In this episode of the CoinGeek Weekly Livestream, Tonovate CEO Richard Baker joined Kurt Wuckert Jr. to discuss how blockchain technology can create a smarter, more efficient financial world. Baker should know: he’s in the thick of the action with his company, Tokenovate.
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Weekly CoinGeek article by Wuckert
Wuckert begins the stream by talking about his latest article on CoinGeek. He explains how one of Wuckert’s social media enemies, Arthur Van Pelt, appears to have had his money frozen on Bitstamp.
Wuckert says that despite Van Pelt’s nasty rhetoric over the years, he hopes the situation is resolved and he gets his money back. These are the dangers of using centralized exchanges and the murky ecosystem of “cryptocurrencies.”
What has Tokenovate worked on?
Baker should be a familiar face to most in the BSV ecosystem. He now runs Tokenovate, a company that is disrupting traditional financial markets by using blockchain to make processes more efficient.
The Tokenovate team is based in the UK (London and Cambridge) and focuses on derivatives products. They are building a “modern rights management and workflow automation platform” for derivatives on the BSV blockchain.
As a company focused on financial infrastructure, Baker says its clients would be banks, exchanges, sellers, clearinghouses, prime brokers, etc. Essentially, Baker claims that they have automated the derivatives trading “factory,” explaining the process in more detail. detail.
What does this look like on a large scale?
Before answering this question, Baker invites us to step back and consider the current monetary system and its roles and responsibilities. Clearing banks, custodial services, prime brokers and others all have specific roles to play in derivatives and other transactions.
The innovation and transformation pioneered by companies like Tokeovate impacts the entire ecosystem. Everything from creation to movement of assets is changing due to blockchain, DLT and related technology.
Tokenovate is specifically involved in legal rights and their movement through this system. They move rights rather than the assets themselves, but it all helps to remove friction and make everything more efficient.
There is a huge appetite for bond digital twins, says Baker. They are still issued in the traditional way, but digital twins are a step in the right direction. Change is slow, he says, but therein lies the opportunity for disruptors and challengers.
While the big players have been innovating and experimenting with technology for a few years now, they are starting to realize that they have built silos and have an interoperability problem, something CoinGeek predicted years ago.
The new US government and its attitude towards blockchain
Wuckert points out that a new U.S. government is fast approaching and could be a good fit for the industry. For example, new vice president JD Vance has worked in fintech. He wonders what Bakers’ opinion is on all this.
Tonovate CEO says he’ll leave his politics at the door and predicts a big bull run. The industry will surely benefit and many innovations will likely occur in the coming years.
On a related point, Baker says the idea of BTC is here to stay for the foreseeable future, whether we like it or not. We will also see a lot of innovation related to lending, DeFi, etc. The lifespan of all this could be 10 years or less, but it will happen immediately.
What would Baker say to regulators if he had the chance?
Baker recalls going to Capitol Hill earlier this year, and regulators are now focused on scalability, cost, consensus, how the technology works, and more. It’s considered a foundational technology, and that’s a good thing.
Amidst all of this, there is an opportunity for the Bitcoin protocol to list privately on the public blockchain and without permission. The key is to do what Tokenovate does: create systems that enable privacy while complying with reporting and other regulatory requirements.
To learn more about Tokenovate, the value of on-chain data, different token standards and more, check out the livestream here.
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