Interview with a Former Microsoft Employee: From Digital Ownership to Better Use Cases and Customer Engagement
TechFlow Selected TechFlow Selected
Interview with a Former Microsoft Employee: From Digital Ownership to Better Use Cases and Customer Engagement
Now, he is building Myntflo, a project that integrates brands into Web3 using NFTs to drive strong customer/fan engagement.
Navigating Web3 tides with focused insightsWritten by: The Reading Ape
Compiled by: TechFlow
Alex Solomon is passionate about digital incentives and brand engagement. He successfully launched Microsoft's NFT rewards program. Today, he is building Myntflo, a project that integrates brands into Web3, using NFTs to drive powerful customer/fan engagement.
Background
-
Spent his entire career at Microsoft.
-
Started learning about cryptocurrency in 2016.
-
Decided to leave Microsoft at the end of 2020 to focus on Web3.
-
Founder and Managing Partner of Swiss blockchain consulting firm Genesis Network GmbH.
-
Building Myntflo, a project that integrates brands into Web3.
History of the Internet
-
Web1: A term referring to the mid-to-late 1990s when the internet first emerged—Web1 was about content publishing and creating static websites to push information.
-
Web2: Users can now interact online (e.g., shop, conduct online banking, etc.).
-
Web3: Empowers users to regain control of their data and democratizes your online experience. Web3 enables new governance models where users can interact with brands and own assets.
Why Do We Need Blockchain?
-
Most use cases don't require blockchain—centralized systems are better suited.
-
Projects suitable for public blockchains are those requiring open access, neutrality, censorship resistance, and immutable transactions.
-
Blockchain excels at preserving history and ensuring its immutability.
"This is a super important feature [immutability], which essentially allows you to conduct trustless transactions without understanding counterparty risk, because you're not relying on intermediaries or third parties to safeguard this data."
- Alex Solomon
-
Private chains, consortium chains, and CBDCs are not truly blockchains, as they replace the decentralized consensus mechanism with their own.
-
Any centralized service you use could potentially block your access. Therefore, it's crucial to consider counterparty risk and understand when to use blockchain.
Banks' Response to Blockchain
-
Some banks are progressing—they have one foot in the old world and one in Web3.
-
In the future, most TradFi assets will be tokenized and traded on public blockchains.
-
Therefore, most banks view blockchain as a direct threat competing with their services.
Bitcoin and Ethereum
Their Differences
-
Bitcoin is the first cryptocurrency, created by Satoshi Nakamoto.
-
Bitcoin was designed to function as digital cash. Today, it's more commonly seen as digital gold—a store of value.
-
Bitcoin is a decentralized network without smart contract capabilities.
-
Ethereum is also a decentralized network, but it is programmable and supports smart contracts.
-
Anyone can write an application on Ethereum using Solidity, a language similar to JavaScript.
-
Instead of hosting your app on traditional web hosting platforms, you deploy it directly onto the chain/execution environment, making it accessible to everyone.
-
Compared to Bitcoin (PoW), Ethereum uses a different consensus mechanism (PoS).
-
PoS is more energy-efficient and secure than PoW.
Tokens
-
Bitcoin is a decentralized network that uses Bitcoin as its native token.
-
Ethereum is also a decentralized network with its own coin (Ether) and supports the creation of smart contracts and other tokens.
NFTs
-
NFTs — generally speaking, we can say tokens fall into two categories: fungible and non-fungible. Fungible tokens mean one unit is fully interchangeable; non-fungible means they are unique and non-interchangeable.
-
Valuable NFTs can be sold and traded, but they are less liquid than fungible tokens.
Digital Ownership
-
Ethereum was created by Vitalik because he was frustrated that the online games he played could arbitrarily change rules—people invested time and money into them but had no real ownership.
-
People can own assets under their own control, meaning no third party can take those assets away from them.
Smart Contract Use Cases
Digital Incentives
-
Building Myntflo to help brands enter Web3 and engage their fans using NFTs.
-
People have been buying and selling NFTs, but largely haven't used them as tools for customer engagement.
-
Companies can gift NFTs to customers, granting them certain privileges tied to those NFTs.
-
Nonprofits can fundraise by issuing NFTs with special features, such as royalty sharing.
-
Many applications could be replaced by NFTs, such as frequent flyer milestones.
"Why not transform traditional loyalty programs into next-generation digital experiences in Web3? This is an opportunity to delight your customers by giving them digital assets they truly own."
- Alex Solomon
Other Use Cases
-
Other use cases include DeFi, digital fashion, metaverse, and social platforms.
-
Digital identity is a major area, as companies currently do a poor job protecting consumer data.
-
We still face challenges in uniquely identifying humans on the blockchain.
-
Over the next 10 years, we’ll see entirely new use cases we haven’t even imagined yet.
Building an Ecosystem
-
While at Microsoft, he built Azure Heroes—an NFT rewards program for the global developer community. After its successful launch, he realized he wanted to fully commit to this space and decided to leave the company to create Myntflo.
-
NFTs can be awarded to customers in exchange for participation or attendance.
-
It’s no longer just about selling NFTs for revenue.
-
If you successfully gamify your brand using NFTs, you'll build stronger brand engagement and provide fans with truly ownable assets.
-
NFTs must offer strong utility and foster community followership to ensure people continue holding and using them.
Thoughts on Regulation
The EU will pass a law called Markets in Crypto-Assets (MiCA). It's unclear what the final outcome will be, but one thing is certain—this type of regulation is primarily designed to protect existing financial industries. Moreover, it appears NFTs will also be included under this law.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
