Newconomics 2023 - Meet our Speakers: Dyma Budorin
Come and join us at Newconomics in Lisbon where we’ll be gathering experts from around the world to talk about future economics, business, branding and more, all related to web3 technologies. If you are thinking of working in this space, it’s going to be a great resource for networking and learning. One of our expert speakers is Dyma Budorin of Hacken who is working to make web3 a safer space. They shared their thoughts on web3 futures ahead of the event.
“For me web3 is everything. It’s an opportunity to fill your untapped potential. It’s something so diverse that everyone can find something for themselves. I held a very established career as an auditor (ACCA) but that wasn't enough for me. I put my talents and frankly bet my entire life into this internet revolution. Eight years ago, when Hacken started, crypto resembled the wild west. Early, unregulated, unknown, everything was possible. People started pouring money in crypto, but nobody gave them any guarantees regarding funds safety. We saw the gap and started a blockchain security company.
Web3’s opportunities still lie in its diversity. On the one hand, we have enterprise-grade blockchains that have the power to transform industries and social relations with new identity and privacy functionalities, on the other hand, we have the world of decentralised finance where the only goal is to make money through various lending and staking schemes. Somewhere in the middle where most people are, there’s access to web3 applications, decentralised storage and content platforms, new forms of social media and people interactions.
While I believe in the wider range of opportunities, there are still barriers to use, including the appalling state of trust and security. From Mt. Gox hack to the wild unimaginable deception by FTX which came as a shock for people even outside of DeFi, we have a problem. Millions of dollars are lost due to hacks and scams every single quarter. Our latest report shows that the average cost of data breach in Web3 is ten times higher than in non-Web3 businesses. Despite all the progress, most of the smart contract code is still unaudited. People new to Web3 must find it bewildering that in such a high-threat environment, security is pushed to the sidelines. Is this sustainable, maybe? But is this the best way to achieve the potential of the Web, absolutely not! We need to set a playing ground for Web3 businesses, set expectations for users, and grant transparent data for regulators and outsiders. The Web3 industry desperately needs better protection.
Blockchain technology is a public ledger accessible by all and it can be used to solve a range of problems in the world of work. Information on chain is immutable which has a fair share of its users. An example related to work and employment, would be education and skill verification. You would be able to confirm education credentials for your potential employees. The functionality of the smart contracts is a focus for one of our top clients, EBSI who is developing that for the European Union.
For all of the difficulties around security, I am still passionate about this field. The immense progress that we have already made is nothing compared to what is coming next for Web3. I’m excited about regulatory approvals of Bitcoin option ETFs and other crypto-related securities. It’ll open the gate to crypto for stock investors that were too reluctant to deal with crypto. Moreover, these decisions would force more security controls on Web3 projects. I’m excited about new technologies: zero-knowledge proofs, post-deployment and live monitoring. We are actively developing and researching AI and ML tools to improve the quality of audits, make them faster and cheaper.
Naturally, I’m more inclined to like networks that we work with but another project that deserves as much recognition as it can get is UACatsDivision. This is a charity NFT collection project that gathers donations to support Ukraine. It features the Ukrainian Armed Forces cats-heroes created in cooperation with United24.”
Find out more about the new economics of Web3 and how it can change the way we work together at the Newconomics event in Lisbon. Full details and registration can be found on the website.