Top Moments from Blockchain Life 2024 Dubai by BeInCrypto

The 13th annual Blockchain Life Forum, a premier event for cryptocurrency and blockchain innovators, was held in Dubai from October 22-23. This year’s forum brought together top industry leaders, entrepreneurs, and investors from around the world, celebrating the achievements of blockchain-powered companies and their leaders who are driving innovation in the digital finance space.

Beyond honoring established players, the forum offered invaluable networking opportunities for hundreds of emerging project founders, allowing them to connect with influential venture capitalists and seasoned industry professionals. If you couldn’t be there, BeInCrypto has you covered: here, we’re sharing insights and takeaways from the forum, straight from the minds of the industry’s leading figures.

Evolution of Security and Crime in the Cryptocurrency Space

This panel focused on the evolving landscape of security within the cryptocurrency sector, exploring major hacks, the role of emerging technologies like AI, and strategies for safeguarding digital assets.

BeInCrypto CEO & founder Alena Afanaseva referenced the infamous Mt. Gox hack of 2014, which she noted, “erased enthusiasm for crypto in Japan and triggered tougher regulations.” She added that the Coincheck hack in 2018 led Japan to tighten its security standards, eventually restoring trust in the market.

Xinxi Wang from the Litecoin Foundation highlighted that significant hacks have historically driven advancements in the industry. The Mt. Gox incident, for instance, spurred the adoption of multi-signature wallets, while the 2016 DAO hack resulted in mandatory smart contract audits. He also pointed to the recent Ronin bridge attack on Axie Infinity as a catalyst for improving cross-chain security protocols.

The panel then discussed where the responsibility for security lies. Jason Jiang, CBO at CertiK, stressed that security is a multi-layered responsibility.

“It starts with thorough project audits, continues with exchange security protocols, and is enforced by regulatory frameworks,” he explained.

Panelists also discussed the advantages of hardware wallets, with Alena Afanaseva referencing research indicating that only 30% of crypto users utilize cold storage, as many still prefer the convenience of hot wallets and exchanges. However, Jason Jiang noted that while hardware wallets are generally more secure, they are not entirely immune to vulnerabilities.

The panel discussed the increasing threat of phishing scams targeting crypto users. Consensys’s Zied Brini emphasized that many breaches result from weak internal controls rather than flaws in the blockchain itself, highlighting the need for stronger internal security protocols. Meanwhile, Bybit’s Robert Macdonald noted that the exchange has improved cooperation with law enforcement to enhance tracking and recovery efforts for stolen funds.

“On-chain analysis enables us to quickly identify and freeze assets, preventing further losses,” he explained.

Looking forward, Alena Afanaseva pointed out that regions with stricter regulations, such as North America, tend to experience fewer security breaches, while illicit activities have increased in Eastern Europe and the Asia-Pacific region. Xinxi Wang advocated for Web3 security standards to align more closely with those of the broader tech industry, anticipating that future tools will further enhance secure interactions with blockchain technologies.

To wrap up, each panelist offered closing advice:

• Alena Afanaseva: “Take control of your assets. Stay informed and use reliable sources to educate yourself.”
• Xinxi Wang: “Prioritize security in your Web3 projects. It’s essential to protect users and build trust.”
• Robert Macdonald: “While exchanges are becoming more secure, users should still consider cold wallets for storing assets.”
• Jason Jiang: “Embrace new technologies, but remember that continuous innovation is key to staying ahead of threats.”

From Idea to Implementation: Launching a Blockchain Project in 2024

Reeve Collins, co-founder of Tether, took the stage to discuss his extensive experience in founding companies within the blockchain space, with topics including funding, technology development, and community-building strategies.

“I’m most known for co-founding and serving as CEO of Tether, launching the first stablecoin,” he began, reflecting on the challenges of bringing Tether to life in 2013. “Hardly anyone had heard of Bitcoin or blockchain, and understanding the use cases was challenging. You have to think of it like the early internet days when people didn’t quite know what to make of it.”

Since then, he explained, he has founded multiple companies, each bringing a unique idea to the blockchain ecosystem. Discussing his philosophy on founding companies, Reeve emphasized the importance of perseverance and learning from experience.

He highlighted that founding a company demands persistence and a willingness to learn, even through failures. Over time, he found that discerning which advice to accept and when to rely on his instincts was crucial. Ultimately, experience teaches which guidance to heed and when to trust one’s own judgment, with each misstep offering a valuable lesson.

While many founders eventually shift to investor roles, Reeve Collins explained his commitment to the early stages of company creation.

“For me, it’s all about the inception and the ideation — creating the concept, forming the team, and bringing it to life. I call it ‘producing’ companies because it’s like producing a movie: you create the idea, assemble the team, and raise the funds,” — he stated.

