"Presently there is a need for one of the EU countries to take the lead of developing out a framework for Blockchain governance and regulation - Ireland is in pole position to lead this charge. '
Interview with Loughlin Nestor of Blocknubie, an Irish ICO for startups
Loughlin Nestor, seasoned IT veteran in startups, has formed Blocknubie to onboard startups onto the blockchain. Here are his views on blockchain, the technology, ICO funding, and how it will replace traditional funding, and finally on how Ireland can step up to the plate in the fast-moving, new world of cryptocurrencies.
Explain your journey to blockchain?
I am the founder of Blocknubie, a decentralized platform powered by a multidisciplinary team passionate about creating sustainable blockchain businesses.
Effectively Blocknubie is an emerging open source platform that acts as a bridge between off-chain organizations, startups and the blockchain ecosystem. We simplify and automate the startup process and facilitate on-boarding of traditional enterprises onto the blockchain. The platform guides users towards setting up business quickly and effectively, complemented with a number of DApps to enhance success, structure and speed.
As a decentralized market-based economy Blocknubie focuses on meeting all of Blockchain startup needs including development tools, advisory services and most importantly capital and investment.I have been very fortunate to have worked with both public and private clients, ranging from Government, State Agencies through to corporate clients and startups, helping to drive entrepreneurial policy and initiatives to further enhance the growth of that sector. Passionate about effecting change and with this in mind saw Blockchain as the mechanism to effect this change
What appeals to you about blockchain?
Blockchain startups are often overwhelmed at the initial process where multiple channels of information and fragmented technology silos open to them. We aim to simplify and automate the startup process from ideation through to customer acquisition.
The Blocknubie team strongly believe that all sectors will have the opportunity to incorporate Blockchain into their business. It has been estimated that more than 90% of startups will fail, many of which are due to entirely solvable issues. Growth, deep domain knowledge, business modeling, blockchain adoption and customer acquisition are some real problems in this rapidly evolving market
How is Blockchain Changing the World of Startups?
Blockchain technology is taking business by storm because its transparent ledger reduces costs usually funneled towards brokers and other financial arbitrators. Startups from all over are taking advantage of this model and leveraging it to their advantage. ICOs could be the future of investing: such a transformative approach to fundraising that enables consumers to benefit more directly from the popularity of new technologies than they would if they owned a traditional stock.
Jeff Bussgang made a very interesting point that may ballet shifting even further:
“Early stage entrepreneurs will also still likely value experienced advice on company-building from seasoned venture capitalists. But once entrepreneurs have their initial team and product in place, a few smart advisors around the table and the social proof required to attract great talent, why would they raise additional dilutive equity capital if they can raise non-dilutive capital through the sale of tokens?”
ICOs are easy to structure because of technologies like the ERC20 Token Standard, which abstracts a lot of the development process necessary to create a new cryptographic asset. Most ICOs work by having investors send funds (usually bitcoin or ether) to a smart contract that stores the funds and distributes an equivalent value in the new token at a later point in time.
There are few, if any, restrictions on who can participate in an ICO. For Blockchain startups it’s a win-win – there are no equity stakeholders and many feel there’s finally a solution for non-profit foundations who want to build open source software to find capital. As they hold a percentage of the total cryptocurrency in circulation (usually 10-20 percent) they also have a vested interest in building more value.
What can blockchain do for Ireland ... for the World.?
Blockchain can change the world in so many different ways, from fintech, to voting, to the democratization of capital. Ireland has always had an excellent eye for the inventive and our current structures in terms of enterprise agencies and departments can facilitate blockchain adoption. Effectively this would add another layer to what makes Ireland attractive form an FDI perspective. Positioning Ireland as a HUB of Blockchain Entrepreneurship is a smart move if adopted.
What does Ireland Inc need to do to be a blockchain star?
Ireland already has the foundations in place it just needs to become more mainstream with greater joined-up thinking from, stakeholders, agencies, Government, and policymakers.
Presently there is a need for one of the EU countries to take the lead of developing out a framework for Blockchain governance and regulation - Ireland is in pole position to lead this charge.
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