Why I Think Insurance Will be Big with Web 3: Interview With Noonies Nominee Markos

Hey HackerNoon Readers! I’m Markos and I explain crypto in simple language to newbies. You can follow me on Twitter @lementalcrypto That is elemental crypto with the “e”.

I want to thank the HackerNoon community and staff for their nomination in the Web 3 category, as well as BingX for sponsoring the Web 3 category of the 2022 Noonies awards.

I’ve been nominated for the following awards and if you like my writing, please check out these award pages and vote for me:

1. HackerNoon Contributor of the Year- DAO

Web 3 is one of the most exciting technologies in the current tech landscape because it’s going to change the world as we know it. Learn more about my thoughts and opinions on Web 3 and my journey in the tech industry via the interview below.

1. Please tell us your story. What do you currently do in the Web 3 landscape and how did you get started doing it?

I became interested in Web 3 around 2017 when Bitcoin’s price skyrocketed. The price caught my attention but Andreas Antonopoulos book series, “The Internet of Money”, got me hooked. I decided I needed to understand this space better. The problem was that most of the content out there was for economists or programmers. Clever people I knew would say, “ I feel dumb when I try to understand crypto”. I felt the same way. They say the best way to learn something is to teach it and that is how elementalcrypto.com came about. On elementalcrypto I break down altcoins into a simple language without any of the jargon or acronyms.

2. Tell us more! What are the things you make / write / manage / build in the world of Web3?

So I write about altcoins. But I write comprehensive explanations. I am not going to dive in assuming you know what an AMM is to explain Uniswap. I will first explain marketplaces, how prices are set, how traditional exchanges work, what a market maker is, and then what an AMM is. I take you through the whole journey. Sometimes I may give the reader prerequisites. For example, in order to understand THORChain you need to understand Cosmos and Ethereum. I guide them through this process. Knowledge in Web 3 is like a layered onion. You need to progress gradually and I help readers build up that knowledge stack.

3. What is your inspiration for writing and what made you want to get published on HackerNoon?

I have always been told that I can explain complex topics well. This strength in combination with my interest in Web 3 is what led me to create elementalcrypto.com. I also like the challenge. It takes a lot of research (podcasts, white papers, articles) in order to understand how a specific altcoin works. Along the journey, I may come across a new technology I need to learn about. e.g. recently I needed to understand how bridges work. In order to explain something simply, it means you need to understand it really well.

4. What do you think is the most exciting development in Web3 right now? and on a personal level, what are you most excited or passionate about in this space?

I think insurance is going to be big. Given the recent events with Terra, Celcius, etc being able to protect your investment is going to be in demand. On the more abstract side of things, I am excited by the potential that tokens have to incentivize behavior. Could we get people to adapt their behavior in a way that will benefit them and others? You have things like move-to-earn emerging. What else could you incentivize? Recycling? Driving slower (less CO2)? Spending more time outside? Community service? Sleeping better?

5. What are your concerns about Web3 and why do they worry you?

I think we are still very early. Things are getting hacked non-stop.

6. If we gave you $10 million to invest in a web 3 project today, what would you invest in and why?

I still consider myself an ignoramus when it comes to investing. Most likely I would diversify across projects. Certain trends are evident: multi-chain is here, bridges are necessary and insurance will evolve.

7. What are you currently learning?

I recently finished an article describing how Genopets works. I am not a gamer so I needed to understand popular 90s trends such as Tamagotchis and the more recent craze around Pokemon Go. But it was fascinating to get into that world and understand how things work.

Outside of crypto, I am reading Vaclav Smil’s “How the world really works” which is fascinating.

8. What’s the best advice you’ve ever given someone?

You know that scene in Avatar where a space-panther attacks the hero. He crashes about in the jungle and finally beats it. He tells the Na’vi woman he is with, “Wow, did you see that? That thing almost killed me!”. She replies that it is his fault. That he does not understand the rules of the jungle and that of course, he is going to be attacked if he does not learn how to navigate the jungle. It’s not the panther’s fault. It is his. I use that analogy in the work context. I’m in sales. If the client is difficult an experienced salesperson should not be blaming the client. They should be looking at themselves and how they are navigating that relationship.

9. What’s the best advice you’ve ever received?

Not advice exactly but the biggest revelation was that I was told I am good at transmitting and explaining. I didn’t know that about myself and now use it to my advantage.

About HackerNoon’s 2022 Noonie Awards

The annual Noonies Awards celebrate the best and brightest of the tech industry, bringing together all who are making the Internet and the world of tech what it is today.

The 2022 Noonies Awards for the Web 3 category are sponsored by BingX.

A BIG thank you to the sponsor who is helping us celebrate the accomplishments of all our nominees!