We ask builders in the blockchain and cryptocurrency space what they think of the industry…and throw in a few random zingers to keep them on their toes!
This week our 6 Questions go to Tongtong Bee, co-founder of Panony — an incubator, investor and advisor for blockchain and Web3 businesses.
I’m Tongtong Bee, co-founder of Panony and founder and editor of PANews. I started my career as a reporter in China’s mainstream news outlets, including China News Service, Jiemian, and Cailian Media Group. Since 2015, I have been covering blockchain and fintech news as one of the few journalists in China focusing on these sectors at the time.
My focus on economic issues and emerging technologies led me to be selected to report on the “two sessions” (NPC and CPPCC) in 2018. And this is the year that my business partner Alyssa and I launched PANews. We’ve published over 20,000 articles with an average of over 5 million page views per month, become a frequently cited source in crypto and blockchain journalism, including Forbes, Caixin, CCN, and are a source of official information from Tencent News.
1 – Looking at the top 100 crypto projects by market cap, which ones stand out for you – and why?
I have to say bitcoin. Journalist keen on economic research, I was amazed when I discovered his concept for the first time.
Bitcoin is designed to be a substantial step forward in securing money, as well as an important deterrent against many types of financial crimes. It is the first decentralized peer-to-peer payment network driven by its users without a central authority. Bitcoin has now changed the world and will continue to revolutionize financial systems in many countries. It remains the creative result in all its unlimited present and future uses.
2 — What is the most innovative use case for blockchain you have ever seen? It may not be the one with the best chance of succeeding!
As a member of Panony and PANews, we are always delighted to meet and work with hundreds of brilliant and innovative projects around the world. For example, I’m personally intrigued by what they’re doing at Cudos, a decentralized cloud computing platform. We know the cloud is expensive and centralized. Additionally, up to 50% of the time, hardware is idle or turned off, resulting in low ROI for businesses and a huge carbon footprint. Thus, the current development trajectory is not sustainable for the planet.
The Cudos network, using its cloud-based distributed computing approach that includes blockchain support, saves organizations up to 10 times more than large-scale centralized cloud platforms and proprietary hardware to offset (and potentially profit from) the cost of their hardware by leasing their computing power to the network.
The blockchain industry can be exuberant. I am happy that there are many talents who are building a better future together.
3 — What does decentralization mean to you and why is it important?
Good question. The Decentralized Web is the unstoppable future of the Internet.
In the current version of the Web, also known as Web2, people cannot ignore the results of big corporations controlling what happens online: personal data is tracked and sold without our permission, the loss of power of our content, the dominance of advertisements… Most of the Web is centralized. Web3, which seeks to radically reinvent the way we design and interact with applications from the ground up, will solve many of these problems. There are some fundamental differences between Web2 and Web3, but decentralization is at the heart.
The Ethereum network is currently the largest decentralized network, with access to thousands of decentralized applications. With a focus on digital property, the earning potential of content creators and inventions of new ways to invest have increased. And in a decentralized web, individuals can control their data, not a mega corporation or anyone else.
4 – List your favorite sports teams and choose the most memorable moment watching them. If you’re not a sports fan, choose a few movies and a moment!
As a winter games enthusiast myself, my memories of the Beijing 2022 Olympic Games are still fresh! Eileen Gu winning two gold medals and one silver in a single match is surely a freeski sensation. Not only is watching her beautiful moves breathtaking; I also admire his constant efforts to inspire girls. I’m also honored to have made the Forbes China 30 Under 30 in 2020 with her (different list)!
As a female entrepreneur, I admire her spirit of sticking to goals, challenging the status quo, pursuing her dreams with passion and constant hard work. It gave me strength when my business partner Alyssa and I started our business together.
5 — If you didn’t need to sleep, what would you do with the extra time?
I really wish I didn’t need to sleep so I could do more things that interest me. I would probably read more books because I always find it fascinating to learn something new. During the two months of confinement in Shanghai, I lost the habit of playing badminton indoors and I will continue to do so, doing it properly outdoors.
I am very grateful that my husband and I share many hobbies, and one of them is writing a book together about advertising in Shanghai. We are also very interested in making documentaries for Chinese folk artists and hope the world can see them one day.
6 — What is the future of social networks?
We envision that the future of social media belongs to content creators, to communities – not to certain platforms that control stories. This is what Web3 brings us. Decentralization could be the model for the future of social media: users could have direct access to the decentralized platform; no centralized authority can dictate the rules of engagement and monetization; social media will become a freer space while granting content creators full ownership of their assets.
Decentralized Autonomous Organizations (DAOs) are a new means of online social organization that will have far-reaching implications. DAO properties are likely to have a huge impact on social media activity. Blockchain tokens have the potential to change this arrangement by allowing creators to monetize their fans using many of the same methods DAOs use to reward their members for their contributions.
We’ve seen calls from users that Twitter may have the potential to shift the balance of power and transform into a Web3 platform. We are also grateful to see that some of the projects, including Only 1 and Rally, are committed to reshaping social platforms and rebuilding the social and creator economy.
A wish for the young and ambitious blockchain community:
Our community needs more builders with warm hearts and cold brains. Less FOMO, more patience. And confusion is good: it makes people think of themselves.
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