‘asset tokenization’; Sologenic CEO Bob Ras Unveils the Mantra of the Financial Future

Today we followed CEO and co-founder Bob Ras. Sologenic, a foundation that synergizes various financial markets by tokenizing various asset classes in a decentralized ecosystem built on the XRP ledger. The Sologenic team focuses on putting cryptocurrencies and non-blockchain assets under one umbrella for ease of trading.

In this conversation, Bob talked about the elephant in the room called the pervasive cryptocurrency winter, before delving into the industry’s impact on different sectors. Then he went into detail about Sologenic and shared why he chose the XRP Ledger as his underlying technology.

Talking about the NFT economy and the challenges facing creators and artists, Bob reflected a key concern about high cost barriers to entry. He also dropped some gems in the form of forward-looking insights into how the crypto market might evolve over the next few years.

Share your thoughts on the unfolding Crypto Winter. Aside from the price action, how do you think these setbacks will affect the industry?

Ah, the question I’m afraid of.

The tumbling market is by no means a delightful sight. But even this mess has a silver lining. I see it as a delimiter of a fundamentally powerful project the bear runs on. Robust protocols and projects are often the only ones that bleed on the market.

The crypto winter also acts as a barrier to possible institutional and government participation in the industry, while the decline itself dampens morale. This is the decisive side effect of such an era. This also prevents builders and developers from deploying solutions as financial stimulus runs out. So, the recently booming cryptocurrency employment could be halted as businesses put their cryptocurrency plans on hold.

Another major problem is that the community is disappearing as the majority of the population, i.e. retail users, is driven by price action. This is also the time when the herd spirit begins and investors often take losses and withdraw from the market. Not only does this create a vacuum in the crypto market, but it also dislikes arousing more interest.

But in conclusion, this isn’t our first Crypto Winter, and has previously shown a great opportunity to invest in strong base projects at very affordable prices for long-term ups and downs.

What are the main problems you are trying to solve with sologenics?

With the team, we are focusing on the basics of the old days of high fees and long transaction times. Several quick fixes have appeared for these issues, but still no one has an ideal solution. Based on the XRP ledger, Sologenic has grown into the largest native DEX and NFT market.

Additionally, we are addressing a major concern in the NFT economy by eliminating gas fees to remove barriers to entry for those new to the crypto world. In addition to this, there are no-fee facilities for artists in the marketplace. These two solutions solve the biggest accessibility problem.

Another major concern facing many is the inability to access a variety of financial markets. Therefore, we are working to tokenize our assets, cryptocurrencies and non-blockchain to keep all of our assets under one umbrella and easily accessible to the general public. Sologenic is working with the CeFi giant to prepare more courtroom ramps to provide a seamless user experience.

Learn about the challenges artists and creators face in the NFT economy. How can I mitigate it?

First, the cost of entering the economy. Creators and artists have to go through multiple steps, which adds to the cost and makes the process cumbersome. Listing fees, issuance fees, market fees and gas fees to transfer NFTs to buyers – the process of listing and selling NFTs is painful and expensive.

Again, NFT tools and software are still a gray area for the majority of artists. There is no exact product or platform on which creators will turn. They also have to face the latency issues of blockchain head-on. Building a business model based on unreliable waiting periods is a loss-maker.

Also, educational materials are limited. If creators want to learn the art and skills behind the NFT economy, it’s a long run because there are few resources other than trial and error. So you can design courses or webinars or degrees and award them to these artists.

Why did you choose XRP as the underlying technology for Sologenic?

I’m still struggling to deduce why we chose XRP Ledger for sologenicity. It seems to be a natural choice in competition.

The speed of transaction completion is unparalleled. According to Number’s game, the XRP ledger can manage up to 1500 transactions per second. And with other networks congested with long wait queues, the XRP ledger can easily choose from any protocol that is user-experience conscious.

Additionally, the XRP ledger is permanently managed by a community of validators, a more sustainable approach. No complex software, mining equipment, staked tokens, etc. are required. This also translates to a very low transaction fee equivalent to 0.00001 XRP, allowing you to efficiently build your product on top.

If speed, governance, and low fees are provided in one solution, there doesn’t seem to be any reason to consider an alternative platform.

From a development perspective, what direction do you think the crypto industry will take in the future?

Sitting in a bear market and predicting the future is one of the toughest things I’ve ever had to do.

I truly believe that cryptocurrencies and NFTs can disrupt various legacy systems, lower barriers to entry and make it easier to redefine the status quo. So I’m noticing certain developments in this space. No Code is a great sub-niche that has fascinated me. We believe it will open up a lot of room for anyone to build, regardless of their technical capabilities.

We are also looking at building an interoperable solution with no code. I believe it will be an uncompromising part of the future of cryptocurrencies. Developers are no longer limited to a single blockchain and its tools. They will have a variety of resources to equip themselves.

Continuing to open sourcing the technology stack will become an industry practice, not a USP, for projects building in this space. This enhances cooperative efforts over competition.

Image by Alexas_Fotos from Pixabay

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