Once in a while, an exceptional technology comes to light. As everything else under the sun, those technologies have a certain cycle, almost a fruit like process. That initial seed of an idea turns into a sprout of potential, that becomes a tree giving us sweet and juicy benefits.
Vicky Barker's crypto exchange Dacxi is focused on bringing wonders of Blockchain technology and cryptocurrencies specifically to mainstream audiences.
We touched upon the growth of Blockchain technology, the role of team and the need for clarity for rookie crypto enthusiasts.
Cyril Gilson: Give us a brief story of how you first discovered Blockchain and what it meant for you?
Vicky Barker: I was at a conference in Hong Kong at the end of 2015 and accidentally stumbled into a breakout session that was all about how Blockchain might disrupt the beauty industry. I was really intrigued to hear about how Blockchain might have the potential to solve major issues in the cosmetics industry for both companies and consumers alike. At the time I was a beauty product manufacturer and I realized that Blockchain could be used to stop the counterfeiting of products and also provide supply chain transparency in an industry that is famous for smoke and mirrors.
From there I went down the rabbit hole and started devouring books, Ted-talks and whitepapers. Having lived through the Dotcom revolution, I realized that Blockchain had the same potential to turn the world on its head and I knew I had to get involved. I’m fascinated by the idea that our monetary system could be transformed and so create a fairer world. So my husband, myself and our investors set out to create Dacxi, the world’s first Community Exchange. Our goal is to help solve mainstream adoption of crypto assets.
CG: Tell us about your team. How did they get to the crypto industry?
VB: One of Dacxi’s strengths is our team. We have around 52 team members who are based in four offices in four different countries. They are a fantastically talented and diverse group of people with skills across the board from marketing, acquisition, community building to cryptoanalysts and also our dev and technical team. Some have been in the Blockchain world for years and act as crypto evangelists to any members of the team who are new to crypto!
CG: When in your opinion will mass adoption of Blockchain come?
VB: That’s the big question isn’t it? I think it is going to be like any new technology. At first, adoption is very slow and people question the value of the technology. We’ve seen this already. And then as Blockchain starts to spread it will follow an s-curve adoption cycle and quickly become unstoppable. When a new technology does take hold, it is very hard to stop. I think this will happen with cryptocurrency because of the network effects that strengthen and expand as more people use it. We need digital money for our digital world. That’s one of the first uses cases, and then once the more exotic DAPPs start to come online and scale there will be no looking back!
CG: Do you think your project may significantly influence Blockchain adoption? If yes, why?
VB: Yes, absolutely! Dacxi’s mission is to help solve the mainstream adoption problem. Our goal is to be the number one community exchange brand in crypto. We’re going to onboard the next wave of mainstream retail investors into crypto and that means up to 500 mln new investors and a market worth $1 tln by 2022. We’ll do this by pioneering a new category of crypto exchange, called a Community Exchange. The Dacxi Community Exchange has two key parts to it. Firstly, a user-friendly interface that is simple and intuitive to use. Secondly, it includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way.
CG: Name the factor that could be a major turnoff as it comes to cryptocurrencies and Blockchain. What can be done about it?
VB: The major turn off for people at the moment is they simply don’t understand it. It takes a while for people to get their heads around what Blockchain and crypto are all about. And of course, the barriers to entry are high. It’s a big challenge for new people to even get their first crypto and most people give up. Current exchanges are very technical and intimidating and not designed for mainstream users. So at Dacxi, we’re removing those barriers to entry, so new mainstream retail investors can get into crypto in a safe and responsible way. We’ll show them what they need to know and how to do it!
CG: The number of hacks is growing today along with the volumes of the sensitive data and the funds were stolen. How will you make sure that very personal user data is not going to be compromised?
VB: Yes, well obviously one of the strengths of Blockchain is that it allows users to take control of their data and keep it out of the hands of big companies that are more likely to be hacked. For us, as a crypto exchange, the security of our systems, assets and user data is one of the core principles upon which our business is built. We have best practice security protocols in place, a secure cold wallet storage facility in a remote location and our team is constantly assessing and testing our systems.
CG: What major obstacles do you foresee for your project?
VB: One of the challenges for us in 2018 and I’m sure it’s the same for many others in the space, is the current bear market has meant that new investors aren’t ready to enter the market yet. In some ways, this has turned out to be a positive, as it has given us a longer runway to build out the Dacxi ecosystem platforms, so when the market does turn and we enter the next bull cycle we’ll be well positioned for the next wave of new investors.
CG: How big is the community you are working with? How do you describe it?
VB: Our community is growing fast! I would describe our global crypto community as welcoming, friendly, empowering, inclusive, collaborative, credible, knowledgeable, aspirational, inspirational, entertaining, enthusiastic and positive. Because we’re global, our team is just as global and diverse as the community. We have people from over 20 different countries on the team.
CG: What is the role of women in your company?
VB: We have some great women on our team and it’s very important to me that we help encourage new female crypto people. It’s estimated that less than five percent of crypto investors are women and I find that quite shocking!
I think there are a few reasons why. Firstly, women are more risk-averse than men. And while crypto is becoming more recognized as an emerging new asset class, it has always been seen as risky. Secondly, knowledge or access to information. Bitcoin first became popular in the geekiest, nerdiest corners of the Internet. In those days you did need some technical knowledge to get into crypto, and while things are much easier now, and getting better all the time, it’s still true today.
Too many women think you need to have an economics degree or be a computer coder to be qualified to invest in crypto. That is not true! Also, did you know that woman make better investors than men? It’s true! According to research by Warwick Business School- women’s returns on their investments were 1.2 percent higher than men. If crypto is going to achieve mainstream adoption, we must welcome more women into the space and I’m certain that we will.
CG: What are your major principles when working with your community?
VB: We're all about our community. Our members are here to increase their crypto knowledge and learn more about how to take part in the crypto revolution. To help our community members grow in confidence on their crypto journey, we value and respect constructive contributions from anyone, regardless of where they are on their journey. We will all help each other to succeed.
Dacxi (Digital Asset Community Exchange International) is a global start-up pioneering a new category of crypto exchange, called a Community Exchange. Dacxi’s mission is to help solve the mainstream adoption problem by removing the barriers to entry that have prevented retail investors from entering the crypto market. Once these barriers to entry are solved, Dacxi estimates that up to 500 mln new retail investors will enter the crypto market by 2022.
The Dacxi Community Exchange has two key parts to it. Firstly, the Dacxi Exchange has a user-friendly interface that is simple and intuitive to use, not technical and intimidating like most existing exchanges.
Secondly, the Community Exchange includes a dedicated community platform that provides new mainstream investors with the knowledge, tools, discussion groups and learning resources they need to engage with crypto assets in a safe and responsible way. Beta versions of Dacxi’s platforms have been launched and can be accessed via dacxi.com