Young crypto CEO criticizes
In an exclusive interview with crypto.news, Yale ReiSoleil, Jr., the co-founder and chief technology officer of Untrading, discussed his thoughts on the future of finance and blockchain technology.
ReiSoleil, who started Untrading at the age of 16, created a platform for trading non-fungible tokens (NFTs) and cryptocurrencies that allows users to receive future rewards on their sold assets. This innovative feature is made possible through a technology outlined in an Ethereum Improvement Proposal known as ERC-5173 — NFT Future Rewards (nFR), which he helped develop.
ReiSoleil’s passion for coding and development was sparked by his interest in video games, where he enjoyed uncovering loopholes to progress faster or unlock hidden features.
Here is the interview with the 17-year-old CTO of Untrading.
Q: Major NFT collections have seen a 90% drop in today’s market — does this signify the decline of NFTs?
A: The recent drop in major NFT collections is part of a market correction, similar to the broader crypto market. This decline is a result of the speculative hype that inflated prices to unsustainable levels. However, this correction does not indicate the end of NFTs as a technology or valuable asset class.
Many of the NFTs in question are unoriginal, lazy, and childish creations that flooded the market recently. These uninspired copies of earlier groundbreaking projects like Cyberpunks and CryptoKitties relied on finding buyers willing to pay inflated prices. The downfall of these low-quality collections is necessary for the market to mature.
Despite this, the NFT framework itself has immense potential beyond these speculative projects. As the market progresses, we can anticipate a shift towards NFTs with tangible benefits, real-world applications, and long-term value propositions.
Q: How do you envision the future of blockchain technology for mainstream use by 2030?
A: Predicting the future of blockchain technology is challenging due to its rapid evolution. Looking back just 6–7 years shows how outdated things appeared then. The pace of technological advancement is swift, making any projections likely to seem absurd in hindsight.
However, I believe a significant improvement we should expect is a much-improved user experience (UX) and onboarding process. It is unrealistic to assume that every individual interested in blockchain must navigate complex concepts and risks of financial loss. Simplifying the user experience is crucial for mass adoption.
The complexities surrounding blockchain currently hinder widespread use. Nevertheless, it remains vital for users to retain control over their keys and funds. Technologies like Externally Owned Accounts (EOAs) and Account Abstraction will be essential in achieving user-friendly blockchain interactions. Ease of use will drive increased adoption and innovation, creating a positive feedback loop.
As the crypto industry continues to evolve amidst mixed signals, the future of blockchain technology holds promise for reshaping asset ownership and value creation in both virtual and real-world environments.
