Fausto Dassenno is coming from a strong technical background. He started programming when he was 12 years old and has worked in almost every programming language in the last 20 years.
However, it is not only programming that Fausto started early, but also entrepreneurship. He founded his first company when he was 21 while studying at the University of Parma. His company was solely focused on development, software development to be precise, and later when mobile development had also made its way into the market, Fausto and his company did not miss the opportunity and introduced mobile development services.
Later on, his journey took him to one of the biggest retailers in the world, at eBay, where Fausto started working as an engineer and grew to the Head of Product position for eBay’s classified business in Italy. After eBay, he briefly managed product at JobRapido which is a platform for jobs and talent acquisition. Eventually, Fausto made it back to eBay around 3 years ago as head of products and technology. He is now VP Product for efinancialcareers.com leading the team in charge of building products for jobseekers and recruiters.
Around that time Fausto got involved in the blockchain space. It all started in San Diego with a startup his friend founded, called DoGood.io, and he fell in love with the new-found technology right away.
“My friend, [the founder of dogood.io], wanted to start implementing blockchain so he introduced me to the concept of ICO’s. And from there, I started to research in my own time, and I have been reading about everything in the blockchain. I fell in love with the technology right away. As an engineer, I love the ingenuity behind blockchain and how blockchain can solve a lot of issues.”
Considering his strong technical background, it did not come to me as a surprise that Fausto saw the opportunities blockchain technology could bring.
From the first exposure to the blockchain, through dogood.io, Fausto started researching and looking into the technology on a more detailed level. He started doing pro-bono advisory and advocating for blockchain technology.
On his Medium blog you can find a lot of interesting articles. Besides that, soon Fausto's book will be published, where two whole chapters are dedicated to blockchain and the opportunities it can bring. He wants to focus on implementing blockchain with a product. Since he has worked heavily on the product development side, he sees a lot of possibilities and ways of efficient implementation with blockchain.
Faustos blockchain involvement isn’t only a theoretical one and he does apply his expertise to various projects. One of the projects he is involved with is called ArkadiaLanding which is a peer to peer lending platform that allows people from all around the world to invest money that can be used by individuals from developing countries that do not have access to credit.
“I am helping them on their architecture, I am helping them in terms of how to structure the information. One thing I am very passionate about is, which parts of the structure should be on the blockchain and how you should store information on the blockchain. Also, around private and public blockchain, how you should move things around based on where and what do you need to expose, this is very important I think.”
Fausto talks about the problem that concerns the structuring of the information. He states that startups do not invest enough time in researching, how they should manage information storing between public and private blockchains.
Another problem Fausto raises, which especially plagues the blockchain industry, is the lack of understanding of its underlying technology. According to him, people implement blockchain, not for its technical and economic capabilities, but simply because it is trending and is considered as new and “cool”, so to speak. He feels that we, as a community, should tackle this issue.
“I think it is of the paramount importance of people like us in the community to advocate and explain when and how to use the blockchain technology, so companies can actually implement the right solution and not just a blockchain solution.”
Fausto also mentions increased movement and attention to scalability and privacy in blockchain space and believed for it to be a good thing, but scalability for him is still the key element. The really interesting thing to hear was when Fausto spoke about the misuse of cryptocurrencies and calling Bitcoin a double-edged sword.
“I think that bitcoin is a double-edged sword, because, on one side, the reason why we are discussing around blockchain and opportunities on the blockchain, is that people want to understand more and they want to make a profit out of Bitcoin. The same time the cryptocurrency cannot and should not be the only narrative that people use to talk about blockchain. I think this is very important.”
He thinks that people should perceive cryptocurrency as the implementation of blockchain and not vice-versa which is caused due to lack of knowledge. Educating in this field generally is a big issue that we are facing these days, in terms of how we can make, create a product, that makes use of blockchain.
Fausto presents a great example, that if a bank implements a blockchain solution, for a customer that is not of great importance. What customers do care about is, getting best mortgages, or best rates for their credits, sort of a “final value” as Fausto calls it. The sure technology stack is important, however, users are interested in the final value.
“The blockchain is making things easier and that makes things more interesting for users. if the bank implements blockchain and then I can send money to my sister in Italy paying less fee then, as a consumer, I can see the value of the new technology.. There should be a clear value via a product that uses the blockchain”
Fausto envisions a bright future for blockchain, believing that the technology is here to stay. He spoke about the current state of the market, it is destabilizing right now, which will cause an end to the speculative wave and will lead to more stable market conditions in the years to come. He describes a vision where there are a lot of cross-functional solutions.
“You will be able to integrate CORDA and then speak directly with the hyper ledger, they will be able to speak with each other via API. I hope that there will be a push for standardization. So you will be able to store the actual information between blockchains in an easy and reliable way, which is incredibly important.
Fausto also covered the subject of ICO’s for the future. He does not consider the whole ICO concept dead, on the contrary, he believes this will become one of the major means to raise capital, however in a more controlled, regulated manner. He mentions how the “crazy ICOs” we used to see, got replaced by much more regulated and compliant ones.
As you can see Fausto is very optimistic about the future and has many interesting ideas, you will be able to see his speaking schedule below the article, so you can have a chance to listen and speak to Fausto yourselves.
“This space needs to grow a lot and I think the community has a big responsibility in that. To make it grow and achieve its full potential”