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SideShift.ai Founder Andreas Brecken Talks Bull Run, Meme Coins, and Ethereum Sharding

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April 19, 2024 11:15 EDT
| 8 minute read

Andreas Brecken is the founder of SideShift.ai, a platform offering direct-to-wallet transactions.

Founder Andreas Brecken sideshift.aia platform that offers direct-to-wallet transactions, sat down (in a hammock) for an exclusive interview. crypto news podcast.

While speaking with host Matt Zahav, Brecken recalled how difficult it was for people to buy BTC in 2011, noting that today's ease of purchase is contributing to its adoption.

He said meme coins are actually great for the crypto industry because they are fun, cheap to obtain, and generally harmless. Importantly, they stress test the largest chains in the space.

The crypto veteran spoke about multiple markets happening simultaneously and the potential significance of the Ethereum Denkun upgrade.

Brecken also touched on the need to reconsider interactions with centralized exchanges and the need for services like Sideshift.

In this interview, Brecken said:

  • Purchases of BTC in 2011 and today.
  • Currently, multiple markets are held simultaneously.
  • Rethinking how we interact with cryptocurrency exchanges, especially as the bull market ushered in a new wave of mainstream adoption.
  • How products like SideShift facilitate mass adoption.
  • Ethereum Dencun Upgrade.
  • Are meme coins good or bad for the crypto space in general?
  • How memecoin transactions increase will reveal the limitations of the current protocol and chains will compete with each other to see who can handle the most traffic.

Mr. Brecken gave an extensive and exclusive interview. You can watch that interview above or read it below.

This is how the era of Bitcoin has changed!


Brecken discovered Bitcoin In 2011.

At the time, he said, there were few routes for people to obtain BTC. One of his options was his market on the dark web, including the infamous one. Silk road.

“But in my case, I'm just too much of a nerd,” Brecken said. He didn't know about this street at the time.

But he had some advantages over the average Joe. He was a programmer.

So Brecken discovered information about BTC online and began learning about this new technology.

It is worth noting that at the time, anyone interested in BTC had to install a program on their PC to obtain it. This program creates addresses and allows users to find places where they can buy, receive, and send coins.

This was clearly a much more difficult system than today's system.

But Brecken said another advantage programmers and engineers had at the time was their perspective and mindset on technology.

They try to understand how it is made and how it can be built. They'll find ways to improve it, create something similar, or find another use case.

Direct-to-wallet trading: a recipe for mass adoption


This is how SideShift.ai was created. There was a way to create technology that would help meet the demand, and Brecken took it.

The team has developed an efficient, easy-to-use, and beginner-friendly platform that provides direct-to-wallet transactions.

When using a centralized crypto exchange, you have to complete many steps before you finally get your coins.

This includes all the necessary logins, 2FA, KYC, choosing a deposit, searching for a network, waiting for confirmation, etc., Brecken says.

However, it can become more complicated in certain cases, such as purchasing certain meme coins. For example, a user must first exchange her BTC for her UDTS before getting her WIF.

SideShift.ai will instantly execute the transaction and deliver the coins to your wallet, the founder said.

“That’s why we call it a direct-to-wallet transaction, because it takes 700 button clicks to do something as simple as go from what you have to what you want. Because that's the only way I know to explain it.'

There is a lot of demand for this service, he added.

But when it comes to exchanges, Brecken warned, “Get your money out.”

The longer term view for this industry is that people should stop leaving their money on exchanges. That's a big problem, he said.

Simply put, incentives are not aligned between users and exchanges.

Exchanges have full control over their users' funds and earn revenue from them.

They can also use your funds without telling you, get you attacked, and have the rug pulled from you. Too many red flags.

AI name only


Brecken briefly touched on the AI ​​part of SideShift.ai.

“I thought it sounded really great, to be honest,” he said.

The closest the company has come to actual AI is how much automation it has done.

The company has a small team that handles “significant volumes.”

Still, everything remains smooth and stable thanks to “excessive automation under the hood,” Brecken said.

There is little human intervention, he added. It's “like a giant machine” that does almost everything.

However, when speaking to customer support, the team says it's “a bit confusing” whether people are talking to a human, a machine, or a machine pretending to be a human.

“You're probably talking to a human pretending to be a machine,” Brecken said.

And speaking of the team, the founder said SideShift.ai is currently hiring for a number of roles, especially engineers.

