"Hit AI&Blockchain" Brother Huang Licheng Talks About His Journey in the Crypto Circle, From Secret Silver, MachiX, CREAM to MITH Cash

The 4th "Hit AI & Blockchain" Artificial Intelligence and Blockchain Industry Summit kicked off in Taipei, where Jeff Huang Li-cheng, also known as "Big Brother Ma Ji," publicly shared his journey in the cryptocurrency industry from Mithril to algorithmic stablecoin MITH Cash for the first time.

Not Optimistic about Bitcoin before 2017, Unexpectedly Created Mithril

The big brother in the cryptocurrency circle, who is already a big shot, stated that he chose not to touch Bitcoin before 2017 because most of his friends were making quick money and introducing it to him. It wasn't until after 2017 when he noticed his employees were all playing with Ethereum (ETH) due to the entrepreneurship of "17 Live" that he started to become interested in the cryptocurrency circle.

Huang Lizheng mentioned that at that time, he saw the content mining cryptocurrency project Steem and felt that he had too many resource advantages to surpass it, so he invested in the social mining platform Mithril's entrepreneurial project. However, just like all current social mining and content mining projects, users frequently provide poor and meaningless content in order to mine more tokens, encountering some bottlenecks.

At the same time, he also sought out new projects: NFT non-fungible tokens. The second project, MachiX, can tokenize music copyrights into NFTs and allow users to interact with these digital assets. However, he found that traditional music communities were not interested in this innovative model. Fortunately, it was acknowledged by the Ethereum Foundation. Now he is focusing on NFT art, which is more in line with product-market fit.

DeFi New Blue Ocean: Compound as a Bank, CREAM as a Pawnshop

Huang Lizheng mentioned in the meeting, "We later found out that the market is in DeFi!" His favorite DeFi platform is Compound, but at one point, he couldn't think of a way to differentiate CREAM from Compound. So, he initially chose to move away from the Ethereum blockchain battlefield and discussed the development of CREAM with Binance Chain. Later, after Compound issued the governance token COMP, which accelerated the heat of DeFi, CREAM decided to develop directly on Ethereum.

Huang Lizheng stated that Compound mainly uses mainstream cryptocurrencies for borrowing and lending, so CREAM decided to include more diverse currencies to distinguish itself. He jokingly described Compound as a "bank" and CREAM as a "pawnshop."

According to the data website DeFi Pulse, CREAM's highest locked assets once exceeded $300 million.

15 Minutes to Reach an Agreement with Yearn Integration

Huang Lizheng stated that when chatting with the cryptocurrency community on Twitter and Discord, he met Andre Cronje, the genius founder of Yearn in the DeFi field. He was amazed that he only spent 15 minutes chatting with Andre Cronje to reach an agreement on integrating with CREAM. This was completely different from his past traditional business dealings, which required a long time to draft contracts. Therefore, he was very impressed with the integration cooperation in the DeFi world.

Starting a New Project "MITH Cash" Because of Basis Cash

Huang Lizheng talked about the birth of the new project MITH Cash. He mentioned that due to the pandemic, he had been at home looking for something interesting in the cryptocurrency circle. When he first learned about algorithmic stablecoins, he thought they were not good and didn't touch them.

It wasn't until he learned about ESD, DSD, and other improved algorithmic stablecoins that he began to realize the potential of stablecoins with great product-market fit. After getting to know Basis Cash, he started to invest heavily and met the development team. Later, he decided to fork this project, meaning to copy the model, and created MITH Cash. This protocol locked digital assets and has already reached $1.4 billion.

Actively Engage with International Communities, but Remain Cautious

Huang Lizheng mentioned that he saw a different efficiency in capital flow in DeFi compared to traditional finance. He believes that although blockchain is not mature enough and development is still early, the efficiency it brings is very promising.

He also advised everyone to have accounts on Twitter, Discord, and Telegram to learn more about the industry. There are many bad actors, but there are also good people in the community.

Finally, he specifically called out certain Taiwanese cryptocurrency media, advising them not to write irresponsibly and to take the time to understand what the real cryptocurrency industry is doing.