Cryptocurrency analyst. Founder and editor at btcpeers.com
Since its grandiose debut on the world’s stage in 2008, blockchain brought a revolutionary promise of shaking up multiple existing industries and defining the new vector of their development. 12 years later, this is still far from being completely true; right now, blockchain hype is said to be ”paused” mostly due to the global mobilization to fight the pandemic.
However, that pitiful fact did not prevent Bitcoin from climbing new heights – it was not up until now that cryptocurrency broke the new record since December 2017. It clearly points out that, despite all negative side-effects, the trading activity is still firing up.
Same goes with respect to fiat currencies. Although the less favourable global situation does not inspire immediate hope of a stable economic recovery, this asset class benefitted in particular from the widespread turmoil. The price fluctuation already made fiat currencies around the world a perfect target for short-term traders, the number of whom has grown substantially during the pandemic. With that in mind, Forex trading is still far from innocuous, and the number of scams has reached a peak during the health crisis. Luckily, there’s one solution that inspires confidence during turbulent times – and the name of it is blockchain.
Let’s investigate more closely how decentralized technology can benefit Forex. One of the traditional concerns in the trading industry has been wrapped around security. The sad reality shows that now always Forex platforms were capable to hold back those who pose a threat to their security. However, blockchain is set to redefine this trouble spot – owing to the chain of blocks keeping an immutable record of all transactions, blockchain is capable of preserving the security of its users at an extra high level.
And this is not all. What else Forex industry is ill-famed for its high transaction fee for executing a trade, especially when dealing with brokers. While this may be less disadvantageous for long-term holders, day-traders and short-term profiteers often find themselves on a losing side. They would clearly opt for an alternative solution if there would be one – and so far, there’s only blockchain that can provide a fair answer to all these problems.
That’s the conclusion to which Liber LTD has arrived at. Grounding its platform on the firm principles of Forex trading, its incorporation of decentralized technology. By adding layers of AI and BigData, it supports users with automated data-driven algorithms that bring the possibility of a successful trade closer. By launching its own token Libfx, it grants holders with rights of purchasing the stock. All together combined, Liber LTD becomes a platform taking the first step into the blockchain-based future of Forex.
Lately, I got a chance to talk to Chris Adam, the CEO of the project, who shared with me his vision of his young and dynamic initiative as well as brought his own outlook on the development of Forex in the context of decentralized finance.
Andrey Sergeenkov: Thanks for joining me for an interview. I would like to ask you a few questions. First of all, how in your opinion Forex trends have evolved since the start of the year – and what future changes we may expect?
Chris Adam: Forex industry has been very dynamic, and currency trends were unpredictable in many cases under the pressure of Covid-19. All major world currencies have seen a drop in value, and this fall has been even more significant for dependent currencies. So, there were lots of opportunities that could spark the interest of any experienced Forex trader, and I can only guess that this rollercoaster game is not fully over yet. Nobody can fully predict what’s going to happen in the future, but my guess is that the stability will only come with the arrival of the vaccine.
Andrey Sergeenkov: Talking about pandemic – how Covid-19 has affected Forex trading landscape, and what would make it to remain no less appealing in the future?
Chris Adam: The rise of scams was observed, that is for sure. Apart from that, I’ve heard that sitting at home has prompted many people, including the ones with no financial background, to learn and practice Forex trading. I think that’s an opportunity we can capitalize on if we take an advantage out of it on time.
Andrey Sergeenkov: Can we say that blockchain and decentralized finance can in part smooth down the devastating effect the pandemic had over the global economy? How can governments and the private sector catalyze the change?
Chris Adam: That’s one thing we have to constantly keep in mind. I do believe that blockchain stores enormous potential, and will demonstrate all of its capabilities in the future. Governments always have to keep in mind that it’s an easier, more secure and faster way of handling the big amount of information. Same applies to the private sector that suffers enormous losses nowadays. Blockchain could be a window for international transactions and economic links between any parts of the world. No other technological invention has been able to provide what blockchain promises to give – well, apart from the internet, maybe.
Andrey Sergeenkov: What would be the next step in decentralized finance and blockchain development? How many years are separating us from the full-scale industry adoption?
