The Entrepreneurial Journey of Bitcoin Innovator Aki Balogh

Aki Balogh is a serial entrepreneur who recently founded the dlcBTC project, dedicated to creating decentralized and secure DeFi solutions based on Bitcoin. As a tech entrepreneur, Aki chose to dive into the cryptocurrency space, embarking on a new entrepreneurial journey.

Aki was born in Hungary and moved with his family to Boston in 1991. His entrepreneurial spirit stems from his childhood experience of selling bubble gum at school. In 2011, Aki joined a venture capital firm in Boston, developing a keen interest in big data, AI, and machine learning. In 2013, he founded Market News, a company that optimizes SEO content. After first encountering Bitcoin in 2011, Aki became deeply interested in the crypto world, believing it to be not only a revolution in financial technology but also a challenge to the traditional banking system.

AI or Crypto?

Despite the booming AI market, Aki chose the cryptocurrency field. He explained, "The barriers to entry in the AI industry are getting higher, and only companies with vast computing resources and data can establish a foothold in this field, making it increasingly difficult for small and medium-sized startups to compete." In contrast, the decentralized nature of the cryptocurrency market offers more opportunities for entrepreneurs.

The DLCBTC founded by Aki is based on the concept of decentralization. By utilizing self-custody technology on the Bitcoin chain, DLCBTC addresses the centralization risks posed by the use of a single custodian and bridging technology in the current market. Aki believes that this technology not only enhances the security of Bitcoin in DeFi but also provides institutional investors with a more reliable Bitcoin liquidity solution.

Value Creation and Expectations

Aki emphasizes that the mindset of entrepreneurs is different from that of investors. Some entrepreneurs view their company as a business, while others see it as a mission. He believes that true value lies in creating unique products rather than simply imitating.

In the early stages of entrepreneurship, Aki advises against overly relying on external funding. He shared that in the initial phases of his first two companies, he hardly raised any funds, instead relying on consulting projects and grants to support research and development. This approach allowed him to focus on validating business ideas and customer needs without external pressure.

The Balance Between Founders and Investors

As an entrepreneur, Aki emphasizes that the primary task is to create value for customers. He is well aware that investors focus on financial returns, but he values customer success and long-term business sustainability even more. When making decisions, he often prioritizes how to provide better services to customers, even if it may mean making some choices that are not recognized by investors in the short term.

Speaking about the goals of DLCBTC, Aki expressed the hope to build a safer asset wrapping mechanism that allows Bitcoin users to participate in investment and lending without traditional risks. He pointed out that traditional Bitcoin wrapping methods often rely on centralized custody, while DLCBTC employs an innovative self-wrapping mechanism that leverages the security of the Bitcoin chain to ensure the safety of user assets.