Jill Malandrino, global markets reporter at NASDAQ, interviewed Solo Ceesay, CEO and Co-founder of Calaxy, on the TradeTalks live show on Feb. 28. The interview discussed Web3 innovation, blockchain solutions, and their applications in digital entertainment, data privacy, and the metaverse.
Additionally, the interview focused on ways Web3 allows individuals more control over personal data through decentralized identity models. The discussion also emphasized how Web3 can bridge the gaps between companies, with interoperability between blockchains being the priority.
Dive into the mind shaping Web3, Solo Ceesay, co-founder of Calaxy. Get ready to hear his insightful thoughts on the future of this innovative space!
Calaxy
Former athlete and entrepreneur Solo Ceesay co-founded Calaxy, a social finance (SocialFi) app built on Web3 technology. Launched in 2020 with NBA player Spencer Dinwiddie, Calaxy lets users connect with creators, purchase tokens, and access exclusive benefits.
Ceesay describes their platform as a non-custodial social wallet built on the Hedera network, and noted the benefits of the wallet:
- Non-custodial: You can hold your own cryptocurrency, not relying on Calaxy to manage it.
- Social features: The wallet resembles social media platforms with a home feed, profiles, and messaging.
- Creator tools: Content creators can sell various experiences and products within their profiles using USDC.
- Crypto transfer: You can easily send cryptocurrency to friends within the chat interface.
- Invite by Text: Calaxy bridges the gap between crypto and non crypto users by allowing you to invite friends and family directly via text message.
Overall, Calaxy aims to combine the functionalities of a social finance platform with a user-friendly crypto wallet, offering creators opportunities to monetize their content.
Blockchains: A reliable way to verify authenticity and grow businesses
Recognizing the growing problem of misinformation in today’s “clickbait world,” Ceesay emphasizes the need to understand the source, or provenance, to find reliable information. He points to blockchain’s unalterable nature as a potential solution for verifying information authenticity, a crucial step in navigating the increasingly complex digital landscape where trust and source verification are challenging. This highlights the potential of blockchain technology, through transparency and immutability, to play a significant role in combating misinformation and ensuring the trustworthiness of online information.
Ceesay looks at Web3 as a way Web2 companies can foray into a new business model. He believes that Web2 companies should consider this new technology as a conduit to interact with clients, partners, and consumers in ways previously thought impossible, not just merely a way to increase efficiency.
NFTs revolutionize how creators and authors get paid, especially when it comes to enforcing royalties on digital artwork. Being in the early days of this technology, he believes the best use cases are still being developed — these new capabilities go beyond streamlining existing processes. For example, the sports league Karate Combat, who Ceesay is involved with, empowers fans by turning the league into a DAO, or decentralized voting organization, where fans can vote on fighter matchups and gamify the experience.
Blockchain adoption — there’s still work to be done
He further opined that the complexity of today’s Web3 experience is a barrier to widespread adoption — most people won’t bother learning how to manage multiple layers of technology or memorize public keys. As builders in the space, he wants companies to deeply consider how to improve the Web3 user experience.
Crypto’s promise of easy peer-to-peer payments hasn’t materialized, and it needs to be as simple as sending fiat currency to reach its full potential. The principles we value as early crypto adopters — like fully owning our data — may not be as important to the average user. Instead of aiming for parity with Web2, Ceesay emphasizes that we should strive for a better overall experience to attract the next wave of users.
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