Chris Adam: Despite the industry is unstoppably growing in size, it is still hard for us to place a precise time framework on widescale blockchain adoption. We have to keep in mind that the competition will grow by the day. And, I believe, many large banks would already shift their internal systems, including Forex, to the blockchain, but my gut tells me that they have more things to be concerned about these days. Let us not rush with any conclusions before Covid-19 is over.
Andrey Sergeenkov: Considering future development trajectories, would you be able to say that decentralized finance will replace Forex someday? Or will these two peacefully coexist?
Chris Adam: In all honesty, even despite the tremendous popularity of decentralized assets, I think the Forex industry will consider its existence. Why? So far I don’t see it as a likely scenario that fiat currencies will be fully abolished – not in the span of the nearest 10 years, I think. So, even though blockchain platforms will certainly be more popular due to their advanced features and lower fees, it is hard to speak about full abolishment of Forex. Instead of replacing each other, these two will rather live in harmony.
Andrey Sergeenkov: Which changes would you envisage in the Forex trading industry after the world returns to a post-Covid lifestyle?
Chris Adam: I probably think that more businesses will want to follow our example. I don’t doubt the success of our venture, especially when the current life circumstances forced people to spend more time than ever before at home in front of their screens. This makes it very convenient to track the prices and learn the basic principles of trading. So I think, by the time the pandemic is over, Liber LTD will already be a solid part of what we regard as a current Forex landscape. It will also attract a lot of blockchain enthusiasts and will make its advantages more well-known, perhaps.
Andrey Sergeenkov: But, to look at the matter realistically, what hurdles will Liber LTD have to overcome in relation to existing Forex projects? Are there any particular features that would make you stand out?
Chris Adam: Lower fees and higher security are two areas on which current Forex platforms are losing out. If this doesn’t get improved, our advantage over them is quite clear. As soon as more traders learn about the possibility of trading on an absolutely transparent and safe system, even without paying the fees, more of them will find Liber LTD irresistibly attractive.
Andrey Sergeenkov: What is your vision of Liber LTD further in the future? What goals do you pursue with this project?
Chris Adam: We are aiming to do it as the leading project in the field. I think Liber LTD does pretty good already – awareness about it raises with each new day, and the new users are constantly willing to try how Forex trading on blockchain works. I’m quite sure after realizing how many benefits the platform stores, they will not be willing to switch back for another platform. That’s what we are aiming for – to get engaged with as many users as possible and let them form their own opinion about Liber LTD. I’m confident they will bet in favour of our platform, and by gradually raising the likes we will become a truly global platform.
Andrey Sergeenkov: Can you elaborate a bit about the platform’s functionality? What are its main features?
Chris Adam: Yes, I will be most pleased to share. Liber LTD is an advanced trading platform that combines all the latest technological trends – artificial intelligence, BigData and blockchain. All of this is meant to simplify the life of our user as much as possible – and that’s how we developed our client-centric approach. I also don’t have to forget to mention about Libfx token – it is based on ERC-20 standard and was created with the help of Ethereum blockchain. In total, we are planning to supply 35.000.000 Libfx, with which people will have a capacity to cover the cost of their trading floor and participate in special promotions programs. Also, the holders of our token will get a unique possibility to purchase our stock that is listed on the stock exchange floor. More updates about that will follow, stay tuned and keep the track of our updates.
Andrey Sergeenkov: What tips do professional traders have to keep in mind? And what would you advise for all new explorers in this field?
Chris Adam: Sure. I would suggest using automated algorithms that simplify your life tremendously. From my impression, this is much more complicated to perform a successful trade without any external mechanisms or the help of the broker. This is why Liber LTD may be a good way to start – we leverage both BigData and artificial intelligence components to make our platform as helpful in executing trades as possible. Making data-based predictions, it is possible to arrive at conclusions with 98% certainty. If someone has never tried Forex trading before, there can be no better opportunity than now – Forex market is still very dynamic, and there are a lot of political, social and economic events that influence it every day.
Andrey Sergeenkov: Thank you very much for all of your answers. To conclude our talk, what is the future roadmap of Liber LTD?
Chris Adam: In the span of five years, we are planning to make our company publicly listed on the stock exchange. And those who hold our Libfx token will benefit the most because they will automatically become stockholders of Liber LTD. In two years’ time, our goal is to have not less than 2 million users globally. For this year, what remains is to raise the international awareness of our project, and already by 2021, we will be able to please our users with the new intelligent statistical system. We never stop growing.
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