HTC’s Blockchain Lead: Bitcoin is to Facebook Coin, JPM Coin as The Web is to Intranets

HTC’s Blockchain Lead: Bitcoin is to Facebook Coin, JPM Coin as The Web is to Intranets

Token2049, a current crypto conference in Hong Kong, saw a few of the greatest names in Bitcoin and blockchain congregate. NewsBTC was fortunate adequate to snag Phil Chen, a world-renowned technologist and the head of HTC’s blockchain department, for a fast interview.

We discussed his group’s phone, the Exodus One, and his ideas on current advancements in the cryptocurrency area.

What’s Up With HTC Exodus’ Blockchain-Friendly Phone?

NewsBTC: Can you inform the NewsBTC audience about what HTC Exodus is doing?

Phil: The HTC Exodus is among the very first blockchain phones. However, I believe it is the only phone that empowers users to own their personal secrets– which I believe is a fundamental concept of the decentralized web. If everybody owns their personal secrets, then you own your Bitcoin. If you do not, well, you do not. The Exodus is developed on that structure, as we offer users that exact same architecture to own their digital identity, individual information.

NewsBTC: Exists a thirty-second pitch for why individuals (typical customers) should own an Exodus over, let’s state, an Apple iPhone or Android?

Phil: Individuals that do not care about their personal privacy?

NewsBTC: Yeah, I think there’s been a rise in individuals selling their individual information and rights for benefit.

Phil: If you’re beginning with where individuals do not care about their personal privacy, simply benefit, I would argue that they would appreciate it if they understood how their information was being utilized, and how it was being offered. There’s an extremely ethical motion around this. When you do not own your crypto properties or information or identity, there is something essentially incorrect about that. If there’s a sovereign identity that is you– things that you have actually developed, associates or attributes that explain you– that you do not own, there’s something completely incorrect, specifically since we are this far into the info age, and there’s no idea of digital home– what is yours, what is mine.

So the method we are trading these little benefits in exchange for these micro intrusions of personal privacy, and what is your digital home has significant implications to numerous things, even to democracy. So there’s no fast response to this, regrettably, if you were to not appreciate personal privacy. Because case, that would not be my target market for the Exodus. My audience would be those who are worried about this or are worried about what is being gathered, what is offered, and who it is offered to. These individuals would have most likely checked out the book 1984 to comprehend the concerns with all this.

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NewsBTC: How has this so-called “crypto winter season” been dealing with the Exodus group? Has it been hard for your blockchain group to innovate in these conditions?

Phil: It’s really a lot much better, to be truthful. There are numerous aspects and reasons individuals pertain to crypto. You, for instance, discovered Bitcoin by purchasing digital products. And I would state that many people in crypto have an interest in speculation in tokens. However there’s another class, which I remain in, this being those who are usually thinking about the innovation and how it will essentially rearchitect the web. From this speculation and token side, it’s a winter season. However since of that, I do not require to respond to those concerns about the rate of this or that coin. To be frank, costs have absolutely nothing to do with what we are doing.

NewsBTC: Crypto is everything about skin in the video game. And when I inspected your site (Exodus then only accepted Bitcoin, Litecoin, Ethereum, and Binance Coin) throughout the December Bitcoin drop, your phones were costing the comparable $400 How have those low costs impacted your service?

Phil: At $400, everybody was purchasing these phones. At the end of the day, this is a top of the line HTC mobile phone. It’s premium. It has the very best specifications you would discover in any other 2018 design, so at that rate, it was offering rapidly.

NewsBTC: What is the endgame for the Exodus group? Do you visualize a world where blockchain innovations and applications are the standards, or?

Phil: The endgame is to get everyone with a smart device to begin owning their identity on their phone, all the information they utilize on their phone, and empowering them to link to all the crypto networks.

Bitcoin Adoption In The Mainstream

NewsBTC: What do you consider the entire Samsung S10 “Blockchain Keystore” product?

