In 2018, Wang Xin was released from prison.
People thought he would choose to retreat and stay away from the hustle and bustle, but he didn't. The tide of the times rolled forward, constantly pushing this early Internet entrepreneur to start a Web3 business.
In early 2019, Wang Xin launched the anonymous social app "MT", with the slogan "Use blockchain thinking to do social networking" and emphasized decentralized content distribution, but this product was quickly blocked by centralized Internet products such as WeChat. In 2020, Wang Xin launched the AI flexible employment product Lingge, but it was once again blocked.
"I still don't know the real reason why we were banned," Wang Xin said. "It's not just us, but also Luo Yonghao's Bullet and ByteDance's Duoshan. These three products were banned by WeChat," Wang Xin added.
From "Qvod" to "MT" to "Lingge", the products that Wang Xin wanted to explore seemed to have been stopped by centralized institutions. This gave him the idea of making a product that could not be stopped, just like no one can stop Bitcoin.
Wang Xin admitted that he is all in Web3, and this time he wants to make a product that combines AI and Crypto.
Wang Xin put forward a point of view: the final outcome of personal IP is not traffic monetization, but personal IPO. He said: Whether it is live broadcast, short video or live streaming, there are many ways and methods of monetization, but none of them is the final outcome. He believes that the real final outcome is to make securitization and assetization go to the end, whether it is to let a person or a company eventually "go public".
One day in 2024, he typed a new project name on his computer. Wang Xin said that this new Web3 product will be officially launched in mid-2025.
First acquaintance with BTC
Joe Zhou: When did you start paying attention to BTC?
Wang Xin : Around 2011, the Bitcoin code was on Sourceforge, and I took a look.
Joe Zhou: How do you feel after watching it?
Wang Xin : At that time, I thought its algorithm and power consumption POW mode were nonsense. Of course, today it seems that my ideas were naive. (Laughs)
Joe Zhou: At that time, you tried to do traffic mining (a product launched by QVOD that year, which used idle bandwidth to provide acceleration services to people watching videos and earn virtual assets for themselves). Did you think about developing Bitcoin-related businesses at that time?
Wang Xin : If we had a high level of awareness at that time, Traffic Ore would have been directly tied to BTC. At that time, mining could be done with computers. But because it consumed too much electricity, we thought it was not practical. The Traffic Ore project has a positioning today, which is DePIN. But it was not positioned at that time. I think if there was a more valuable solution at that time, such as today's POS or other solutions, it might be better.
Joe Zhou: So the project didn’t continue.
Wang Xin : Just after we came up with it, Kuaibo had an incident, and I couldn’t take care of it anymore. If it hadn’t happened, we might have done more in-depth research. At that time, we built the entire client mining mechanism, and also built a single-currency exchange, and also built leveraged contracts in this exchange.
Joe Zhou: You previously worked for Qvod and now you’re starting a crypto business. What similarities do you feel there are in technology?
Wang Xin : There are many similarities and even the same points. I have always been in favor of a decentralized approach. This was the case when I was working on Qvod. At that time, we talked about equal computing. In this process, we fought against centralized media, and of course the final result was not very good. Crypto has some concepts, such as consensus and nodes. Qvod also had nodes at that time. The distributed ledger technology we use now is actually P2P technology.
Joe Zhou: CZ recently shared some of his feelings about life in prison. You were also in prison for three and a half years from 2014 to 2018 because your Qvod app was blocked. Can you share your thoughts on life in prison?
Wang Xin : It’s been quite a while, unlike CZ, who just experienced it and felt it deeply, while I have already forgotten it. (Laughs)
Actually, it was not a life. Every day, we followed the routine. We were in a very limited space. We read novels and watched movies. There was nothing new. I think the best way to be there is not to have any new or exciting things. If you think it is very intense and there are many things that are fresh in your memory, then you will definitely remember them. At that time, I developed some good habits, such as going to bed early and getting up early, reading more, and talking less.
Joe Zhou: Can I contact the outside world? Or receive some cutting-edge information?
Wang Xin : No, but you can write a letter.
