Bitcoin and Ether hit their best values in more than nearly two months, despite concerns surrounding crypto restrictions in the US. YeFi.one founder Pekka Kelkka: We are on the second wave of this bull run and we will hit ATHs quite soon. We must increase regulators and lawmakers understanding of blockchain and cryptos. Im positive that we will find a common ground. The biggest problem is the US politicians who are funded by the US banks and financial institutions. They will fight back but they will give up. Common sense will win.T
Crypto Veteran. Tokenization, DeFi and Security Tokens - Blockchain.
Ishan Pandey: Hi Pekka, welcome to our series Behind the Startup. Please tell us about yourself and the story behind YeFi?
Pekka Kelkka: Officially, the project came to life in mid-March 2021. However, several years before the actual launch of the YeFi.one platform, a team of blockchain entrepreneurs, the future founders, had been living the DeFi revolution, learning its valuable lessons and nurturing an idea of creating a project that would one day combine all the essential decentralized finance functions while eliminating its shortfalls and mistakes of the past.
The founders had also recognized the value of decentralized data storage and computing projects like Filecoin, Swarm, Chia, and Dfinity. That is how the idea to collaborate and promote these projects have emerged.
Ishan Pandey: The Securities and Exchange Commission of the United States has filed its first complaint related to the expanding decentralized finance sector, charging that a corporation traded digital tokens that ought to have been registered with the Wall Street regulator. From a regulatory standpoint, what measures should be introduced so as to induce a better system wherein full and honest disclosure is mandated and practiced?
Pekka Kelkka: We have the best crypto lawyers following closely whats happening not just in the USA cryptos regulatory scene but globally. Unfortunately, at this stage, we do not welcome US investors on our platform.
The bottom line is that the global blockchain and crypto community needs to collaborate with the regulators. We must increase regulators and lawmakers understanding of blockchain and cryptos. Im positive that we will find a common ground.
Blockchain and cryptos will be the biggest change in the global financial and monetary system in centuries and Defi will lead the way. Also, governments and central banks will benefit from the fastest, most cost-efficient, and secure decentralized financial services.
As we know commercial banks are already in the game. A big Switzerland bank Sygnum is already offering DeFi services to its investor customers. All the other banks must follow if they want to continue their business.
Ishan Pandey: Elrond recently stated that it has become carbon negative, as the cryptocurrency sector shifts to more environmentally friendly ideas to reduce its carbon footprint. What are your thoughts on the detrimental environmental impact of cryptos and can we gradually shift towards a more eco-friendly system?
Pekka Kelkka: This is a development led by Elrond. I see that the blockchain and crypto industry can lead the way also on th e carbon negative production front. Blockchain and cryptos can become the greenest business sector which others will follow!
Ishan Pandey: After a big Ethereum upgrade, Bitcoin and Ether hit their best values in more than nearly two months, despite concerns surrounding crypto restrictions in the US infrastructure plan. Do you believe this uptrend is here to stay or will we soon hit a low in the crypto market?
Pekka Kelkka: We are on the second wave of this bull run. It will still last months. We will hit ATHs quite soon. The bear market will come. Not 70-90% cut this time but less. Still, these are my personal opinions. No financial advice.
Ishan Pandey: Biden's huge bipartisan infrastructure project struck a rare chord of bipartisan collaboration between Republicans and Democrats, but the bill is being held up due to proposed changes to cryptocurrency regulation in the US. What does the future look like for cryptocurrencies in the United States?
Pekka Kelkka: Should we be worried? In the end, I believe that US lawmakers will understand that blockchain and cryptos will lead the technology development in the world, just as the internet has done since early 2000. The biggest problem is the US politicians who are funded by the US banks and financial institutions. They will fight back but they will give up. Common sense will win also in the USA.