Phil: First Off, I believe that larger makers can be found in[to crypto] is an advantage. To me, it isn’t clear if they’re actually empowering the users to own their secret. It sounds to me like they aren’t doing that. It sounds to me that they’re more like a custody service instead of a system that permits individuals to actually own their secrets. Then the other unexpected truth that I do not like is that theydon’t natively support Bitcoin I do not actually comprehend that. I believe that the Samsung S10 must be unimportant for the Bitcoin crowd. However not supporting Bitcoin is a big declaration, it was certainly deliberate.

NewsBTC: The odd feature of this is that their marketing product revealed pictures of Bitcoin. So why have that, right?

Phil: It should have been deliberate. To me, whether you are a Bitcoin maximalist or not, Bitcoin is so essential to this motion. Bitcoin represents being open, censorship-resistant, neutral, what have you. To me, that are the principles of crypto networks. And we pride ourselves with that. Among the Exodus’ wallpapers is a Genesis Block and the Exodus Phone. We certainly see ourselves as an extension of the Bitcoin motion, which’s why we have numerous tributes to it in our style. I believe it is a basic part of what we are doing here.

NewsBTC: In the exact same world of mainstream adoption, what do you consider the reports that Starbucks is checking out Bitcoin? And what do you consider the Lightning Network?

Phil: I’m extremely thrilled about Lightning. I’m extremely thrilled about layer 2 services on Bitcoin. Elizabeth Stark of Lightning Labs is a consultant to Exodus. It’s a tough innovation and issue to fix, however we are working to make that a truth. Increasingly more merchants accepting crypto as payment will make this market far more intriguing, and permit it to grow much quicker.


NewsBTC: What are your ideas on centralized, non-blockchain-based cryptocurrencies, like JPM Coin, Facebook Coin? Changpeng Zhao from Binance argues that it will contribute in driving adoption, do you concur with that?

Phil: I compare it to intranets. So business utilized to have an intranet, which suggests a surveyed, permissioned, safe web. That’s how I see these coins. When you provide a personal coin, it’s the intranet compared to the web. Which one is more intriguing? So, I’m not too thrilled about that. We would all concur that in the future, we will move into a world where there is a cashless society, implying whatever ends up being digital, crypto, coins. The issue is if you think the Bitcoin peer-to-peer method of digitizing deals and cash or the centralized variation. This will occur. It is currently taking place in China with WeChat Pay and things of that nature. However we’re entering into a digital, cashless payment future, and which path are we going to take? JPMs are one central, permissioned method, and Bitcoin and other cryptocurrencies with comparable attributes are the other.

NewsBTC: So there is no space for both types?

Phil: No, there is space for both. However the issue is that these jobs are essentially surveyed industrialism, and Bitcoin is neutral, borderless, censorship-resistant. These are essentially antithetical to each other. However can they both exist at the exact same time? Most likely, and they most likely will. However can they exist meshed together? Most likely not. However there might be a world in which individuals pay with personal privacy coins, like Monero, ZCash, and so on, Bitcoin, and central properties, like JPM Coin, Facebook Coin. However in the end, they are all antithetical.

NewsBTC: Do you see institutional participation in this sector as versus Bitcoin’s decentralized nature? You have Fidelity with their custody product, do you like that?

Phil: I simulate that. I do wish to see a growing number of organizations likewise have custody services like that. Once again, it’s essentially antithetical to what Exodus represents however, as we desire everyone to hold custody of their own secrets, information, and crypto. So if you set it up where organizations are holding custody, I like it today since it’s much better than having corporations that own having our information do that. Fidelity doing custody is excellent. Telecom operators, yes. However Facebook, no, no.

NewsBTC: What is the main thing keeping back crypto & blockchain adoption today?

Phil: One is crucial management– making it easy for individuals to handle their own secrets. If it’s one single thing, it would be crucial management. However payments is another one, making it simple for payments. There require to be more peer-to-peer apps. There are numerous infrastructural issues that require to be fixed, because the networks themselves are just not all set, whether it be agreement or governance concerns that have not been determined right now.

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NewsBTC: What do you consider the declaration ‘Long Bitcoin, brief the lenders’?

Phil: Long Bitcoin, brief the lenders? I think that. That’s why we are doing this, that’s why I’m constructing the Exodus, which’s why we remain in this market. Having the Genesis Block on the Exodus phone is best for that declaration.

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