6 Questions for Ming Duan of Umee – Cointelegraph Magazine


We ask the buidlers within the blockchain and cryptocurrency sector for his or her ideas on the trade… and throw in just a few random zingers to maintain them on their toes!


This week, our 6 Questions go to Ming Duan, the co-founder and chief working officer of Umee, a cross-chain DeFi hub that enables decentralized interactions between completely different blockchains.


Ming Duan’s data of the crypto and blockchain world goes again to 2014 when she initially realized in regards to the rising trade by way of the first-ever blockchain course taught at a enterprise college. Since then, she has developed in depth crypto funding data by way of hands-on observe. Duan brings distinctive perception to Umee, having expertise as each a crypto investor and builder within the ecosystem. Her aim for Umee is to construct a platform the place people can work together with completely different tokens and chains multi functional place. Whereas propelling Umee ahead, Duan leads crypto investments at Argonautic Ventures and Fenbushi Capital. She graduated from Duke College and obtained her Grasp of Enterprise Administration diploma in 2016.


1 — What’s the fundamental hurdle to mass adoption of blockchain know-how?

Merely put, blockchain know-how is just too laborious to make use of.

On the subject of mass adoption, it’s actually about evaluating what blockchain know-how can convey to customers by way of current options. The problem is that, more often than not, our current options work. When sporting my investor’s hat on a brand new challenge, I at all times wish to ask about whether or not blockchain is de facto essential to attain the aim for the product. From a consumer’s perspective, if the audience will not be already in Web3, blockchain is oftentimes not wanted as a result of a centralized resolution is already sooner, cheaper and simpler to make use of.

So, why are we right here? Nicely, it’s due to the potential that blockchain-based functions might be as quick, low cost and straightforward to make use of as current options whereas creating new options: new methods of taking a look at financial coordination, new methods of taking a look at finance, from each an open-source in addition to open-access perspective. There may be additionally that little additional ingredient of being decentralized. We’re getting there.


2 — From good contracts to DApps to NFTs to DeFi, we now have seen so most of the subsequent “killer apps” for crypto, however none have actually taken off simply but. What is going to stick?

The concept of a decentralized digital world will stick. It’s too early to say what is going to, or what has already, taken off in the case of crypto experiments. Crypto follows market cycles, and it takes time for folks to grasp this new trade. We shall be seeing new concepts and new experiments, and quite a lot of them will fail, however a few of them will go away an impression on folks that may push it to evolve into one thing new. This course of is totally anticipated and wholesome. Crypto is each a technological and social paradigm shift. We are able to’t get it proper in a single try and we now have the luxurious of a promising future to make trial and error. The promise of such an uncoordinated and distributed mechanism to run a digital world will stick in people’ heads. It is going to spur questions designed to problem the established order, and appeal to extra expertise to hitch the area and construct out this decentralized digital future.


3 — What are the highest 5 Crypto Twitter feeds you possibly can’t do with out, and why?

Umee_CrossChain wants no clarification — it’s our bread and butter! I discover such pleasure and pleasure when seeing Umee’s newest updates through our Twitter feed. Plus, simply seeing Adora the octopus’s smiley face from time to time makes everybody really feel pleased, proper? 

Zhu Su is your cheatsheet to being a crypto insider. He helps you zoom out and perceive how crypto suits into the broader social and financial image whereas taking note of the macro developments. Oftentimes within the crypto area, we get too deep into the weeds and neglect in regards to the larger image, however greedy the larger image is what units the inspiration for strong long-term success.

Samczsun is the rationale why everybody ought to maintain a wholesome sense of paranoia in the case of software program safety in crypto. His behavior of generously sharing safety vulnerability and hack opinions is extraordinarily helpful even to non-technical readers. 

If you’re on the lookout for an alpha or making an attempt to land on the best aspect of the bell curve of the crypto crowd, I might advocate following ASvanevik. He’s a founder in addition to a gifted information scientist who has shed much-needed gentle on the darkish forest of blockchain information. Alex has Ieft me with an enduring impression because the very first time we spoke.

Bond_dog_51 is my associate in crypto, so his Twitter feed is a vital comply with for me. Because the chief govt workplace of Umee, we work aspect by aspect to make this platform all it may be. I take pleasure in following his distinctive perception on the trade by way of his feed, and I really like studying his retweets.

And a sixth one, only for enjoyable! Weird_AnimaIs is without doubt one of the few Twitter accounts I comply with that don’t have anything to do with crypto. It makes me smile and take a second to understand the facility of mom nature and the way issues are all interconnected. I’m an enormous fan of how nature follows the identical patterns in an attention-grabbing and transcendent manner.


4 — Which two superpowers would you most need to have, and the way would you mix them for good… or evil?

I might like to have the facility to freeze time, like Hermione in Harry Potter! We crypto folks at all times joke about the way it already seems like one month is equal to years in crypto time with thrilling, new issues occurring day by day and a lot data to ingest. I’m a really sluggish reader and wish to spend time understanding the ins and outs of a subject earlier than transferring on to the subsequent. Having 200 tabs open on my browser is inevitable as a result of I don’t have sufficient time to course of all the things! How about just a little one-hour time freeze on a regular basis? I’ll be capable to save my Chrome from burning down too rapidly.

Alternatively, I might additionally like to have the superpower to clone myself — not as soon as, however twice! One among me would attend all of the crypto conferences and meetups, whereas the opposite retains observe of the most recent information and developments within the area. The third Ming would focus solely on delivery and constructing! 


5 — ​​What’s the factor in your bucket listing that’s very unlikely to occur?

I’m afraid it’ll be the one the place I full a part-time program at a culinary college. I’m an enormous foodie. I began trying to prepare dinner on the range after I was six years outdated and I nearly utilized to  a culinary college for school, however I gave in to my mother and studied finance as an alternative. Studying and working towards completely different recipes has been one of the enjoyable actions when taking a break from dwelling within the limitless crypto world. Keep in mind Monica from Associates? I think about myself to be fairly like her if I really achieved my dream of changing into a chef. Though crypto by no means disappoints — in 2020, I fortunately indulged in all of the meals cash on the market. Meals was really a big inspiration for Umee, because the phrase in Japanese means “Scrumptious!” Workforce Umee can’t get sufficient of the meals coin degen tradition.


6 — The place do you stand on alien intelligence and the existence of life elsewhere within the universe?

Aliens completely exist! What we at present know in regards to the universe could be very restricted, nearly much like how early we’re in crypto adoption. The concept life, or no matter type of intelligence, exists someplace out there may be actually thrilling. Although I’m a fan of The Three-Physique Downside, I’d wish to assume that we must be cautious when reaching out and on the lookout for aliens. 


A want for the younger, formidable blockchain group:

I want and hope to see extra girls within the crypto world use their voices. There’s a range drawback, however it is very important spotlight that ladies are already within the area and are utilizing their intelligence to propel the crypto trade ahead. Let’s see them shine!

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