Interview with Columbia Blockchain Organization Director Scott Qu: Focus on long-term value and be a global citizen connecting the East and West Web3 industries

Columbia University has been involved in the development of blockchain. As early as 2018, Columbia University opened a blockchain course; in the same year, Columbia University and IBM established a blockchain research center to accelerate blockchain technology innovation and promote data transparency.

The professors and students of the school are also active in the Web3 world. Professor Max Li founded his own project and VC, and Professor Tim Roughgarden served as the head of the research department of a16z, a well-known investment institution. Scott Qu, who is still in graduate school, is a representative member of the student body. He is not only active in Columbia's blockchain organization, but also a partner of several VCs.

Recently, Cointelegraph Chinese CEO Tracy Zhang met Scott Qu in New York and conducted an exclusive interview with him.

The following is the content of the interview organized by Cointelegraph in Chinese, with some deletions:

Tracy: As a new generation in the Web3 field, first of all, tell us about how you entered into Web3, and your simple understanding of this industry.

Scott Qu: I actually started to get in touch with blockchain technology in 2017 and 2018, when I was still an undergraduate student. At the University of Washington School of Business, there is a course called Information system, which talks about blockchain technology. At that time, the specific application scenarios were also clearly explained, but in 2019, I actually only got in touch with blockchain or virtual currency related things. In 2019, I tried my hand and bought some bitcoins, which did not affect me personally or my family. My dad told me that this kind of small investment is meaningless, we must seize big opportunities and big outlets, and when this opportunity comes, we must seize the good opportunity to go all in and take risks.

My real contact with the entire big industry of Web3.0, blockchain, metaverse, and virtual currency will start in September 2021. In September last year, I was a master’s student at Columbia University. At that time, Web3 was developing very hotly in the United States. Although it was the bubble that attracted me, I always remained rational and calm. Looking at the underlying technology in the long run, what can blockchain do? What application scenarios, what value can be created for human beings in the future stage of social development, or what problems can be solved for society, and how can it meet the needs of human nature are very important.

In the bubble, everyone is hyping some small pictures, and I have also participated. Because many seniors told me that you must get your hands dirty, that is, you must participate in order to truly have a sense of participation, you have to try to know how this thing works, so I have tried everything a little bit, But I spend more time looking at the application scenarios of technology.

Tracy: Tell me about the Columbia University blockchain organization Blockchain@Colombia and your role in it.

Scott Qu: Blockchain@Colombia is a blockchain organization of Columbia University, run by students, hoping to build a platform to better connect college students and industry practitioners, including scholars and experts. We will hold some large-scale summits, and there are actually some learning and sharing activities every week.

Here, we can meet professors with in-depth research or scholars with more education background who really understand technology. Moreover, their perspective is more often different from that of ordinary investors. It is not how to make money before the bubble bursts, but to create more solutions and better create value through education and technology.

Now the organization has 8 board members (directors), and I am the only Chinese in it. Now many Chinese people come to me, that is to say, they want to get in touch with the Western Web3 world. During the meeting, our organization also expressed that they actually want to understand the development of Web3 in China. Due to differences in culture, language, politics and many other aspects, there are some estrangements and prejudices between the two sides. For example, some top blockchain players in the Chinese circle are proud of the industry in China, but their reputation in the United States is not good. I hope to look at the problem from the perspective of both sides, make myself more objective and neutral, make everyone more tolerant, and truly become a bridge to connect the two sides together for better communication.

Tracy: Are Columbia students enthusiastic about Web3?

Scott Qu: Everyone is very enthusiastic and wants to participate. No matter what age group or major you study, everyone communicated with me, and then asked me what Web3 is and what DAO is. Everyone is understanding and participating. Some people will buy some NFTs and virtual currencies, and some people want to learn what blockchain, Web3, and metaverse are.

As a young man, I put all my energy into Web3. I do know a little more than ordinary people, and I hope to explain to everyone what Web3 is. I firmly believe that Web3 is the future, and I hope to explore the future with you.

Tracy: There is a saying that many young people who are new to Web3 in this round come in because of the NFT concept, and the landmark event in the previous cycle was buying Bitcoin and Ethereum. What is the situation around you?

Scott Qu: Last year was the year of NFT. NFT was very popular, and many people did enter the market because of it. But in fact, it is also related to the macro economy. Under the loose monetary policy, all assets are appreciating, which makes it easy for bubbles to emerge.

NFT is a big application scenario, and many brand new IPs will be born, and the birth of new IPs is also driven by the iteration of the underlying technology. The birth of new technology leads to the birth of new media, which leads to the birth of new IP. For example, how did Disney Mickey Mouse come about? It was only after the animation technology was developed. After that, various superhero IPs, because of Hollywood's production capabilities, gave birth to various universes. Now there are digital collections, and the birth of the blockchain can confirm the rights of digital assets, so there will definitely be new IPs.

Tracy: You were interviewed by Nasdaq TradeTalk before, and I would like to ask you to share this experience. Also, can you share with us your thoughts on investing in Web3?

Scott Qu: The interview with Nasdaq TradeTalk was actually a fate. We were chatting at the Austin Consensus Summit. I told him that I was a member of the Columbia University blockchain organization, and they happened to be doing Nasdaq TradeTalk, so we conducted an interview.

In terms of investment, I have been in contact with traditional VC investment and investment banks in China for the past two years, all of which are hard technologies, including 5G, 6G, SaaS and so on.

Regarding the investment in Web3, I am personally aware of my disadvantages and advantages. My disadvantage is that I don't have such a very good project source, and the project source is very important to investors. My advantage may be that I have accumulated some traditional VC resources before. At present, I have seen a lot of Web3 VCs, and I have chosen the Web3 fund investors who are most in line with my values and I can talk to. I will invest in them first, and I will also provide my personal help.

Investment is divided into GP and LP. I must be an LP (limited partner). My ability is limited, but I am also very proactive. I am a limited partner, but in fact I position myself as an unlimited partner with unlimited possibilities partner. After that, I will dig deeper in this industry, invest in some good projects, help everyone really solve some problems and create some value.

Tracy: Speaking of personal development, from your point of view, how would you choose between the two places for your future personal development? Where will you put your focus?

Scott Qu: From my own perspective, I want to be a fully inclusive citizen of the world. Opportunities are everywhere, as long as you do your best. Now Web3, blockchain, Metaverse, and NFT in the United States and overseas are developing better. This is because the United States is a society of financial innovation, which is very open and has a relatively high risk appetite. China is different. China still supports the development of the real economy and focuses on the combination of industry and blockchain, which also has great application scenarios and opportunities. Therefore, we need to objectively see from a higher perspective that the whole world is different, the structure is different, the politics is different, and the social system is different.

Tracy: Are you going to be all in the Web3 venture capital circle in the future?

Scott Qu: I think at least 70%~80% of my time and energy will be devoted to Web3. In fact, I am interested in any industry, such as real estate, unmanned driving, aerospace, space, new energy, I am interested in new things, interdisciplinary, cross-industry, and cross-stage to understand, I think this is also helpful to myself .

Most people are afraid of taking risks and are very conservative. But no matter whether it is in China or in the world, we still have to try our best to do some big things within the scope of our own risk tolerance.