Yuriy Navadvorski is the Chief Technology Officer (CTO) of the Estonian blockchain startup IQeon. He is an expert in the development and management of projects in the field of insurance, consulting, blockchain and electronic commerce. Yuriy began programming in his teenage years. After graduating from Minsk Radio engineering College, he gained experience while working on various freelance projects related to blockchain, cryptocurrencies etc.
After that he occupied a programmer position in international product companies. At IQeon, Yuriy’s responsibilities include the development of concepts for new products and algorithms, a description of the application architecture, management and optimization of project team work, implementation and support of various processes within the company.
In an exclusive interview to The Coin Republic’s Steve Anderson, Yuri discusses about the development of the cryptocurrency market after COVID-19, future of BTC and ETH and its plans to enter Indian market and much more.
1.Tell us about the pathway the platform has gone through along with IQN
In April 2019, IQN was integrated into PvP gaming platform IQeon.com, while it was created earlier before in 2017 when the token appeared on Ethereum blockchain. Our platform was the first to support transactions with this digital asset.
For those who are not yet familiar with IQeon project, I will explain how our ecosystem works. Users can spend time playing free games or monetize their winnings. Players top up the platform balance, participate in PvP battles in simple shooters, arcades, platformers, intellectual quizzes, and they get IQN for winning, which later can be exchanged for other assets and cryptocurrencies.
The integration of the digital asset was just the beginning. Since the time beta testing started, the audience of the gaming platform has grown to over 70 thousand users. There is an ever-growing number of new games that support IQN added to IQeon ecosystem – now there are more than 20 of them. Our team is working hard to improve the product and to introduce additional functions to users and designing new games.
2. In spring, during COVID-19 period, there was a kind of boom in the cryptocurrency market. Do you think this tendency will last?
On the whole, compared to 2017, the current explosion is insignificant. Many of us remember that 3 years ago, at the time of speculative demand, Bitcoin reached its maximum of $19,892 per coin. Bitcoin will possibly reach its peak value and even exceed it in the future, but so far it hasn’t happened.
Now the situation is completely different, and the demand for cryptocurrencies is more related to the digitalization of the economy, increased interest in the gaming industry, online services and DeFi products. Today it is still relevant. Although many countries have already removed quarantine restrictions, people have returned to their workplaces, but the tendency to use digital tools during the pandemic still remains.
I think, despite the reduction in the growth of cryptocurrencies in early September, a positive trend will remain in the midterm. There is a high risk of a new outbreak of the coronavirus pandemic, which will not only increase the impact of the world economic crisis but at the same time will create new opportunities for digital assets.
3. How do you see the development of the cryptocurrency market after COVID-19?
If people continue to use digital means of payment, then perhaps we will see a new rise in the popularity of cryptocurrencies. As for now, the traditional economy is experiencing a recession and serious slowdown, and I suppose that the cryptocurrency industry can take a step forward against general low volatility and the rates of the first coins will begin to grow due to more active investments from traditional investors.
If governments do not continue to impose strict quarantine rules on people and there are no other factors which can stimulate the development of cryptocurrencies, I think that the decline of the digital asset market can be expected in the post-covid era.
4. Are there still issues related to the security of digital assets? How will IQeon cope with them?
We turn to reputable international organizations for recommendations and performance evaluation. Security checks of IQN smart contract code have been carried out as well. No critical or serious vulnerabilities were identified, according to KnowSec’s most recent audit. Flipside Crypto analysts also helped us to conduct a comprehensive analysis of IQN, as a result the token was assigned FCAS health rating.
A significant part of the solutions which helped us to create a secure place for asset operations is related to the architecture of the platform. For example, we have implemented AML and KYC mechanisms that allow users to go through a partial and quick verification procedure in cases of suspicious activity. We regularly conduct security checks to identify and eliminate platform vulnerabilities. So players’ funds on IQeon.com are under reliable protection.
5. Does IQeon have plans to enter the Indian market?
While developing our project, we are trying to focus not only on one region, but on the global market. Now, for example, we are entering the Asian market and going to reach out to the new audience of some countries of the Asia-Pacific region.
The Indian market, of course, is also interesting to us, first of all, its volume. We see that niche products that are in demand among certain categories of users are of a great success on this market. If we take a look into the digital sphere, then these are services for joint trips, short-term rentals, projects for making money online. And since our IQeon platform allows to monetize players’ winnings, I’m sure that Indian users will get into that.
6. How do you see the future of BTC and ETH?
The recent decline in the rates of the first coins may only be a correction of growth, which has affected other cryptocurrencies as well. Therefore, in the short term, BTC and ETH will still be able to show positive dynamics. Moreover, there are no danger signals, and while the market is recovering from the consequences of COVID-19, a slight increase in the first coin’s rate is possible. As for ETH, the project will face some positive changes soon – the transition to the second version of the network, which will undoubtedly affect the rate of the cryptocurrency.
In the midterm, I suppose we should expect a revival of the traditional economy and, as a result, a decrease in the popularity of cryptocurrencies in the post-covid era.
Also Read : Play And Monetize Your Achievements Into IQN
7. Tell us about the experience of IQeon in the new global pandemic environment.
The impact of COVID-19 and the quarantine restrictions due to the pandemic has affected the audience of online businesses. IQeon is not an exception. For example, in April, our gaming platform daily traffic increased by almost 5 times, which is really good for us.
I would say that from the technical side of the project, the pandemic has not greatly influenced the development. The team has only slightly adjusted the strategies we used before COVID-19. We are currently working on expanding and developing IQeon ecosystem, which includes, among other things, products that support IQN. This is a priority task for us.