Memecoin is stress testing major chains


Commenting on the ongoing meme coin craze, Brecken said he is “really into it.” dogecoin When it was released in 2013.

If you look at this trend now, “It was exactly the same when we only had Dogecoin, but obviously this has stepped up.”

Today, there are many more of these coins, more communities exist, and more people are involved, including those outside of the crypto space. It's difficult to visit a cafe without hearing a conversation about WIF or Bonksaid Brecken.

But generally speaking, meme coins are good for the universe, Brecken said. “I think it's a good thing in many ways that people are trading meme coins,” he says.

He claimed that these coins bring fun to friends and the community, are harmless, and are also a great way for people to get into cryptocurrencies.

Bitcoin's $60,000 to $70,000 price can be intimidating for beginners. Once you buy something, you have a lot to lose.

But meme coins make it much easier to buy and trade.

And this space is growing as well. Users now have more advanced tools at their disposal to conduct BONK trading. apple Stocks, Brecken argued.

Additionally, meme coin trading could become a competitor to another giant: sports betting.

“It's great fun to have fun with your friends,” Brecken said.

Last, but not least, all this activity is stress testing the technology, specifically the chain on which these tokens reside and move.

Solana and Ethereum, especially stress tests. Different chains are competing. They have to work hard not to fall behind and lose users.

“I'll bet, [the developers] Everyone is working day and night on all these platforms and chains […] We need to keep doing this and try to find ways to deal with this record high demand for throughput and capacity,” Brecken said.

Multiple parallel markets are functioning


Another interesting point Brecken made is that there seem to be multiple markets happening at the same time right now.

Previously, one sector at a time was up much more than the others, and each had its own cycle.

For example, last cycle we had the summer of decentralized finance (DeFi), which turned into the summer of Solana. I gradually transitioned into a “mania'' centered around . FTXand so on.

But today, we are seeing the rise of spot Bitcoin exchange traded funds (ETFs), the continuation of the meme coin market, and a new wave of DeFi.

Brecken also opined that the three appear to have separate risks and, to some extent, separate users.

That said, he hopes the memecoin cycle will continue to attract more new entrants to the space and encourage users in other cycles to explore other crypto-related markets. ing.

A bull market has been creeping up on us “since the despair we all felt” when Bitcoin was between $20,000 and $25,000.

Therefore, Brecken expects the three different cycles to have a positive impact on each other and to prolong this bull market.

“If you were still alive and had a portfolio of good-looking meme coins.” [by the end of summer]I think you are a genius,” he added.

Ethereum Dencun upgrades and the path to sharding


Finally, Brecken briefly discussed specific developments in the space, such as the Ethereum Dencun upgrade that went live in March.

This upgrade aims to significantly strengthen Ethereum's ecosystem, reduce Ethereum's Layer 2 blockchain transaction fees, and pave the way for sharding in the future, ultimately leading to Ethereum's high price tag. Layer 1 fees will be reduced.

What surprised Brecken about these Ethereum upgrades was that everyone connected to the Ethereum ecosystem, including other chains, was fully ready the moment the updates went live.

This is a positive development.

There is no longer a need to develop separate software over several years to support upgrades. These are instantaneous.

Another thing to note is the continued discussion around sharding.

Sharding is a solution that optimizes the process of validating transactions and smart contracts by dividing a blockchain network into partitions called shards.

This way, every node does not need to see the entire transaction history on the network.

Instead, specific nodes are assigned to specific shards, optimizing the process by which nodes validate transactions.

Brecken said this could result in ETH being transferred to $5,000.

So the upgrade we're seeing now is developers gradually building their way to sharding. Brecken said this is a large project that will likely take several years to complete.

__________

About Andreas Brecken

Andreas Brecken is sideshift.ai, a platform that offers direct-to-wallet transactions. To date, the exchange has processed a trading volume of over $1.25 billion.

Brecken first discovered Bitcoin in 2011 and has a deep technical understanding of the cryptocurrency space.

In addition to being a long-time supporter of cryptocurrencies, he has substantial hands-on experience in the industry.

In 2013 he founded justcoin.comworked as a software engineer at a Norway-based cryptocurrency exchange (later acquired by ANX INTL). kraken In 2015 and 2016.

Brecken is also the founder of. Shitcoin.coman extensive crypto content platform.





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