Joe Zhou: It is rumored that you asked your wife to buy thousands of BTC before you went to prison. Is this true?
Wang Xin : This is not important. It is not the core driving force behind what I do. I bought a few, but very few, and I don’t have such a high level of awareness. If I had such a high level of awareness, I would have gone all in.
Exploring the sea
Joe Zhou: How would you summarize your entrepreneurial experience in the past five or six years?
Wang Xin : My entrepreneurial journey can be roughly divided into three stages: Qvod, social products, and going global. Social products helped me better understand human nature; AI products, especially Lingge, helped me better understand the importance of individual efficiency in the future. I began to realize that collaboration between people can be reconstructed and that human skills can be digitized.
Essentially, we started a business in this direction, so that everyone can have a digital self, help themselves make money and work. We had this idea at the time, but the technical environment did not support it, and many ideas could not be realized. Second, the domestic regulatory requirements for social products are quite high.
Joe Zhou: I heard that the social product you developed was also blocked by WeChat?
Wang Xin : Yes (laughs). At that time, almost all the social products we launched were blocked, such as MaCong and LingGe.
Joe Zhou: Why was it blocked?
Wang Xin : I don’t know. I still can’t understand it. Now, if you are a centralized platform, it must have the right. If you have the ability, don’t use my platform, or go to other platforms.
Joe Zhou: You still don’t know why you were blocked?
Wang Xin : It was WeChat’s own decision. Not only us, but also Luo Yonghao’s Bullet and ByteDance’s Duoshan. These three products were blocked by WeChat.
Joe Zhou: After you were released from prison, the Crypto industry has gone through at least three major stages, such as the ICO bull market in 2018, the NFT bull market in 2022, and today's memecoin and AI Agent. From an observer's perspective, how do you view the changes in the Crypto industry during these periods?
Wang Xin : When I first came out, ICO was very popular. At that time, the big names in the crypto industry came to my office, and some even came more than once. I was quite scared at the time. (Laughs)
At that time, I was too enthusiastic and didn’t understand this economic model: first go public to raise funds, raise funds with concepts, and then do things. I am more accepting of the traditional way of starting a business: do things first, ensure that there are users and income, and then go public. When NFT appeared, I didn’t pay much attention to it. I felt that it was more about hyping concepts. Later, I began to pay more attention to the Metaverse.
I think the current AI Agent combined with token model is worth exploring in depth, because it is no longer a speculation of assets, AI has already revolutionized productivity. I think this is our core gameplay in the next one or two stages, and it is also my main entrepreneurial and investment direction.
Joe Zhou: During the ICO period, did you have a lot of exchanges with the bigwigs in the crypto at that time?
Wang Xin : At that time, we thought they were evangelists. So far, Crypto is still a niche market, and there are no more than 100 million people who stick with it for a long time in the world. More people are in Web2. The scale was smaller at that time, but I think they are very powerful. In such a complex environment, they can persist. Compared with them, I am ashamed of myself. I am not as bold as them.
Joe Zhou: Why did you choose to start a Crypto business in 2015? What did your family and friends think of your entry into this industry?
Wang Xin : After the epidemic, I turned my domestic business into a TO B business, mainly engaged in human resources and flexible employment. I personally don’t like the TO B business very much. My ability and willingness are not in this matter. At that time, we considered going overseas during the epidemic, and going overseas at the human resources level. The result was not successful. It is very difficult for people in China to change the product into an English version and then promote it overseas.
Later, I set two goals for myself. First, I must go abroad and not stay in China. The essence of going overseas is to go abroad. If you don’t go abroad, it will be difficult to understand the world, whether in terms of views, thinking methods or resources. Second, I still insist on technological innovation, relying on technological breakthroughs rather than relying on model innovation.
When I was doing flexible employment, I could try some model innovations. At that stage, I basically didn't care about technology. But I later confirmed this point at this stage. Due to the lack of technological innovation and core competitiveness, the business threshold was very low. Flexible employment means helping people recruit people and issue invoices. Whatever technical content you want to express is redundant. Your most valuable thing is to have a license. People don't care about other aspects.
