, in his opinion, the cryptocurrency market will develop in the coming years.
Please share your thoughts on the unfolding crypto winter. Aside from the price movement, how do you think this setback will affect the industry?
That’s the question I’m afraid of. Falling markets are never a pleasant sight. However, even this confusion has a bright side. I see the bear market as a differentiator between fundamentally strong projects and others.
While the downturns themselves are demoralizing, the cryptocurrency winter also serves as an obstacle to institutional and government involvement in the industry. This is the most important side effect of such times. It also deters developers from creating new solutions as monetary incentives dry up. Consequently, crypto hiring, which has recently been in demand, may stall as firms postpone their crypto plans.
Another key problem is that communities disappear as the majority of the population, i.e. retail users, are driven by price action. It’s also a time when the herd mentality kicks in and investors leave the market, often at a loss. This not only creates a vacuum in the crypto market, but also prevents the emergence of further interest.
BUT this isn’t the first crypto winter, and it has previously provided great opportunities to invest in strong fundamental projects at very low prices for long-term growth.
What are the key problems you are trying to solve with Sologenic?
Together with the team, we focus on the main problems – high fees and long transaction times. While there are a few quick fixes for these problems, there’s still no perfect one. Based on the XRP registry, Sologenic has grown into the largest in-house trading platform DEX and NFT.
Moreover, we are solving the main problem of the NFT economy by removing gas fees to remove entry barriers for those who are not familiar with the world of cryptocurrencies. In addition to this, no commission is required for artists in the market. This all solves the biggest problem – accessibility.
Another key problem faced by many people is the inaccessibility of certain financial markets to all. Consequently, we aim to tokenize assets, cryptocurrency and non-blockchain to bring them all together under one roof and simplify access for non-specialists.
Please delve into the challenges faced by artists and creators in the NFT economy. How can they be mitigated?
The first is the cost of entering the economy. Creators and artists have to spend money in several stages, which not only increases the cost, but also makes the process cumbersome. Listing fees, minting fees, marketplace fees, and gas fees to transfer NFT to the buyer are painful and expensive.
Again, NFT tools and software are still a gray area for most artists. There is no specific product or platform that authors can rely on. In addition, they should bear the brunt of blockchain latency issues. Building a business model based on unreliable waiting periods is a hopeless business.
In addition, the training material is limited. If a creator wants to explore the art and technology behind the NFT economy, there’s a long way to go, as there are currently virtually no resources other than trial and error. Thus, courses, webinars, etc. can be developed and implemented for such artists.
What was the reason for choosing XRP as the base technology for Sologenic?
It’s still hard for me to explain why we chose XRP Ledger for Sologenic. It seems to be an obvious choice among competitors.
The speed of transaction completion is second to none. And with other networks,Agnating with long waiting queues, the XRP registry is an easy choice for any protocol that cares about the user experience.
In addition, the XRP registry is indefinitely regulated by the validator community, which is a more sustainable approach. There is no need for sophisticated software, mining hardware, token placement, etc. This also results in very low transaction fees equivalent to 0.00001 XRP, allowing you to efficiently create products at altitude.
When speed, control and low commissions are provided in one solution, we seem to have no reason to think about an alternative platform.
What do you think awaits the crypto industry in terms of development?
Sitting in a bear market and predicting the future is one of the hardest things I’ve ever had to do.
I truly believe in the ability of cryptography and NFT to disrupt various legacy systems and redefine the status quo with more ease and fewer barriers to entry. So, in this space, I observe certain events. No-code is a great sub-niche that attracted me. I believe that this will open up space for construction to anyone, regardless of technical capabilities.
Along with the lack of code, I also look at creating interoperable solutions. I believe that this will be an integral part of the crypto future. Developers will no longer be limited to one blockchain and its tools. They will have a wide range of resources to equip themselves with.
Moving on, the open source technology stack will become an industry practice, not just USP for projects being built in the field. This enhances joint efforts, not competition.
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