Triend is kicking off Help2Earn – a new cryptocurrency movement that helps you earn while helping you learn. And what better way to do that than simplifying the often complicated language you’ll encounter in the crypto world?
In an effort to break through the blockchain niche, we’re launching our new series with Fauve Altman, a blockchain and crypto advisor who has been active in this digital and decentralized universe since 2016.
“I come in as a soft skill person to developers who have amazing ideas and products but have no idea how to speak to their users. I am the bridge, the dump user, and I see what we can play with and tweak to communicate to their audience to scale. I work with the DApps register, help them get listed, and work specifically at events and workshops for developers. I’ve built my own company, Tilt Ventures which does incubation, acceleration, launchpad, and investments. We are the bridge between founders, teams, scouting teams, projects, and investors looking for the right projects to invest in.”
What are 5 things everyone starting in crypto should know?
Get familiar with the differences between decentralized exchange and centralized exchange.
A centralized exchange connects your bank account to the Blockchain, but you have less power, and it is more like a third party. If you want to go more towards the crypto and decentralized world, then use a decentralized exchange as they are not connected to bank accounts. You need to understand the difference between them to onboard your money and off-board it.
3 different types of wallets
Get familiar with 3 different types of wallets: A web browser wallet, a Hard wallet (ledger), and a Hot wallet (Metamask).
Understand the privacy and what you are doing in crypto. If you have more privacy, you have less risk, and vice versa. Therefore, it will impact your crypto interaction.
Understanding different networks
Understand different networks that exist and where your funds are. Are they on the Polygon, Solana, or Ethereum because you open Metamask and have all the chains there? One website can connect with your Metamask wallet automatically, but do you know within which network you are interacting at that moment? Network awareness is important.
How would you simplify the Blockchain to somebody who has zero knowledge?
It is neither a block nor a chain, just like a smart contract is neither a contract nor smart. Blockchain is a series of automated interactions and transactions as you could look at your bank account and see your transactions. The Blockchain is a series of transactions, but I see my transactions, your transactions, and everyone’s transactions. It is one after the other, and the Blockchain shows that. It’s a little bit technical. You need to understand that you confirm the transaction as part of the Blockchain, which is the approval of your actions, but Blockchain on another level is like your software – it is another code. It is like Microsoft (Windows) and Apple ( iOs). It is another coding language on which we can build. You are interacting with the code.
What is a crypto wallet, and why is it important?
A crypto wallet is everything that you will be doing on the Blockchain. Without one, you cannot interact with the Blockchain. As mentioned earlier, the important thing about onboarding on crypto is the different types of wallets. I would always recommend going with a cold wallet if you have a lot of funds. On the other hand, if you want quick day-to-day transactions, using a web browser wallet is absolutely fine. Your crypto wallet is your first gateway to enter the crypto world. Whether for investing, trading, participating or interacting with different applications on different networks, you need a wallet because you need the funds to interact.
What is an NFT, and how can you relate it to real life?
NFT (Non-Fungible Token) is the certification of that type of token. ERC-20 Token is an Ethereum-based token, so every platform building on Ethereum is on ERC-20 in other variants. NFT is a type of identity that can be on any network. For example, let’s take artwork on the Blockchain. You have two ways to go with it: 1) you can create just one replica (like the Eiffel tower), or 2) create an NFT and have multiple editions, let’s say 5000. Basically, you can create a scarcity for your work or not. The main difference with art in the real world is that you can tap into larger audiences and have more people buying your art. You can make multiple editions of your art for a lower price and have a lot of people buying it. These are the direct funds to the artist. Also, as a creator, you can choose how many royalties you will get any time someone buys your art, and all the funds go to you apart from the small amount that goes to the network you are interacting with. It is not like an auction house or agent that takes 20-50% of the money and then sells the art. Let’s say that we share an apartment, we are roommates, and we want to get the Eiffel tower NFT in our home but cannot buy it on our own. However, we can contribute with multiple people and share the NFT and artwork together, and it will cost less.
What is Play2Earn, and why are people so excited about it?
Play2Earn is as the title says – you play and you earn. People are excited about it because they can interact on different platforms, games, and educational platforms where they also have Gamefi interaction, and they receive funds. Money speaks; money drives people, and that’s why the model exists for the users. It is also very exciting for Play2Earn projects because that’s a particular gimmick to bring people in. I have always played devil’s advocate. I think it is a great way for GameFi education. GameFi education is the best way to have people retain information. The earning side is great but are you sustainable by giving out funds continuously? How do you make your burn rate return so that you don’t just give out your tokens? How are you sustainable, and how do you earn income? That is always what I tell platforms – how are you going to make money by giving out the money? Be sure that you have the metrics. Play2Earn is an excellent way to attract users.
Thank you, Fauve, for taking the time to meet with us during the BlockSplit conference last month. And if you’re looking for the best recommendations in Split, like Marvlvs Library Jazz Bar where we held our interview – check out the Triend app!