POW sounds outdated, but it is actually a pure-bred blockchain logic. In Web3, mining has always been one of the most enduring and focused tracks. How much potential does it have for future development? The following content is organized from an interview with Hakan Sezikli, CBO of InitVerse. If you want to know whether POW is an opportunity you should pay attention to and how to achieve innovation, this content is unmissable.
Q: First, let us understand where the idea of InitVerse comes from and tell us about your core team members and their backgrounds?
A: Hello everyone, I am Hakan Sezikli, the CBO of InitVerse, and I will introduce the detailed information about InitVerse.
InitVerse is the first Web3 development platform that integrates full-stack privacy computing capabilities. The original intention of the project is to 'lower the development threshold and unleash creativity.' With this vision, we embarked on our Web3 journey. Initially, we faced two major pain points in the industry: privacy and accessibility. The transparency of data on public chains is like a double-edged sword—while it brings trust, it deters sensitive business scenarios such as medical records and financial contracts. Meanwhile, the high barriers to Web3 development keep countless ideas out of reach. Therefore, we developed a privacy public chain, INIChain, as a foundational support, deeply integrating complex cryptographic technology with developer friendliness, providing an integrated solution from smart contract development, on-chain data encrypted computing to dynamic resource expansion.
Our team members come from multiple countries around the world. They are practitioners with deep Web3 knowledge, seasoned investors, and blockchain experts from various fields including Layer1, DeFi, software development, finance, retail, art, and media.
Q: Please tell us in detail about the core technology or product concept of InitVerse?
A: The next stage of Web3 development will transition from 'usable' to 'trustworthy.' Efficiency and innovation are not the end goals; trust is the core value of technological evolution. To address the two industry pain points of 'privacy and accessibility,' we have provided two solutions: INIChain and a SaaS platform.
The purpose of launching INIChain is to ensure that blockchain technology genuinely serves real-world needs. As the first blockchain network to achieve seamless integration of TFHE (fully homomorphic encryption) and EVM compatibility, we have solved the long-standing privacy issues of public blockchains, supporting the direct execution of computing tasks in an encrypted state, ensuring the full lifecycle security of sensitive data. The innovative dual dynamic adjustment (DDA) mechanism and VersaHash algorithm endow the system with the adaptive ability to respond in real-time to network loads and privacy requirements, ensuring that low gas fees and millisecond-level transaction confirmation speeds are maintained even in high-concurrency scenarios.
The InitVerse SaaS platform is equipped with SaaS tools and AI-assisted development modules, significantly reducing the threshold for building Web3 DApps through a drag-and-drop interface and smart contract self-auditing features. Even users with zero programming experience can complete application deployment within 3 hours. Currently, InitVerse has covered 9 countries globally and is applied in cutting-edge scenarios such as cross-organizational secure collaboration and privacy machine learning. It will provide developers and enterprises with Web3 infrastructure that complies with strict regulatory requirements such as GDPR and continuously promote the transition of Web3 DApps to a privacy-first era.
The technical implementation and commercial ecosystem of InitVerse have been validated multiple times. It has become a high-quality blockchain platform covering 9 countries, gaining the trust of over 400,000 users, and processing 23 million transactions. At the same time, the platform supports an increased number of languages, expanding to 9, covering 90% of global internet users, and has completed over 50 multilingual AMAs and network stress tests with thousands of participants.
Q: What are the innovations of your project compared to existing blockchain systems? Some believe that VersaHash may be slower because it emphasizes privacy and security more. What are your thoughts on this?
A: Unlike traditional PoW, the VersaHash algorithm combines the dynamic allocation capability of computing resources (DDA) and introduces a multi-stage fault tolerance design. This is an optimization for high-security-demand blockchain scenarios, allowing it to dynamically adjust hash strength and computing resources according to the privacy level of blocks and network demands. VersaHash is designed for privacy-enhanced TfhEVM, maintaining high performance in an environment that supports fully homomorphic encryption (TFHE) smart contracts. Although the VersaHash algorithm may place more emphasis on privacy and security, it cannot be generalized that it is weak in performance and speed; there exists a balance between security and performance rather than an absolute trade-off.
Q: What is the role of the project token $INI? Can you tell us more about the economics?
A: The INI token is the native token of InitVerse and can also be seen as an ecosystem token or governance token. The INI token is based on a constant total supply of scarcity, with a total of 6 billion INI tokens, creating deflationary pressure through a 40-year linear release and dynamic halving mechanism (every 7 days). In the fifth year, the circulation will reach 50%, and the token's scarcity will increase exponentially over time. All tokens are generated through block production and are used to incentivize participants and maintain network security. Becoming a node and contributing to network maintenance is a permissionless process, and anyone with the appropriate equipment can participate. This distribution strategy ensures that the INI token can support platform development, reward participants, and maintain the stability of the ecosystem.
