Rostyslav Bortman is Head of Blockchain Development at IdeaSoft and founder of the ETHKyiv community. He is one of the main faces of Web3 development in the world and in Ukraine and a driving force in the development of the cryptocurrency community.
He has developed many great Web3 products, and this year's Ethereum hackathon in Kiev, organized by him and his team, was attended by his passionate friend and devoted colleague Vitalik Buterin. I did.
We discussed the future of the Ethereum market and ecosystem, as well as the Web3 sector in Ukraine and its details.
How did you get involved in blockchain development? What attracted you to the Web3 industry?
smart contract. In 2016, a university professor came to me and offered me a topic for my thesis, such as “Smart Contracts on Ethereum.” I agreed. Since then, I have been unable to stay away from Solidity and Ethereum. I was completely fascinated by the concept of decentralization and the absence of intermediaries.
At Incrypted Conference 2024, Vitalik Buterin said that Ukrainian Web3 developers have made great strides in creating innovative solutions. What do you think about this and what do you think of the contribution of Ukrainian developers to the global development of blockchain?
First, there are many ways to contribute. Either to build a deep product with a great foundation that goes mainstream and has a direct impact on Web3 development, or to be a developer on the team building the future of Web3. To contribute to the open source community.
Of course, some of the cool teams at Web3 are often Ukrainian developers who build cool stuff with their teams, and that's pretty cool. But we don't see large numbers of Ukrainians developing products that go mainstream. This still needs to be worked on.
I think the Web3 community in Ukraine is just starting to develop. As the organizer of Ukraine's largest hackathon, I can say that we still have a lot of work to do when it comes to startup culture. People are focused on making money, don't want to take risks, and don't express a desire to build something themselves because outsourcing provides stability.
My team and I are going to change that. The goal is to build a hackathon culture in the country. Because we believe this is one of the most effective ways to show developers how great it is to build their own products. It will take time for people's mindset to change and for Ukrainians to start influencing global blockchain development with their products.
Do you think Ukrainian startups can compete internationally in the field of Web3 and blockchain technology? If so, how?
Of course you can. The Web3 market is global and it doesn't matter what country it was built in. First, the UX, which is the use case for the product, is important. Anyone who makes cool products that people need can compete in this market.
“Build what people need. Build radically simple experiences” – Jesse Pollack.
In recent years, a number of Web3 projects with Ukrainian roots have appeared. Is there anything you can mention about blockchain development projects in Ukraine?
Global ledger. I also like Trustee Plus. It's simple, convenient, and solves consumer payment problems. Hackenproof.
It is also important to note that the concept of success is different for many people. Therefore, I will only talk about my personal favorites here.
You are the founder of the Kyiv Ethereum community. What is the biggest achievement of this community? How do you think it influenced the development of the blockchain ecosystem in Ukraine?
We have been planning meetups since 2021, and have already held about 25 types of events. We have cooperated with BNB Chain, Scroll, Diia education and many other companies. All events can be found here – kyivethereum.com.
Recently, we held ETHKyiv. This was joined by Vitalik (Buterin) and three others from the Ethereum Foundation (and many other guests from various great Web3 protocols). We were able to secure major sponsors such as EtherFi, Scroll, Intmax, Zero1, Circles, and The Graph Builders Dao. Additionally, 123 hackers visited the location offline and participated in the hackathon.
We raised $8000 for an FPV drone for the Ukrainian Armed Forces (UAF). And all this despite the war.
What role do you think the Kiev Ethereum community plays in the development of the Ethereum ecosystem?
I believe in the right strategy to develop communities around the world. Because only local leaders, not global foundations, can have the greatest impact on the people of a particular country.
The role and influence rests with the community, not me. There is little I can do alone, but we are doing our best to create favorable conditions for the development of the Ukrainian Ethereum community, we are gathering outstanding founders, visionaries and leaders .
You are one of the founders of ETH: Kyiv Hackathon. How do you think hackathons and developer conferences contribute to the development of the Ethereum ecosystem? What are the main challenges you can identify when organizing hackathons?
Let's start with the sad part. I am the sole organizer of ETHKyiv 2024 (along with my Kiev Ethereum team, of course). Sergiy Sevidov was formally a co-organizer, but in practice he did not fulfill his responsibilities and did not take any part in the organization of the event. Therefore, calling him one of the organizers is unfair to the teams involved in that organization.
Unfortunately, it turns out he controls the ethkyiv.org domain and social media. Our team created all publications related to the ETHKyiv hackathon. He refuses to part with his social media and domain (although he has nothing to do with Ethereum in Ukraine and does nothing in the development of Ethereum, his only goal is to name ETHKyiv) ). Because he wants to hold some events of his own. There you can claim ETHKyiv 2024 as your own and sell it to your sponsors and partners. My team and I have already turned this page and created new social media.
