Token 2049 is ramping up my faith in the future of crypto

TOUTED as the biggest crypto and Web3 conference ever, this event this week has been an astonishing affirmation of what makes crypto great and faith in its future.

Quite apart from the fact that it is taking place in Singapore, which has to be the most tech and digital place to date, the sheer numbers of people at the event has been truly astonishing.

Taking over the entire Marina Bay Sands Conference and Expo centre, and on all its floors, whatever you might be looking for in the 'cryptoverse' is here.

I lost count of the number of exchanges (many of which I’d never heard of, but all of them clearly able to perform) and the many other platforms and businesses that service the whole industry. I particularly liked one exchange that had an attractive young lady on its stand with a sign above her head “Hugs for Investors”. She was doing a roaring trade.

There are several key themes here. There is clearly no let-up in the number of exchanges that are going to be trading crypto. Indeed one of the themes is start your own exchange for your own token. You can do that for well under $10,000 and you can make it work beyond that for not much more.

KYC and AML are becoming even more important, not only in crypto, but in everyday life. With all the deep-fake AI and other misdirection technologies, how do you know you are dealing with the person you have known all your life?

Blockchain has the answer and my view is that quite soon we will all have a code or digital thumbprint that can verify you as a real person.

Entering Singapore you already have to give a thumbprint of your right hand. I was here eight years ago (I think before the thumbprint was universal) but they had the copy of my old passport which was AI checked against my new one, and I was told that in future when I came I would probably only need to give a thumbprint, which would save massive amounts of time and manpower at immigration.

Another theme is that it is a human right to be you. What that means is with all the fakery, you have a right to be the real you. Blockchain can sharpen up the fuzziness that has emerged over the last few years about who we are. And just as a side issue, a Swiss watchmaker has produced a Bitcoin wristwatch which was launched at this event. I’m afraid I was somewhat underwhelmed as it seemed the only Bitcoin thing about it was the price.

The razzamatazz that accompanies big events is of course here. I particularly like “Okto” the octopus promoting the Okto Networking Village. I regret to say he (or she?) was also doing great business with the eight armed hugs. In case you don’t know, and according to their PR, OKTO creates “immersive Fintech solutions for both consumers and businesses, allowing fast, easy and secure payments, in-store, online and on the move”. Am I the only person who thinks this sounds very like money in the Tradfi world? There are dozens of similar businesses here all trying to get a slice of the pie. The one I particularly like is “Chocolate Finance”. That would get my vote every time.

The organisation and logistics involved in the event certainly seem to have been handled extremely efficiently. A bit lost? Before you can blink someone will be at your side asking what you are looking for. A wide variety of extremely good and healthy food at every turn is entirely free. I particularly liked Coinbases’ “Coffeebase” which must have served virtually everyone at the event a free coffee and a croissant.

The whole event is quite overwhelming and if you are into crypto you can literally find everyone you might wish to meet here. Along with exchanges, those servicing them are in great numbers, particularly the market-makers and liquidity providers, who have blossomed as the exchanges have proliferated. Everyone and his dog has a gimmick from a scratchcard to throwing darts to  punching balls to guessing games and the engagement and enthusiasm is infectious.

And when you start to get cold from the aircon, you can of course pop onto the terrace and look at the astonishing business district and the Marina Bay Sands Hotel itself, all absolutely pristine.

This is also F1 race weekend here so there are roads blocked off much to the frustration of the taxi drivers, even though it’s good for their bottom line. I was stuck in traffic about 200 yards from where I was going and suggested I would just get out and walk. The taxi driver nearly had a fit. “NO NO NO! Not allowed get out here. I get fine if I open door!” 

Singapore’s a great place but jaywalking is not an allowed option. Oh, and don’t drop anything anywhere. It has to go into the segregated recycling bins. Otherwise you get a fine. Such bliss.