Currently, Reeve Collins is launching three new companies in Dubai, each with distinct, compelling ideas. He elaborated on these ventures and their goals:

• TreasuryX: “TreasuryX is a Web3-based stablecoin infrastructure enabling the community and institutions to keep the yield,” he explained. Unlike centralized stablecoins like Tether and Circle, TreasuryX aims to decentralize yield distribution.
• WeFi: “WeFi is a crypto-native neobank aimed at the underbanked and unbanked. Web3 allows us to provide banking services efficiently, even in developing areas where infrastructure is limited,” Collins said, describing how this project would reach underserved communities globally.
• SuperSol: “SuperSol is a Solana Layer-2 solution, designed to future-proof Solana by adding scalability for new use cases. It allows on-chain storage for secure messaging apps and similar applications requiring vast transactions at low costs,” he noted, emphasizing the importance of scalability in supporting future blockchain applications.

Concluding his talk, Reeve Collins reflected on the essentials of launching a company in 2024. “It’s truly just the passion and the belief,” he said, “and the ability to go out and, you know, get kicked in the teeth a few times but just stand up and make the company happen.”

The Unicorn Journey: Insights From Top Venture Capitalists

In this session, industry leaders discussed the current state of Web3 investments, emerging trends in crypto ecosystems, and the future of blockchain-based ventures. From high-profile gaming investments to meme coin hype, the panel explored strategies and insights for navigating a volatile market.

Yat Siu, Chairman and Co-Founder of Animoca Brands, opened by describing the unique opportunity presented by TON (The Open Network) and its connection to Telegram’s vast user base, which includes nearly a billion users.

“TON could bring the viral effects that Web3 needs. While popular platforms like Apple and Steam restrict NFTs in games, TON and Telegram offer a pathway to expanding network effects essential for mainstream adoption,” Siu noted.

Andrei Grachev, Managing Partner at DWF Labs, echoed these sentiments, calling TON’s user base a “key asset” for onboarding millions into the crypto space. As he put it, TON’s current success lies in “simple use cases,” which are gradually evolving into more advanced projects. He predicted that TON’s next phase will bring in “a new wave of DeFi and crypto users.”

The panelists also discussed Web3 gaming as an entry point for mainstream audiences. Yat Siu emphasized that Web3 gaming is expanding the gaming audience by attracting non-gamers. He compared it to the early days of mobile gaming, where casual players who started with simple mobile games eventually turned to deeper, more immersive gaming experiences.

The panel ended with a look toward future trends. Yat sees “reputation” as a major focus, predicting that decentralized digital identities will strengthen trust in Web3. Danilo Carlucci of Morningstar Ventures, on the other hand, highlighted “chain abstraction,” which allows users to interact with blockchain without knowing the technical aspects.

Meanwhile, Edward Chen, venture lead at HTX, pointed to Bitcoin’s growing role in decentralized finance (DeFi), especially through CeDeFi solutions that make DeFi accessible to conservative institutional investors.

With such diverse narratives at play, the panel agreed that Web3 continues to evolve rapidly. As Andrei Grachev puts it, “Institutionalization is inevitable — family offices and institutional money are entering crypto, bringing stability and maturity to the ecosystem.”

Investment Strategies and Crypto Market Trends

This panel was dedicated to investment strategies in crypto. Alicia Kao, KuCoin’s managing director, highlighted that macroeconomic conditions, including inflation and interest rate increases, have led private investors to adopt a more cautious approach.

“Private investors are showing a growing preference for secure investments such as staking and earning products rather than purely high returns,” she explained.

Charmaine Lim from HTX highlighted that ongoing blockchain innovation remains a significant draw for investors, even amid volatile market cycles. She emphasized that builders continue to develop regardless of market conditions. Technologies like DePIN (Decentralized Physical Infrastructure Networks) and real-world asset tokenization exemplify blockchain solutions that deliver real utility, sustaining long-term investor interest.

Vugar Usi Zade of Bitget emphasized the importance of long-term planning over chasing market cycles. He explained Bitget’s decision to invest $30 million in decentralized wallets during a bear market, which has since led to Bitget Wallet becoming one of the most downloaded.

“A three- to five-year vision is far more valuable than trying to time the market for short-term gains,” he said, adding that Bitget’s success reflects a commitment to sustainable investment.

Edwin Cheung, CEO of Gate UAE, part of Gate Group, suggested prioritizing projects with real-world applications and experienced teams. He referenced Gate.io’s recent $10 million investment in the TON ecosystem as an example of supporting projects with solid foundations.

Cheung highlighted that while TON benefits from a strong user base via Telegram, its ecosystem still needs further development, making such investments attractive for their sustainable potential.

Security was a critical topic, with Alicia Kao from KuCoin stressing the importance of transparency and user protection. She highlighted the exchange’s proof-of-reserves system, which helps ensure that KuCoin’s  reserve is carefully managed to support our users even under extreme conditions, ensuring that we can meet demand at all times. Vugar Use Zade described Bitget’s efforts to enhance user safety through education and regular transparency updates.

“We were one of the first exchanges to publish proof of reserves regularly, maintaining a 150% liquidity reserve. Bitget also partners with top AML and KYC providers to protect users from identity fraud, and the company recently invested $5 million in anti-scam education initiatives for our global user base,” he shared.

Closing the panel, Edwin Cheung reiterated that adhering to KYC and AML regulations is crucial for gaining investor trust. He highlighted that transparency extends beyond compliance, playing a key role in creating a safer ecosystem that enhances platform security and user confidence.