The InitVerse team will gradually exit the leadership role and completely transfer governance to the community (or foundation). In the future, the management of mining rewards will be handled by the community or foundation, and both parties will jointly decide the specific allocation and usage of rewards. INI has multiple consumption demands across various scenarios, such as consumption by developers developing privacy-related DApps, enterprises paying for privacy computing services, and users participating in governance voting. These behaviors will continuously consume INI, forming a value closed loop of 'application → consumption → value enhancement.'
Q: Why is the price of INI so low? Is its value underestimated?
A: While other projects chase market hotspots, InitVerse has chosen a more challenging but sustainable path, redefining the trust mechanism of the digital world through cryptographic breakthroughs. Every line of code here is doing real work—lowering the privacy protection costs for developers, improving the data collaboration efficiency for enterprises, and safeguarding the digital sovereignty of ordinary users.
INI, as the core asset of the InitVerse ecosystem and the INIChain public chain, its value is supported by ecological technological strength, multi-field applications in Web3 (such as DEX, NFT, wallets), and community governance (DAO), which is fundamentally different from meme coins and hype coins. The long-term vision of InitVerse is that with the iteration of the mainnet functions, the outbreak of ecological applications, and the enhancement of exchange liquidity, INI will gradually demonstrate its scarcity and practicality as a public chain token. We have prepared four core matrices to achieve this path, with the interactive task platform Candy serving as a zero-threshold ecological entry point, enhancing understanding and lowering operational thresholds through simple and rich tasks; INIBoo NFT serving as a value pass for the InitVerse ecosystem, granting holders more scarce rights; the $10 million ecological fund's 'Prometheus Plan' addressing the real development needs of Web DApps; and finally resolving liquidity issues through ObsSwap and trading platforms. The essence of blockchain is not cold hash values but the pursuit of trust, efficiency, and fairness by countless individuals. InitVerse is conducting a silent infrastructure revolution.
Q: Please share some of the latest news about the project.
A: Regarding the tokens, with the active promotion of several community ambassadors, INI successfully launched on the XT.COM exchange on April 29, marking an important step for the autonomy of the InitVerse ecosystem. The team is currently working with several leading exchanges to promote technical adaptation and special area collaboration. It is worth looking forward to that INI will soon launch on more well-known exchanges. Various interesting and high-yield trading activities will also be launched at the same time, and we hope everyone pays attention.
In terms of products, our task website, the Candy platform, is about to be updated and launched. This is an important component of the early InitVerse ecosystem and a key step for InitVerse and the community to jointly validate product interaction experiences and ecological gameplay. Users can earn points on the Candy platform by completing a series of interactive tasks, which can be exchanged for subsequent airdrop rewards.
Additionally, our InitVerse cloud computing power platform is expected to launch in Q3. The core of this product is to allow all users and miners supporting INI to participate in network construction and obtain rewards more easily and fairly. For ordinary users, it significantly lowers the mining threshold, as users do not need to purchase or use expensive physical equipment for long-term mining. Instead, they only need a small amount of funds to subscribe to computing power and start short-term mining, with a very short payback period and daily stable earnings. The cloud computing power package = computing power fee + hosting fee (total electricity fee, venue fee, maintenance fee, management fee). For existing miners, this will be a smooth upgrade path, with exclusive discounts and computing power gifts available during the initial launch of the product, effectively avoiding profit declines and forced exits due to competition for specialized equipment. At the same time, cloud computing power is deeply integrated into the InitVerse ecosystem, allowing users to even use INI to pay for limited-sale products and enjoy time-limited discounts. Furthermore, it is revealed that the two-year anniversary INIBOO NFT held by users is no longer an ordinary NFT asset; it will bring significant bonuses to cloud computing power mining. The design intention of the cloud computing power platform is to ensure that participants with different investment scales and technical levels can safely and conveniently share the dividends of the INIChain network development and jointly maintain a more decentralized and powerful privacy computing network.
In terms of ecological construction, InitVerse has long launched the 'Prometheus Plan,' which plans to distribute $100 million in bonuses to incubate high-activity projects without cumbersome KPI restrictions. The only requirement is to 'solve real needs.' Web3 developers can quickly build compliant applications through a drag-and-drop interface on the SaaS platform. We hope to create practical and interesting Web3 applications together with creative developers. So far, we have received 197 applications, with a maximum funding of $50,000 available. Nine projects have passed different conditions of review and are currently in the development stage.