Sally Meouche-Ghrawi, Executive Board Member of eSync Network, recently shared her views and insights regarding the importance of RWA (real-world assets) tokenization and the rise of blockchain technology.
Sally Meouche discusses the potential benefits of leveraging distributed ledger technology (DLT) to streamline key processes.
Our conversation with Sally is shared below.
Crowdfund Insider: Could you explain the evolution of the brand from eCredits to eSync Network, and how this reflects the platform’s expanded vision and capabilities in integrating blockchain with real-world use cases?
Sally Meouche: The transition from eCredits Blockchain to eSync Network was a step towards not just embracing the technology’s potential but significantly expanding its horizons to address a wider array of real-world challenges. eCredits was our starting line, where we focused on creating a secure, blockchain-based platform for merchants and consumers to interact seamlessly.
The move to focus on the wider network – eSync Network – was due to the growth of our ecosystem and the industry’s need for a Layer 1 blockchain that supports the needs of a multitude of real-world applications. This shift in focus is about aligning the brand with expanded capabilities, showcasing our commitment to bringing real-world use cases to the network.
eSync Network, which is powered by its native coin ECS, is now at the forefront of integrating blockchain technology into daily life, bridging the gap between the theoretical implications of Web3 and tangible real-world use cases. It’s an exciting phase for us, reflecting our dedication to innovation and our belief in the transformative power of blockchain to address complex challenges across various industries.
Crowdfund Insider: What are the main barriers to widespread blockchain adoption in traditional industries and how is eSync Network working to overcome these obstacles?
Sally Meouche: The main barriers to widespread blockchain adoption in traditional industries often come from a lack of understanding and trust, technological complexity, and regulatory uncertainty. There’s a significant knowledge gap, many players in traditional sectors are either unaware of the potential benefits of blockchain or are skeptical due to its association with cryptocurrencies. Overcoming this requires extensive education and demonstrable, successful use cases that highlight blockchain’s value beyond crypto.
At eSync Network, we’re actively working to overcome these obstacles by showcasing successful implementations, aiming to build trust and illustrate the technology’s reliability and efficiency, and use in our everyday lives. Regarding regulatory updates, we’re always keeping a close watch on the landscape, making sure our tech and the work we are carrying out align with policymakers. We work on simplifying blockchain integration through user-friendly platforms and tools. Our approach is to remove a significant barrier to entry and to make blockchain technology more accessible to non-technical users.
Crowdfund Insider: Could you discuss a few notable real-world use cases of blockchain technology facilitated by eSync Network?
Sally Meouche: Absolutely! We have several live RWA use cases on the network that bring significant value to the market, particularly at the retail investor level and for those interested in learning more about asset tokenization. One such use case is Rocksolid Estate AG, a real estate investment platform that facilitates fractional investments so that investors can participate in the profits from the rental, sale, and management of all Rocksolid Estate properties.
By providing a home for this application, eSync Network broadens the adoption of tokenization and allows users to share in the yields generated by the real estate company – a market they may previously have been locked out of.
Similarly, the eSync Network is also an onramp to investment in precious gemstones through our partner, The Natural Gem. In a move to further connect and integrate our entire ecosystem, last year, the Habsburg Gemstone Token (GEM), which is 100% backed by real, untreated, color gemstones, was developed in collaboration with Habsburg Fine Arts and made available on the eCredits eWallet. eCredits is another application on our network, and its Wallet provides investors with an additional avenue for asset acquisition.
Enhancing accessibility for Web3 users to engage with the asset tokenization market, a burgeoning economy currently valued at $5.5 billion, is paramount at eSync Network. The team recognizes that facilitating such not only promotes broader adoption of blockchain technology but also accelerates the decentralization of the payments economy, thereby diminishing dependence on costly, friction-filled intermediary systems.
Crowdfund Insider: Looking ahead, what developments do you anticipate in the blockchain space, especially regarding real-world asset tokenization, and what role will eSync Network play in this future?
Sally Meouche: The cyclical patterns inherent in the market have taught us a great deal. It’s evident that the projects engaging in the ecosystem with a myopic vision to capitalize on short-term gains often disappear shortly after the bull run, whereas those with long-term vision and working on real-world applications are the ones who endure. RWA tokenization, a longstanding topic of discussion regardless of market phases, boasts a clear value proposition evidenced by its expanding market cap.
As tailwinds lead to increasingly favorable market conditions, I believe we will see an uptick in RWA discussions among the Web3 community. With increased profits comes greater demand for diversified investment opportunities. Retail investors, seeking to preserve their wealth, will now once again gravitate toward fractionalization opportunities in high-value assets like art, real estate, and economic stalwarts like metals.
Greater participation and demand suggest that ultimately all worthy assets will have a token equivalent. As we witness continued institutional interest in the industry, bringing greater investor confidence, RWA tokenization is undoubtedly primed for accelerated success in 2024.
Crowdfund Insider: What advice would you give to individuals and organizations looking to explore blockchain technology, particularly in developing solutions for real-world problems?
Sally Meouche: For either individuals or organizations, it is important to evaluate the potential of blockchain technology for existing problems first. While it is a great technology with attributes such as decentralization, transparency, and immutability, it is no one-size-fits-all solution. Diving into the problem, coupled with a solid understanding of blockchain’s capabilities to help solve real-world problems, lays the foundation for identifying where this technology can provide the most value.
Identifying specific pain points in the industry is foundational; these obstacles not only create friction but also serve as the primary impediments to the widespread adoption of innovative products within the Web3 sphere.
Consequently, it becomes increasingly crucial to discern the most suitable partners who possess the expertise and resources to assist in not only building but also effectively shipping a product that directly addresses real-world concerns, catering precisely to the demographic it aims to benefit the most. In this regard, strategic partnerships emerge as indispensable assets in a project’s trajectory, playing a pivotal role in refining conceptual ideas, suitably navigating any potential challenges encountered during pre-market planning stages, and facilitating a seamless and iterative process of product development.
Additionally, emphasizing the importance of user experience cannot be overstated; it serves as the linchpin for ensuring sustained engagement with the product, ultimately leading to its widespread adoption and eventual success in the market.
Given the ever-evolving nature of the Web3 landscape, characterized by its rapid pace of change, the ability to remain agile and receptive to constructive feedback is paramount. Such adaptability not only enables individuals and organizations to effectively navigate the complexities of the industry but also catalyzes more accessible on-ramps for users, thus propelling the decentralized economy to the benefit of all.