Later, I found that new startups must put technology at the core, that is, technological innovation and technological core strength. The latest technological core strength in the world today has been seen during the epidemic. It is divided into two parts, one is AI, and the other is Web3, which best represents the latest technology. Therefore, you must think about how these technologies can solve the current pain points in order to make these decisions.
Joe Zhou: What do your family and friends think about your shift in entrepreneurial direction from the Internet to Crypto?
Wang Xin: As long as I do something, my family will fully support me, and I like to innovate and research new things, so everyone understands my personality. Our family also has a tradition of innovation. For example, children will use encrypted wallets and perform on-chain operations, and the younger sister will exchange half of the private key with the older sister.
Most of my friends are Web2 friends, working in traditional industries. They are still very vigilant about this industry. They believe that there are many scams caused by historical reasons, and remind me to pay attention. Second, before I described what I was going to do, they didn't see anything too specific that could be implemented. In addition to infrastructure, public chains or financial-related DeFi, they saw less of other application-level things and didn't imagine how to do it. But after Trump issued the currency, the attention has increased a lot, especially for those who are interested in going overseas.
Joe Zhou: What about investors?
Wang Xin: Yes, investors are generally forward-looking. Our original investors IDG and BAI Capital knew that I was starting a Crypto business and connected me with a lot of resources.
Joe Zhou: You mentioned earlier that the children in your family are also playing on-chain operations. How old are they and to what extent have they used Crypto products?
Wang Xin: They all use crypto wallets. The oldest is in high school and uses Phantom and OKX Wallet; the second is in sixth grade and uses Binance and Trust. They each use their own.
Some time ago, I bought some memecoins, such as fair3, because it was my own CTO (Community takeover) coin, and then they also bought it. I let them decide when to buy and when to sell, and asked them to pay attention to Twitter and community activities. Their understanding may not be as deep as ours, they just think it's fun. I told them that if they can make a profit, they will have pocket money, so they will be motivated.
Joe Zhou: How much on-chain assets did you give them for their trial?
Wang Xin: We will give them $1,000 to try. In the next stage, we will open some U card products for them, so that they can experience how to turn assets into U, and then turn U into assets for consumption.
Joe Zhou: Are you and your family also using U card?
Wang Xin: It hasn’t started yet. Our business includes the U card part. When our own U card business starts, we will give it to them.
Joe Zhou: Are there many peers around them who play Crypto?
Wang Xin: Many of their classmates or friends have started to get involved in stocks and Crypto investment since junior high school. Relatively more children in Singapore's education system are exposed to crypto. They are exposed to the IB system (International Baccalaureate) since childhood. The IB system is different from China's education system. It is not a textbook system, there are no textbooks, but a thematic research topic.
Our second daughter's final exam in the first half of the fifth grade was AI. The final exam was an exhibition, and we could observe their understanding of AI through the exhibition. They knew which products were pure AI and which products had AI capabilities. Although it might not be accurate, I thought it was very interesting. They explained the benefits of AI to themselves and had a speech process.
Joe Zhou: There will be relatively fewer discussions on Crypto topics?
Wang Xin: The ability of the teacher is very important. The teacher will teach what he or she is interested in. If the teacher is interested in Crypto, then the students will have it in their subjects. I have a friend whose child started to trade stocks and cryptocurrencies when he was in junior high school in the United States. He is very professional and has made money.
He would take out a report to decide what coins and stocks to buy. Four people formed a group to write an investment report and PPT, and write down the stop loss point and when to buy and sell. This is much better than the average person. The teacher will provide many topics similar to those in college, and they have been studying topics since elementary school. This education system is completely different.
Joe Zhou: This can reflect the social acceptance and future development of Crypto. If children don’t pay attention to it, then this industry may not have much development in the future.
Wang Xin: Only after I came out did I realize that the changes were huge, not just for the children, but also for groups like the Filipino maids.
I live in Singapore and I found that the Filipino maids, Vietnamese aunties or Burmese aunties in Singapore no longer need to remit money back through the original remittance method. Instead, they can find a local OTC to exchange it for U, then transfer the money back, and relatives and friends will use U to exchange it for local legal currency. It took a long time to remit money before, but with U, it will be directly credited to the account, and the handling fee is low, and it also saves on exchange rates.
