Friday (20/09), the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), in collaboration with IDNFT, organized a seminar on the Web3 industry held at the Function Hall, 8th floor of the Learning Center Building at FEB UGM. The event began with a speech by Arizona Mustika Rini, SE, M.Bus(Acc)., Ph.D., Ak., CA, representing FEB UGM. Following that, Budi Santosa, the Founder of IDNFT, also gave an introductory speech.
IDNFT is a community focused on educating the public about Web3, with more than 8,500 members on the Discord platform. Meanwhile, Web3 on Campus is a collaborative seminar program between this community and 15 campuses in Indonesia aimed at introducing Web3 to students. Ni Kadek Ayu Pratiwi, Staff of Partnership and External Relations at the Center for Digital Society UGM, moderated the seminar sessions. The seminar was divided into two sessions with different topics.
First Session: Introduction to the Web3 Industry by Tokocrypto
Wan Iqbal, the Chief Marketing Officer at Tokocrypto, led the first session. During this session, Iqbal explained what bitcoin is. The emergence of Bitcoin began with the development of the internet, enabling the transfer of data, information, and value. This led to the creation of blockchain technology. The development of blockchain technology gave rise to the first crypto asset created by Satoshi Nakamoto in 2009.
Then, Iqbal emphasized Bitcoin’s three characteristics: decentralized, transparent, and reliable. Bitcoin is considered “decentralized” because it does not have a principal owner, making it seem like it was created by, for, and of the people. Additionally, this asset can be owned regardless of the amount, as well as accessible anywhere and at any time. Moreover, bitcoin provides more affordable and faster transactions (bitcoin lightning network). This asset is also “transparent” and “reliable” as it is always available 24/7.
Iqbal then outlined the benefits of investing in Bitcoin. Bitcoin can serve as a way for people to save money and reduce dependence on online loans. Furthermore, Bitcoin can also be a solution to combat inflation due to its higher interest rates. Another advantage is the continuously rising price of Bitcoin, potentially yielding profits. Additionally, investing in Bitcoin in US dollars can help avoid the potential depreciation of the Indonesian rupiah.
Individuals unfamiliar with blockchain, crypto assets, and Web3 can learn about them through the TokoCrypto website, a platform for buying and selling crypto assets. Furthermore, people can practice direct asset transactions through this platform. The various conveniences offered by the TokoCrypto platform make it suitable for beginners in the crypto asset industry. A Q&A session with the audience concluded the first session of today’s event.
Decentralized Digital Industrial Revolution: Exploring the Potential of Web3, Blockchain, Crypto, NFTs, and the Metaverse
The event continued with a second session as a talk show featuring three speakers: Dery from Near Indonesia, Yanuar as the De-Fi Lead of Factor Dao, and Budi Santoso as the Founder of IDNFT. The session began with a discussion about the terms used in crypto investments. First, Dery explained that Web3 represents an advancement from Web2 (the internet we currently know) due to the presence of blockchain technology. Blockchain can be likened to a ledger that records financial transactions between borrowers and lenders. These records are then owned by many people worldwide, making transactions between these parties tamper-proof. Meanwhile, crypto assets are currencies based on blockchain technology.
Yanuar then added that the existence of blockchain helps eliminate intermediaries or custodians in a transaction. These intermediaries can be found in everyday life, such as online ride-hailing platforms or financial institutions that typically act as intermediaries in transactions. The existence of blockchain allows transactions to occur without these intermediaries. Consequently, transaction costs become more affordable due to the absence of intermediary fees.
Furthermore, Budi shared his perspective. If likened to a store, NFTs represent products sold in that store. Meanwhile, crypto assets are considered currencies used in transactions. Blockchain is associated with financial record-keeping, while Web3 is allegorically portrayed as an internet platform facilitating transactions.
The discussion continued with the topic of what distinguishes crypto assets from the money we are familiar with today. Yanuar explained that Nakamoto created Bitcoin to establish a currency that does not require third parties in its transfers and is not bound by the monetary policies of central banks. The supply of Bitcoin is generated from economic transactions, not created by central banks, making it impossible to be utilized as a monetary policy tool. Moreover, Bitcoin does not require intermediaries like cash that must be “deposited” or transacted through banks.
Additionally, Budi and Dery discussed the challenges faced in the crypto asset industry. Many people still need to be educated about this industry. Challenges also arise from cybersecurity issues haunting the cyber platforms. Furthermore, regulations for crypto products still require more substantial regulatory reforms. After thoroughly delving into the world of crypto, the Q&A session and the handover of plaques to the speakers concluded today’s event.
Reportage: Rizal Farizi