Ishan Pandey: The biggest significant enhancement to the Ethereum blockchain since 2015, according to Ethereum developer Vitalik Buterin, came into force just recently, and the network is well-positioned to make an even bigger improvement to reduce its energy usage by 99 percent. Can you elaborate on this new improvement and what its implications are for the Ethereum ecosystem?
Pekka Kelkka: How many hours do we have? 🙂
Let me start first by saying this:
Ethereum will be the biggest game-changer in the global business. It will be the global computer. It will be bigger than AWS, Azure, and Google combined.
Ethereum's biggest change on the recent EIP (Ethereum Improvement Proposal) 1559 was the change on the economical model which will make ETH deflationary in the longer run.
Since EIP1559 the base fee amount of ETH is "burned" on every transaction i.e. on every transaction some ETH tokens will be removed from the market circulation.
When transactions on Ethereum will explode - as expected - more ETH will be "burned" than produced (mined). Demand for ETH will become much higher than supply.
What do you think will happen to the ETH price?
But "the money-making machine" of ETH is just a side product. Most importantly Ethereum will become the world computer as I mentioned earlier.
Even more remarkable changes will occur when ETH2.0 will be launched possibly before the end of the year. The major feature of ETH 2.0. Will be Sharding. The Ethereum network will be used much more economically which will reduce the price of the transactions as well as speed up them dramatically.
This will also reduce the energy usage a lot on the Ethereum network.
Ishan Pandey: What new trends are we going to witness within the crypto ecosystem especially in the post-covid-19 era?
Pekka Kelkka: The whole blockchain and crypto scene will explode - watch out mainstream, here we come!
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions. The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company. Ishan Pandey.
Related Stories
Create your free account to unlock your custom reading experience.
Follow this link:
"Ethereum will be Bigger than AWS, Azure and Google combined" - Pekka Kelkka - hackernoon.com
- How does Ethereum work - Medium - February 3rd, 2018 [February 3rd, 2018]
- Ethereum - BTCMANAGER - February 19th, 2018 [February 19th, 2018]
- This Giant Infographic Compares Bitcoin, Ethereum, and ... - February 19th, 2018 [February 19th, 2018]
- What is Ethereum? | CryptoCompare.com - February 23rd, 2018 [February 23rd, 2018]
- The Top 10 Best Ethereum Wallets (2018 Edition) - February 23rd, 2018 [February 23rd, 2018]
- Ethereum fixes serious eclipse flaw that could be exploited ... - March 7th, 2018 [March 7th, 2018]
- How does Ethereum work, anyway? - Medium - April 25th, 2018 [April 25th, 2018]
- Free-Ethereum.com - Free Ether! - May 31st, 2018 [May 31st, 2018]
- What is Ethereum? | The Ultimate Beginners' Guide - June 20th, 2018 [June 20th, 2018]
- Ethereum Mining Guide for AMD and NVidia GPUs - Windows ... - June 20th, 2018 [June 20th, 2018]
- Ethereum: Blockchains, Digital Assets, Smart Contracts ... - July 16th, 2018 [July 16th, 2018]
- Ethereum Price - Mobile Friendly Price of Ether - July 16th, 2018 [July 16th, 2018]
- Ethereum Soars with over a 2,800% Rally - Coin News Asia - July 28th, 2018 [July 28th, 2018]