Well, to answer your question:
I believe that hackathons will have a direct impact on the development of Ethereum in Ukraine, since I consider developers to be the main assets of the ecosystem. Therefore, our main mission is to onboard Ukrainian developers to Ethereum. I can't answer about the conference as it's primarily focused on builders.
It was incredibly difficult, but this is the story of an hour. There were many issues such as coordinating with contractors, coordinating all the details on the Taikai network and elsewhere, communication, management, involvement of sponsors, hackers, judges and speakers, and media publication. This story deserves a separate publication.
Over the past few years, many blockchains and protocols have emerged in the Web3 space, including Base, Whitechain, and Near. How do you think this will impact the Web3 market and blockchain development?
Base has had a very positive impact on Web3. Because Base is developing a culture of builders around it and spreading the message that architecture is cool. They are focused on developing consumer apps, which is the right thing to do in my opinion. I think Base is where you'll see a lot of the great innovation in Web3.
What do you think about the future of such a diversified Web3 market? Would an oligopoly of a few large networks be better?
I'm ETH Maxi so it's hard to think about it. There are so many new and interesting things happening on Ethereum every day that we don't have enough time to follow other ecosystems.
However, while I think other blockchains will likely gain some market share, Ethereum will remain the undisputed leader. For me, the principles of Ethereum are closer to home. That's why I'm here, and most of the people in the community are here too. I think that's what makes Ethereum the best.
As blockchain technology becomes increasingly integrated into finance, do you think DeFi can replace traditional centralized banking? Is DeFi infrastructure suitable for large-scale financial transactions?
Consumer payments are currently one of the biggest challenges that has become a priority in the industry, including for example at Base (which we wrote about here). I don't think DeFi will replace centralized banking in the next few years, but it will gradually become more convenient and popular, and the number of users will increase, making it possible for some services to become strategic in the future. I think it will be available. A hybrid system that allows traditional centralized banking to be completely abandoned if necessary.
With the launch of the Ether ETF and rumors of the Solana Exchange Traded Fund, will it be possible to bring other blockchain tokens to the stock market? Does the blockchain industry need such a trend?
I don't think there will be a Solana ETF in the near future. There are objective reasons for this.
First, the SEC (U.S. Securities and Exchange Commission – author's note) considers Solana to be a security. Second, the fund owns 12% of SOL (or more, I don't know the exact number, but this is a significant disadvantage). Thirdly, when it comes to the classic path to ETFs (as is the case with BTC and ETH), Solana still needs 2-3 years to go all the way.
Regarding other assets, I think the cryptocurrency market needs to become more mature first. Because all these meme coins and meaningless assets and billions of dollars capitalized look very strange.
NFTs are having a good time in terms of popularity. Do you think this technology has potential? How can NFTs be used to maximize their technological potential?
NFTs aren't going anywhere, but they're not the kind of NFTs everyone has heard of in 2021. NFTs are the token standard that will continue to be actively used in RWA (Real World Assets) and are already actively used. They tokenize everything they can with NFTs. From real estate to items for virtual worlds and games. We don't know what will happen to NFT monkeys.
Which areas of Web3 development do you think are likely to trend in the near future?
Account abstraction, SocialFi, decentralized messengers, consumer apps (including payment apps), cross-chain interoperability, GameFi.
You previously taught your own courses at Sigma Software University. So how do you evaluate the role of such educational initiatives in training new specialists in the Web3 and blockchain industry?
I think that's very important. As far as I know, the situation in Ukraine is not very good.
I hope that you will speed up your efforts and work with more enthusiasm. If anyone wants to run a Solidity course, don't forget that we are always here to help. Let's talk.
I like the example of Argentina. Argentina has integrated Ethereum and Solidity into the school curriculum in Buenos Aires. I think we should move in this direction. I've already emailed some friends about this topic.
How would you communicate the benefits of blockchain technology and specific Web3 projects to the public?
Build what people need. Build a completely simple experience. Just create an application that people will use, and that's it. They (the masses – author's note) will come to you. If you look at what is happening in the world now, one day freedom of speech will become a very important aspect. Therefore, I think the demand for decentralization, security, and resistance to censorship will increase.
What do you think the Web3 industry will look like in 5-10 years?
This is a very difficult question. In the future, many applications will become mainstream and users will not even notice that they are Web3-based. I think during this time the major UX issues will be solved and we will be able to find killer use cases in the industry. I think we'll see similar mass adoption within the next 10 years.
What is your biggest motivation to continue working in this field?
I'm passionate about principles like decentralization, censorship resistance, and self-custody, and I like removing trust from places where it shouldn't remain. I prefer to eliminate the middleman and automate the terms of smart contracts. This is the future and I believe we are moving in the right direction across the board. I love and appreciate being involved in this.
People are also motivated. This concentration of incredibly smart and open-minded people is so inspiring.
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