Can the Web3 Space Ignite Europe’s Tech Renaissance?

🎙️ A high-level conversation with Beniamin Mincu – the Co-Founder and CEO of MultiversX

— In this UPGRADE 100 Special episode, we delve into Web3 paradigms, focusing on creating ecosystems beyond merely traditional companies. 

— We explore the use of a ‘truth machine‘ to combat fake news and misinformation in a blockchain-driven world, and

— We decipher the mindset and vision of one of the most respected young entrepreneurs in the global Web3 space.

Somewhere in Transylvania, not so long ago…

🔔 REMINDER: Exactly four years ago, in April 2020, we exclusively reported the completion of a blockchain ‘Made in Europe’— in Sibiu, Transylvania, Romania.

Back then, it seem to have all the elements of a potentially spectacular tech startup story. 

🔗 Remember?

And indeed, time has proven it: the MultiversX team (formerly Elrond) has since built at a pace that’s hard to match, even by the super-dynamic standards of tech startups. 

After four years of effort and rapid growth, co-founder Beniamin Mincu emerges from his blockchain ‘laboratory’ with unwavering conviction, poised to deliver some bold messages

and One thing is clear: Europe can no longer depend solely on over-regulation as its distinguishing feature.

🎙️Here is a brief excerpt from a provocative discussion:

Urgent action is needed to retain the innovative minds of young tech talent on the continent, allowing Europe to reclaim a strategic position

Beniamin MINCU – MultiversX

Here’s another thought-provoking idea: amidst a pivotal moment for democracies worldwide, characterized by an avalanche of fake news and deep fakes fueled by AI, the founder of MultiversX asserts that the technical solution already exists, nestled within blockchain technology.

He calls this approach “The Truth Machine” and explains it further during our conversation.

Another alarm the tech entrepreneur is concerned about is that there is insufficient infrastructure to handle the AI explosion.

Before we dive into the bold and intriguing ideas from the interview…

let’s take a moment to review some recent history to accurately establish the context, purpose, and audience for this editorial coverage.

Elrond Network in 2020 vs. MultiversX in 2024

🔔 Don’t forget. In April 2020, the now-famouscryptocurrency eGld* didn’t exist, and the consumer application project – now called xMoney (launched in January 2021 under the name Maiar), was in its very early stages.

— *Today, eGLD has a market capitalization of over $1.4 billion, ranking in the top 70 out of more than 9,400 coins monitored by CoinMarketCap.

However, since 2020, the foundation for accelerated ecosystem growth has already been in place, and the first version of the Elrond blockchain – now MultiversX – is much faster and more scalable than “traditional” alternatives. 

And something else significant was already in place back in 2020: a development plan so bold that, in a Web3 world where many projects amount to little more than a well-crafted whitepaper, it raised many an eyebrow among skeptics.

I admit, at first, I was among them.

— Today, MultiversX is globally recognized as one of the most sophisticated ecosystems in the global blockchain sphere and stands as the most advanced at the EU level.

Mincu explains why he and his team didn’t just build a company but an ecosystem:

One pivotal concept emerges from this brief excerpt: 

Within the realm of Web3, the architecture deviates significantly from the established principles of Web2 and “traditional business” – irrespective of its technological orientation, which is an important idea to bear in mind.

What does the setup devised by Mincu’s team entail today?

• A non-profit foundation dedicated to maintaining the blockchain, offering it as a free, transparent, open-source resource for the common good.

• A host of companies and proprietary projects: xPortal, xMoney, xFabric, xExchange, xSpotlight, xBridge, xLaunchpad, xWallet and more;
• An ecosystem brimming with hundreds of startups from around the globe already leveraging the technology – with or without support from MultiversX;
• A vast array of partners, from the realms of traditional big tech (Google Cloud, AWS, Tencent, Deutsche Telekom, etc.) to leading companies in the Web3 industry like Axelar and many others

MultiversX also means a vivid network of thousands of developers spread across over 20 countries, user communities, and investors in eGLD in 40+ countries.

It also boasts thousands of functional applications in an array of highly diverse fields (from personalfinance to banking, cyber security or gaming), all running on the blockchain developed somewhere in Sibiu, Romania. 

Moreover, it has amassed over 1.5 million individual users through the B2C super-app, xPortal

— FUN FACT: Scrolling through the ecosystem section on the project’s website can take just minutes. Studying the entire structure could take a whole day.

So, why this interview and a “decryption” of MultiversX? 

Let me begin by emphasizing this:

This is not just an interview about MultiversX. I was particularly interested in exploring the vision of a young tech leader in the European Web3 industry who has already achieved remarkable things.

Why?

Because the rapid development of the project – in under 5 years (!) – represents a compelling case study that deserves the attention of the Upgrade 100 community and offers a fresh perspective across various fields. 

Whether you’re in tech or not, in the public or private sector, a startup or a corporation, a cryptocurrency enthusiast, or a skeptic, there are valuable insights to be gained from this case.

As Mincu states, it is no small feat:

What is needed to expand and cultivate a blockchain network is much closer to what’s required to expand and grow a country, not a company.

The idea for this #laterupdate emerged following the most recent edition of xDAY, which took place last fall at the Palace of the Parliament in Bucharest, Romania. 

The event came after its initial edition, which was held in November 2022 at the Palais Brongniart in Paris, France.