- Ethereum Co-Founder Joseph Lubin Says Speculators Driving ... - August 20th, 2018 [August 20th, 2018]
- Bitcoin and Ethereum: A Look At The Week Ahead - September 2nd, 2018 [September 2nd, 2018]
- EthereumPrice - Official Site - October 3rd, 2018 [October 3rd, 2018]
- Ethereum Classic Price Analysis: ETC/USD Could Revisit $12 - October 6th, 2018 [October 6th, 2018]
- Ethplorer Ethereum tokens explorer and data viewer. Top ... - October 6th, 2018 [October 6th, 2018]
- Buy and Sell Ether With The Peer-to-Peer Ethereum ... - October 6th, 2018 [October 6th, 2018]
- Ethereum Price - CoinDesk - October 18th, 2018 [October 18th, 2018]
- EthereumPrice.org - USD Price, Charts & History - October 18th, 2018 [October 18th, 2018]
- Report: Whales Accumulate Ethereum (ETH) En-Masse Amid Bear ... - December 7th, 2018 [December 7th, 2018]
- GitHub - ethereum/go-ethereum: Official Go implementation of ... - December 7th, 2018 [December 7th, 2018]
- Ethererum Crypto-Economics Index Real-time Price Charts and ... - December 7th, 2018 [December 7th, 2018]
- Ethereum Definition | Investopedia - December 7th, 2018 [December 7th, 2018]
- What is Ethereum Gas: Step-By-Step Guide - Blockgeeks - December 19th, 2018 [December 19th, 2018]
- Ethereum Price Analysis: ETH Could Extend Losses Below $80 ... - December 19th, 2018 [December 19th, 2018]
- Ethereum Price Analysis: ETH Could Turn Bullish Above $90 ... - December 19th, 2018 [December 19th, 2018]
- Bitcoin, Ethereum, Ripple Prices Surge Higher; FOMO Santa Rally? - December 26th, 2018 [December 26th, 2018]
- Ethereum Co-Founder Calls the Cryptobottom of 2018 ... - December 26th, 2018 [December 26th, 2018]
- Part 1: Ethereum vs NEO Which blockchain will provide ... - December 31st, 2018 [December 31st, 2018]
- Ethereum Price Analysis: ETH Corrects Sharply, Can It Hold ... - December 31st, 2018 [December 31st, 2018]
- Ethereum: JPMorgan, Microsoft, Banks Form ... - fortune.com - January 3rd, 2019 [January 3rd, 2019]
- Ethereum News | Ethereum News today | Latest Ethereum News - January 3rd, 2019 [January 3rd, 2019]
- Ethereum (ETH) - Price, Chart, Info | CryptoSlate - January 3rd, 2019 [January 3rd, 2019]
- Ethereum Cash Pro - January 3rd, 2019 [January 3rd, 2019]
- What Is Ethereum? Here's What You Need To Know - January 3rd, 2019 [January 3rd, 2019]
- What is Ethereum? | The Ultimate Beginners Guide - January 27th, 2019 [January 27th, 2019]
- Ethereum Classic - A smarter blockchain that takes digital ... - January 27th, 2019 [January 27th, 2019]
- Ethereum Price Analysis: ETH Relatively Muted, Next Move ... - January 27th, 2019 [January 27th, 2019]
- Buy and Sell Ether With The Peer-to-Peer Ethereum Marketplace ... - January 27th, 2019 [January 27th, 2019]
- What is Ethereum? | The Ultimate Beginners' Guide - CoinCentral - January 30th, 2019 [January 30th, 2019]
- Ethereum Price Analysis: ETH Breaks Down, Turned Sell on ... - January 30th, 2019 [January 30th, 2019]
- Ethereum Price Analysis: ETH Remains Sell Near $128 ... - March 6th, 2019 [March 6th, 2019]
- Ethereum Price Analysis: ETH Remains Sell Near $128, Target ... - March 11th, 2019 [March 11th, 2019]
- Create a cryptocurrency contract in Ethereum - March 11th, 2019 [March 11th, 2019]
- Ethereum Price Analysis: ETH Buyers Wont Give Up Easily ... - March 11th, 2019 [March 11th, 2019]
- Buy and Sell ETH With The Peer-to-Peer Ethereum Marketplace ... - March 18th, 2019 [March 18th, 2019]