Deep into the blue ocean
Joe Zhou: Which track in the Crypto industry did you choose as your entry point during this entrepreneurial process? What was the reason?
Wang Xin: The core point is still AI + Web3. AI is a productivity tool that can continue to operate, make money, and grow on behalf of people. Our personal assets, data, and skills can all be deposited, so I think this is a very important aspect. The essence of Web3 is asset issuance and asset transfer, which is the core part. If combined with individuals, it indicates that everyone will be able to realize their own assetization in the future.
I wrote an article before about "The End of Personal IPO", which is actually securitizing oneself. Currently, there is no threshold for issuing coins. It is easy to issue coins but difficult to operate them. We do not need to write code, but only need to change the framework to issue coins. However, the problem you face is how to realize the authenticity of the coins and how to turn them into valuable coins. This requires thinking.
I think it is difficult for ordinary people to solve this problem. They need a platform, just like TikTok back then. Ordinary people need to rely on a platform to become Internet celebrities. Ordinary people need to realize their own assetization and securitization, and they also need a platform that provides some basic technical support. Because a person's ability is limited, you must train your own AI as a listed company. If you look at it from this perspective, people will get sick or even die, your currency will be worthless, and your AI Agent will be immortal.
How to securitize assets? It must be done through Web3, which involves wallets, DEX, etc. Whether to use a reasonable organizational method to help Web2 users, rather than Web3 users, to use it conveniently. Web3 involves many technical concepts and products. Although it is easier for us to use, it is still very complicated for many ordinary users to use. For example, I communicated with my family many times, and it took a long time to understand face-to-face communication. But if you completely throw a product for ordinary users to use, it is very difficult. At this time, the industry needs a transitional product.
This is the most needed aspect of this industry, that is, how to get more Web2 users to enter Web3. Another very important point is why they want to enter Web3. If you just say that the content on Web3 is very fair and can protect privacy, then it is not necessary. What people need most is to make money. The money here is not to make money by speculating in coins, but to participate in creating money to the best of my ability. Just like whether it is TIKTOK or other social media tools, they are creating wealth stories. Li Ziqi made money, and others thought it was worth a try, which led to more people joining in. Only after coming in can they slowly learn and understand. In addition to making money, they can also get more benefits such as learning and communication from it. I think this is different. If you only emphasize the advancement of technology, then this is not enough.
Joe Zhou: You just mentioned two points, one is how Web3 products can become easier to use, and the other is why Web2 users should enter Web3. Regarding making it easier to use, what kind of products do you plan to make?
Wang Xin: There are more than one change. Most of them are the integration and innovation of various technologies, such as wallet, social, AI Agent, etc.
Regarding wallets, we may start with the simplest login. At present, the most suitable way to log in is the multi-chain custodial wallet. The account is relatively simple, and you can log in with your own ID, Twitter or Google ID. The wallet is stored in MPC shards, and users only need an account and password. We tell you that you can participate by putting in some change.
In terms of social networking, we know that the latest model is to develop towards decentralized social networking. I think decentralized social networking is the most effective way, or the federal decentralized social networking that everyone recognizes. Although it looks complicated from the bottom of the technology, it can't be so complicated to implement, and it still needs to be convenient for users. Because all platform-based products have their own social base, the way to choose the base also needs to be changed through technology.
Including some usage habits, for example, in Web3 we always jump from one product to another, even various authorizations. If not handled properly, the money will be gone. If there is a problem with an authorization, the money will definitely be gone. There must be unification here, such as the built-in mini APP ecosystem, which must be unified.
In addition, how do you make AI Agent work? To make it easy for him to use, you can't set it up in a complicated way. It should be operated according to his social media. For example, if I use Twitter, you can just log in to the Twitter account and that's it. Most Web2 users are impatient. They give you a very short time point, and one minute is just for face. Click, click, click, if they get stuck at the next step, they won't use it.
Joe Zhou: This seems to be different from most of the current Crypto products. Most of the current Crypto products still require a decentralized wallet.
