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Co-founder of Tether: “Blockchain is not convenient”


In the world of technology there are many people and companies that can give their vision and experience on those projects in which they have worked. An example of this is found with William Quigley, the co-founder of Worldwide Asset eXchange (WAX) and Tether. This is a blockchain and protocol token designed to make electronic commerce transactions faster, easier and safer.

Quigley has been in the digital asset business for decades, long before the blockchain. Specifically, he had worked with virtual assets of video games and other functions such as personalization of avatars, among other things. Therefore, when he declared that blockchain technology in its current status is not convenient, we consider that we should delve a little into this statement.

We think it will be very difficult for people to use the blockchain in its current state“. This is what Quigley explained recently. However, he added that “But, if the participation test, which is a consensus mechanism, can evolve in the way we expected, we can allow many people to trade with virtual currencies cheaply and very quickly. Using a blockchain allows you to own something at once“.

He and his team realized around 2016 that blockchain could improve the commerce of virtual items in video games. By then, Ethereum had just launched. In addition, Quigley in conjunction with Jonathan Yantis had helped launch Mastercoin, which is an early attempt to create a platform for smart contracts.

Blockchain could transform the prevailing business model into video games in which video game items are owned by the game, not the player who buys them. “You’re licensing the game, you’re licensing the items, you’re not the owner, and still people will pay thousands of dollars for these items,” Quigley said.

What have they learned in their years of experience?

The two entered crypto after Yantis sold the IGE, and, for several years, they tested on several exchange projects, including the sale of US dollar tokens.

When Quigley and Yantis started thinking about how to build a blockchain that fit their customers’ needs, they devised WAX. Thus, in 2017 they launched the first virtual video game articles in the beta version of their platform based on Ethereum.

To achieve this, they implemented their solution with the Delegated Participation Test (DPoS), which seeks to implement technology-based democracy, using the voting and election process to protect the blockchain from centralization and malicious use. The DPoS consensus algorithm allowed the platform to scale.

Wax is one of the most important Blockchain companies and was founded by Quigley
Wax is one of the most important Blockchain companies and was founded by Quigley

Why did you decide to use DPos on your blockchain?

WAX chose DPoS, because the team does not believe that the Work Test (POW), the consensus algorithm used in Bitcoin, is practical for many functions. For example, WAX could not enable free transactions in POW.

There are key differences between DPoS and PoW, the consensus method not only of Bitcoin, but also currently of Ethereum. Although, the latter has plans to switch to a Proof of Stake consensus algorithm.

With DPoS, networks are faster, but participants have a civic duty for which they are rewarded. Rewards are issued in the form of WAX tokens. But, there is not much incentive to vote if you only win a percentage of $ 5 in chips. WAX, therefore, is working to innovate in the DPoS so that voting incentives are easier and more accessible for cardholders.

What perspectives do you see in the future?

Quigley wants the DPoS to organize the responsibilities of the different people who use the network, so that those who want can take care of its management and the other users do not have to worry about it.

“One of the things we realized was that blockchains are a pain to work with,” he said. “I come from a place where consumer convenience and ease of use is a religion… that’s Disney. Somehow God put me in a place where it is the opposite of that. Blockchain is not convenient and easy to use. ”

There are many things that people want to do using blockchain, particularly dApps. “They are going to want a lot of tools that they are used to having maybe in an app store or they are used to having them on the web.”

What other projects does WAX work in addition to those related to blockchain?

WAX has built a service layer, which offers micro services, and has implemented 11 social logins. The microservices layer will also provide commercial services.

“So, when you want to send someone a Bitcoin or an Ethereum or a WAX, you get into a wallet, a Ledger wallet or in the My Ether wallet,” Quigley said. With this they seek precisely to facilitate consumer access to these options. That is to say, through this type of ideas, it is sought that users can send transactions with the same ease as an email.

Additionally, WAX not only tries to simplify the transfer of assets, but also to create APIs as part of its microservice offerings. For Quigley, the future of Blockchain will be based on the service layer because, as on the Internet, there are people who connect directly and don’t know how to use naming conventions.

For example, according to Quigley, people “will use an IP address and all that. Most of us want to write things we understand, words like Amazon, Expedia, whatever. That will be much more common. ”

And you, what do you think about it? Are you in favor of the dynamic access to blockchain technology by offering a service layer? Are you prone to the use of DPos or POW? Leave us your comments below.

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