- Ethereum Technical Analysis - FXStreet - March 18th, 2019 [March 18th, 2019]
- Ethereum - Investopedia - March 18th, 2019 [March 18th, 2019]
- Ethereum - reddit - March 18th, 2019 [March 18th, 2019]
- Ethereum vs Bitcoin: The Battle for the Crypto Throne - Coindoo - March 18th, 2019 [March 18th, 2019]
- Ethereum Price Analysis: ETH Could Make a Sustained Move ... - March 18th, 2019 [March 18th, 2019]
- Ethereum Project - March 18th, 2019 [March 18th, 2019]
- Ethereum - Official Site - April 20th, 2019 [April 20th, 2019]
- Ethereum (ETH) Price Starts Much Awaited Rebound To $170 - May 9th, 2019 [May 9th, 2019]
- Ethereum Price Analysis: ETH Corrects But More Upsides Likely ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Price Analysis: ETH Primed For Additional Losses ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Won't Fail: Joseph Lubin - ccn.com - May 9th, 2019 [May 9th, 2019]
- Ethereum (ETH) Price Starts Fresh Increase: Bitcoin Leading ... - May 9th, 2019 [May 9th, 2019]
- Bitcoin Booming As Ethereum, Ripple's XRP, EOS And Litecoin ... - May 9th, 2019 [May 9th, 2019]
- Ethereum Bounty Program - May 30th, 2019 [May 30th, 2019]
- Dark Horses of dApps: 6 Blockchains With Ethereum In Their Sights - Crypto Briefing - October 21st, 2019 [October 21st, 2019]
- Latin Americans get two new ways to trade Bitcoin, Ethereum, and more - Decrypt - October 21st, 2019 [October 21st, 2019]
- Ethereums Bearish Wave Count Outlined by Cryptocurrency Analyst - BeInCrypto - October 21st, 2019 [October 21st, 2019]
- XRPs Third Quarter Inflation Rate Was Lower Than Ethereum (ETH) and Litecoin (LTC) - SludgeFeed - October 21st, 2019 [October 21st, 2019]
- Ethereum (ETH) Dives To $170, Is $160 Next Bear Target? - newsBTC - October 21st, 2019 [October 21st, 2019]
- Thomson Reuters: Bringing Smart Contracts to the Mainstream With Ethereum & Chainlink - Blockonomi - October 21st, 2019 [October 21st, 2019]
- Crypto Analyst: Ethereum Has Bottomed, Expected To See Extended Rally - newsBTC - October 21st, 2019 [October 21st, 2019]
- WATCH: MyCrypto CEO Taylor Monahan on Crypto Adoption and Ethereum - Coindesk - October 21st, 2019 [October 21st, 2019]
- Cryptocurrency market update: Kicks of a dying horse as Bitcoin, Ethereum and Ripple remain suppressed - FXStreet - October 24th, 2019 [October 24th, 2019]
- Cryptocurrencies price prediction: Bitcoin, Ethereum & Litecoin - American Wrap - 22 October - FXStreet - October 24th, 2019 [October 24th, 2019]
- Ethereums gas prices show an unusual surge when the Asian market sleeps - AMBCrypto - October 24th, 2019 [October 24th, 2019]
- Whale Consolidates $88M Worth of Ethereum in Two Transactions - BeInCrypto - October 24th, 2019 [October 24th, 2019]
- Ethereum Falls 10% In Selloff - Yahoo Finance - October 24th, 2019 [October 24th, 2019]
- TRON Joins Bitcoin And Ethereum On Opera Browser - Crypto Briefing - October 24th, 2019 [October 24th, 2019]
- Ethereum (ETH) Rebound Faces Major Hurdle Near $180 - newsBTC - October 24th, 2019 [October 24th, 2019]
- Ethereum Breakout Above $360 Means Skys the Limit, Believes Cryptocurrency Analyst - BeInCrypto - October 24th, 2019 [October 24th, 2019]
- Ethereum Futures: The Next Big Derivative to Hit the Market? - Cointelegraph - October 24th, 2019 [October 24th, 2019]
- Ethereum and Stellars Lumen Daily Tech Analysis 23/10/19 - Yahoo Finance - October 24th, 2019 [October 24th, 2019]