Note: This is a migrated article. The original date of publication of this article is on May 13, 2015.
Unlike compensation scams, DNotes is money – digital money that can be saved, transferred, retrieved and spent at a later date. We had the chance to get in touch with Alan Yong, founder of DNotes, as he shares his expertise on digital currencies. Here is the summary of our talk below:
Hi, Alan. Mounting a cryptocurrency is difficult. What can you say are the challenges you’ve encountered and overcome in launching DNotes?
Starting a new business can often appear to be deceptively easy, especially in the case of cryptocurrency over the last couple of years. Bitcoin, being open source software, drastically reduced the barrier to entry, both in terms of time and cost. In most cases, a new Bitcoin alternative currency was created and launched in a week at less than the cost of a typical weekend family vacation. Being too easy to launch a new coin has turned out to be a very painful and costly adventure for the industry, resulting in business failures and lost of investment never seen in any other industries. It is looking like 90% of them will fail within three years as opposed to a more normal 35%.
Being a career entrepreneur who has experienced both success and failure in business, we spent over two months in research and strategic planning. In a new technology driven industry as massive and complex as Bitcoin, the first thing I recognized was that the first mover advantage Bitcoin had could actually be exploited by the second mover, if it could position itself correctly with multiple winning strategies.
Joining an industry rampant with hostile and destructive conducts, with low regards for trust, integrity and respect was among our biggest challenges. The challenge was to quickly develop a new culture of trust, integrity with mutual respect and cooperation for the mutual benefits of everyone and make it sustainable. It was done under strong leadership with clear and consistent messaging defining DNotes’ mission and the unique path it must take to distinctly differentiate itself from the others. This is a case of branding at its best. This is a case of using “TRUST” to overwhelm the competitors who have been misguided and over promoted Bitcoin as a “trustless” system.
What fueled your interest in bitcoin? Kindly give us a glimpse of your journey to get here.
Having been a pioneer and well regarded visionary in the early days of mobile computers, Dauphin DTR handheld computer, a direct competitor of the Apple Newton, I always have a keen interest to imagine how computing power could help alleviate some global problems if made available to billions of people worldwide. With great advances made in wireless communication we are already hyperconnected with super computing power at our finger tips anytime anywhere. When I finally decided to do some serious research on Bitcoin in the later part of 2013, I could not stop thinking that we finally have all the needed parts to help alleviate some significant global problems that had not been possible before.
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It is estimated that by the year 2020 over 5 billion smart phones will be in use and there are 2.5 billion people worldwide today commonly referred to as the unbanked for not having a bank account or serviced by a bank. I am absolutely convinced that a stable digital currency with reliable long term appreciation in partnership with international charity organizations and the United Nations will soon have a viable option within our reach in a year or two. With two simple cell phones, or computers with an internet connection one can be setup to send and receive funds, thereby solving the unbanked problems. This alone has been my inspiration to work long and hard to position DNotes as a large scale global digital currency that can take full advantage all the superior feature of digital currency and Blockchain technology.
To be continued…
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