Wang Xin: This is not a new technology. The key is how to integrate it and how to make users transition. The best way to transition is to first use a centralized wallet hosted by Multichain and then to a decentralized wallet. This is a transition process. If you have large assets, you can put them in a decentralized wallet. If you are just given some red envelopes or small amounts of money, the experience of a centralized wallet will be better, and it will make him think about the concept of assets, otherwise he will not think about it.
Joe Zhou: Why do you think these new Web2 users choose to join?
Wang Xin: Users don’t come in just because of a certain technology. What pain point have you solved? Let me talk about a simple product principle. Real innovation is something that you can’t buy with money now. Why should I come? Because I can’t buy it with money, so I have to come.
For example, before buying an iPhone, no one bought a smartphone. Only after the iPhone was launched did it attract everyone's attention. Today we want to achieve a personal IPO. That's it. I want to make more money by assetizing, but it can't be achieved. Then I make it, and people will come. There must be a pain point or a rigid demand in people's hearts. At this stage, they can't buy it with money. Only then is product innovation valuable.
Joe Zhou: Xiaohongshu and Douyin can also monetize through their own traffic. Are there any differences or similarities between personal IPO and these monetization methods?
Wang Xin: There are two parts to this. The first part is what we call the end game. Whether it is live streaming, short videos or bringing goods, I think monetization is not the end game, it is just a process. At least there are many ways and methods of monetization at present. I think this is not the end game. This is the first point.
The real end is to make securitization and assetization come to an end. Whether you are a person or a company, you will eventually become a listed company. The process of continuing to become a listed company is not the final result. I think this is the pursuit of the end.
The second point is the decentralized nature of Web3, that is, what belongs to you? On TikTok, accounts are blocked. On Twitter, users are often blocked. These accounts do not really belong to the users. This is why users will come if they have a choice.
Centralized products will cause a lot of unfairness. When you feel unfairness, you will look for a bunch of people who have suffered unfairness to organize against unfairness. For example, the reason why many overseas e-commerce companies are still difficult to make a profit is that most of the funds are used to buy advertisements on centralized platforms. At present, the advertising expenditures of e-commerce companies are mainly concentrated in the financial statements. Google advertising expenditures account for 30 to 40 percent of the overall cost. At least 30% can make a profit, and some account for 50%. What is the proportion of games? 60% or 70%. As for content short dramas, it is even more exaggerated, 90%. That is to say, if you make 100 yuan, 90 yuan will be used to buy traffic. How much money do you think he can make?
I think there is too much unfairness here. Given this unfairness, we should have opportunities, which is exactly related to my future entrepreneurial direction.
Joe Zhou: What is your current team composition and division of labor?
Wang Xin: We have a three-part team. First, we have a technical and product team, including AI experts. Our CTO has seven years of experience in Crypto. Without him, I would not dare to do wallet and custody.
Secondly, we have set up a special fund called Goldwill Capital. This fund will also have some innovations. It will not be a VC fund like the traditional Web3 fund. Our fund is a KOL fund. On the one hand, it invests in our platform, and on the other hand, it invests in our ecosystem.
The third aspect is the community management team (Fair3 community), because we need to face the global community. Coins involve a lot of community management and market value management, and the results of our practice are very good.
Community, fund, and technology are actually a practical process, and our team will implement them one by one. No one has seen the product, but everyone has seen the community first, and our community is operating well. This is also my personal entrepreneurial habit. I don’t like to work behind closed doors, and I prefer real contact. I strongly advocate the smallest startup method, that is, the MVP method. The smallest MVP method is that the product, operation and fund can be operated separately, and they can be implemented at the same time. When the system is formed, it will become the optimal organizational method.
Joe Zhou: Is this entry into Web3 entrepreneurship considered all in?
Wang Xin: I am all in. I paid all the money in the early stage and did not look for investors. We have been developing for more than a year. In the late stage of the epidemic, when I was thinking about going overseas, I figured it out. First, I have to do TO C, and second, I have to go overseas. When going overseas, I must use advanced technologies, that is, AI Agent and Web3.