—> Here’s a brief overview of how things unfolded in Paris, and similarly, here’s a summary of the event in Bucharest.

• A post-xDAY 2023 summary can be found here.

Why is the event relevant, in context?

Because during xDAY, I came to understand the crucial need for constructive exchanges about how new business worlds are being built through technologies that operate on new principles and rules.

I really don’t know if, as Web3 proponents claim, the future lies exclusively there. 

In a world where change is the only constant, however, I can confidently say that there’s a good chance we’ll see at least some aspects of this vision come to life.

This stems from the merger of decentralised web through blockchains with spectacular advances in AI, robotics and visual computing.

These are the forerunners to groundbreaking concepts like the metaverse, poised to unlock novel markets and business models beyond our current imagination.

The CEO of MultiversX is convinced that when these technologies take off, two things are certain:

1. The world will change radically, and 

2. The ecosystem already developed from Transylvania is ready to become the “operating and cooperation system” that supports this transformation

Does this sound too bold? 

Well, I remind you (again) that everything seemed much closer to science fiction back in 2020 🙂

⏩️ FFW

WHAT TOPICS HAVE WE COVERED — AND WHY?

Below, I’ve selected a few key moments from this episode — to help you invest your time most effectively.

NOTE: Throughout the dialogue, for efficiency, we also offer links and valuable resources via QR Codes that can be scanned during the interview. If you watch the material on a separate screen from your phone (our recommendation), this method ensures quick access to the provided resources.

🔗 Here, you’ll also find links to all references made during the discussion – simply by clicking on the desired sequence.

The discussion unfolds across seven parts…

We recommend watching it in full. If you’re short on time, some highlights are below:

🔗 –> You can also click on each chapter to directly open that part of the discussion.

PART I: WHY DO WE NEED THE RENAISSANCE OF EUROPEAN TECH SPACE?

How did Europe become a laggard in innovation and global business?

What warning does a tech entrepreneur, who built a company worth more than $1.4 billion, have for ‘old Europe’?

• Like many technology innovators, Mincu believes Europe is missing its chance to reclaim a standard of innovation, and  he doesn’t hold back from issuing a clear and categorical alarm about this matter

In this part of our conversation, we also explored how blockchain technology could offer a significant competitive edge to the ‘old continent.’

We discussed why, contrary to popular belief, being a European project might actually be more advantageous than disadvantageous.

PART II: HOW IS A WEB 3.0 COMPANY DIFFERENT FROM THE TRADITIONAL MODEL?

How does a Web3 business operate differently from traditional ones?

How do consumers become ‘shareholders’ through tokens, and what is the essential role of the eGLD cryptocurrency within the framework of such a structure?

Why is comparing this type of structure to a country valid? What are the fundamental operating principles of such a structure?

What has MultiversX created so far? What is its vision, both technically and philosophically? What does ‘digitizing trust’ entail?

PART III: WHAT IS THE ROLE OF eGLD IN THE MULTIVERSX ECOSYSTEM?

The eGLD cryptocurrency is crucial for the functioning of such a setup. 

However, in context, contrary to what those with a limited understanding of the phenomenon might think, it’s not solely about cryptocurrencies.

—> Discover why and how eGLD, along with many other tokens issued on the MultiversX blockchain, has significance.

PART IV: DECRYPTING THE MULTIVERSX ECOSYSTEM

Understand why a Web3 company is more than just a company.

In this section, we delve into the complex structure surrounding the project. This includes the proprietary, supported, or independent projects and the current state of this operational and cooperative system.

PART V: BUILDING BRIDGES: MULTIVERSX + GLOBAL BIG TECH and GOVERNMENTS

We explore how Beniamin’s team is striving to establish partnerships and create communication channels with public institutions, governments, and global giants such as Alphabet, Tencent, Amazon, Deutsche Telekom, and many more.

Why are these partnerships important? How does the philosophy of decentralization reconcile with forming strategic alliances with highly centralized global tech giants?

When I posed this question, it was one of the rare moments when the entrepreneur smiled:

Perhaps before we have billions of users in our system in the future, it would be wise to talk to those who currently have billions of users in theirs?

• The list of partnerships announced at xDAY is extensive –here are a few examples.

PART VI: THE CORE PRODUCTS OF MULTIVERSX: WHAT’S NEW?

What commonalities do decentralized finance apps, games, data, cybersecurity, content, decentralization of science and medicine, financial transactions for companies, and many others share?

• I challenged Mincu to explain—in less than a minute—what the operation and cooperation ecosystem they’ve built looks like today:

PART VII: A BETTER FUTURE USING BLOCKCHAIN TECHNOLOGY and A.I.

How can technology designed with people in mind and expanding financial access to those currently unbanked contribute to positive global change?

How MultiversX tackles the delicate issue of pollution caused by the increasing demand for processing capacity through the integration of blockchains, AI, quantum computing, and many other fascinating concepts.

Spoiler alert 1 -> Here’s how

What about misinformation, scams, bad actors? Is Mincu a tech optimist? Why?

Spoiler alert 2 -> Yes, he is:

That’s about it. Once again,I recommend watching the full version!

And don’t forget about the additional resources for those who wish to delve deeper into the topic – you can find them here and/or by scanning the QR Codes during the discussion.

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Interview and text: Dragos Stanca – U100 | Graphics and Video Editing: Mihai Sighinaș – U100 | Filming: Saga Space