Source: Cointelegraph
Original: (Token 2049: CZ Discusses the Future of Cryptocurrency, Exploring the Infinite Potential of Education, AI, and Global Collaboration)
In an interview at Token2049, Binance founder Zhao Changpeng (CZ) shared his insights into the cryptocurrency industry. From the advancement of educational projects to the application of AI technology and collaboration with governments, CZ believes that the combination of blockchain and AI will drive innovation, and the potential of the cryptocurrency market remains to be explored.
CZ at the Token2049 Conference. Photography: Eva Xiang
When talking about his cryptocurrency education project, Giggle Academy, CZ mentioned that it is a fun project, although he does not spend much time on it. He noted, "This is a very interesting project, and I call them once a week to discuss AI-related matters."
Currently, the project has launched 60 courses and 300 storybooks, supporting 15 languages. CZ is confident about the future and hopes to provide free education for 100 million or even a billion children under 18 in the coming years. He believes that modern technology, especially the application of AI, can deliver educational content more efficiently.
CZ detailed the key role of AI in the project. He noted, "We are now creating storybooks in one language that AI can translate into all languages." AI not only helps with translation but also plays an important role in image generation. He stated, "Even a few months ago, generating consistent characters and images was difficult, but now the technology has improved significantly." The advancement of AI has made content production faster and more efficient, greatly reducing labor costs.
CZ stated that he is currently engaging with senior leaders from about 12 countries regarding the government applications of blockchain technology and has seen significant changes in the past six months, especially with the U.S. elections.
"Right now, the new U.S. government is very supportive of Elon Musk's idea of using blockchain to improve government efficiency. We see this happening in many other places, including Abu Dhabi and Dubai in the UAE, where they are exploring how to use blockchain for government projects."
These projects include decentralized identities, land ownership, opening bank accounts, electronic visas, border crossings, educational diplomas, and more.
CZ pointed out that many regulators still want to regulate everything locally, including custodial wallet solutions, order books, and teams. However, this approach is often not the best option, as establishing secure custodial solutions for billions of dollars requires substantial funding and expertise, which is currently very lacking.
CZ also shared his experience in the UAE, noting that he first visited the UAE four years ago, in September 2021, and met with the AI Minister. CZ believes that the UAE is a country very supportive of cryptocurrencies and business, stating, "They are extremely supportive of business; the ministers are very knowledgeable, very smart, and very insightful." At his suggestion, the UAE set up new regulatory bodies and rapidly formulated relevant laws. CZ praised the business environment in the UAE, seeing it as a very suitable place for development.
CZ mentioned that some countries, such as Bhutan, have already incorporated Bitcoin into their national reserves and are exploring the possibility of adding more cryptocurrencies to their reserves. He said, "I believe the King of Bhutan is in this city today; he is an early adopter of cryptocurrency, and they have excess clean energy, hydropower, and have been mining for years, with billions of Bitcoins."
CZ revealed that he is providing consulting for multiple countries outside of Europe, guiding them on how to establish cryptocurrency reserves like the United States. "Since the U.S. holds Bitcoin, other countries may be forced to follow suit, as the later they join, the higher the cost of acquiring cryptocurrency will be." When asked about Europe's position in the cryptocurrency strategy, CZ stated, "Europe is almost absent from this discussion."
CZ added that the only exception is Montenegro, which is quite supportive of cryptocurrencies, and he has had positive conversations with the Prime Minister of Montenegro. However, aside from Montenegro, CZ has not seen participation from other European countries in this field.
CZ shared his views and expectations for the cryptocurrency market. He pointed out that although the cryptocurrency industry sees frequent capital flows, many investors focus only on short-term gains.
"I hope to help founders build their projects. I am also a builder myself, and I want to see products used by many people. [...] That's why I spend most of my time today on YZi Labs and with founders."
CZ believes that the key to success lies in providing people with practical use cases rather than merely chasing short-term profits. "Frankly, I think the [industry] is still in a very early stage. Cryptocurrency has not yet gone beyond trading. This also represents an opportunity."
When discussing application aspects, CZ pointed out that there are many potential use cases worth attention and development outside of the financial sector, such as social media.
CZ at the Token2049 Conference. Photography: Eva Xiang
CZ believes that AI will fundamentally change user experience, and the combination of AI and blockchain will bring more innovation. He mentioned, "AI has many use cases, especially in terms of user experience, which will fundamentally change the way we interact with blockchain." He believes that the combination of AI and blockchain will drive further technological advancements, making life more convenient and efficient.
CZ also pointed out that AI requires a large amount of data for training, and this data can be captured in a privacy-preserving way through blockchain. AI agents need to pay for computing and electricity costs, and the fastest payment method is cryptocurrency payments. "In the future, data storage and access will be smarter and more decentralized, and we should be able to monetize data through blockchain technology."
CZ advises newcomers to stick to the fundamentals and not to blindly follow the crowd. He emphasized, "Understanding the fundamentals of a project and trusting your own judgment is the key to success." He also added, "Don't blindly invest just because you see someone tweeting about it." He encourages newcomers to focus on long-term goals and to remain rational and patient.
Live Report: Eva Xiang Translated by: Broom Zhou
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