In a recent podcast interview, Naval Kishore, MD and co-founder of Nodak, reflected on his ten-year journey in the Web3 world, particularly focusing on Bitcoin and its future. This blog post summarizes the key insights from that discussion, offering a glimpse into the evolution of cryptocurrency and the initiatives that are shaping its future.
Naval’s Web3 Entry
Naval’s journey into the world of Web3 began in 2015 when he first encountered Bitcoin. Intrigued by the technology and its burgeoning online presence, he dove into research and discovered significant academic interest. This led him to invest ₹45,500 (approximately $550 USD at that time) in Bitcoin through an Indian exchange, marking his official entry into the crypto space.
Bitcoin’s Growth and Market Cap
Bitcoin has seen remarkable growth over the years. Initially, its market cap was modest, but it has surged to an astonishing $100 billion. Currently, the total cryptocurrency market cap is estimated at $4 trillion, with Bitcoin commanding a 60% dominance, equating to about $2 trillion. Despite its growth, this constitutes only a small fraction (less than 4%) of the global financial market, valued at approximately $105.5 trillion. Naval predicts that in the coming decades, the financial world will increasingly rely on crypto technologies, largely due to Bitcoin’s transparency, security, and ease of integration.
Nodak’s Journey
Founded in 2013 and officially launched in March 2023, Nodak is a technology company concentrating on blockchain innovation. They have pioneered the world’s first zero-gas-fee blockchain protocol. Over the past 18 months, Nodak has vigorously promoted its brand through more than 100 global events, including sponsorships of the Netherlands Cricket team in the ICC World Cup. This strategic branding approach highlights the importance of building awareness before launching products.
Bitcoin Economy Initiative (BE)
Naval introduced Nodak’s “Bitcoin Economy” initiative (BE), which aims to create a financial ecosystem where all transactions ultimately settle on the Bitcoin layer. This initiative seeks to harness Bitcoin’s inherent security and transparency to establish a more efficient and reliable system for various businesses, from small to large corporations. The BE platform, expected to launch in the upcoming year, will provide tools for developers, users, and merchants to connect their operations with the Bitcoin network.
India’s Crypto Landscape
The discussion also touched upon India’s regulatory framework for cryptocurrencies. While recognizing India’s potential for innovation in the Web3 space, Naval noted that India still lags behind countries like Switzerland, the US, Singapore, Hong Kong, and the UAE in terms of legal clarity and infrastructure for crypto adoption. He stressed the necessity of enhancing knowledge, trust, and confidence within the industry. The conversation also addressed taxation concerns, including a 1% TDS and a 30% capital gains tax, viewing them as part of the integration process of crypto into the existing financial system.
Advice for Web3 Founders
Naval offered valuable advice for Web3 founders, emphasizing the importance of balancing business acumen with the discipline of an employee. Founders should understand business metrics, risk management, and sustainability. He highlighted the necessity of listening, comprehending, and applying knowledge effectively in their work.
Nodak’s EdTech Initiative (Genesis)
Nodak is also initiating Genesis, an EdTech initiative aimed at bridging traditional education with the fast-evolving tech landscape. This program offers various courses in collaboration with colleges and universities, focusing on practical, industry-relevant training. Genesis aims to connect corporate entities with educational institutions, fostering a sustainable talent pipeline.
Conclusion
Naval Kishore’s reflections on his journey through the Web3 landscape provide valuable insights into the future of Bitcoin and blockchain technology. As initiatives like Nodak’s Bitcoin Economy and Genesis take shape, they promise to redefine the interaction between technology and finance, paving the way for a more integrated and innovative financial ecosystem.
By harnessing the power of Bitcoin and fostering educational initiatives, we can expect significant advancements in the crypto space and beyond.