Author: Zhou Zhou, Foresight News

In 2018, Wang Xin was released from prison.

People thought he would choose to retreat and stay away from the noise, but he did not. The tide of the times rolled forward, continuously pushing this early internet entrepreneur towards Web3 entrepreneurship.

In early 2019, Wang Xin launched the anonymous social app "Toilet MT," which had the slogan "Using blockchain thinking for social interaction" and emphasized decentralized content distribution. However, this product was quickly banned by WeChat and other centralized internet products. In 2020, Wang Xin launched the AI flexible employment product Lingge, but once again faced a ban.

"To this day, I still don't know the real reason for the ban," Wang Xin said. "It's not just us; there are also Luo Yonghao's Bullet and Byte's Duoshan. These three products were all banned by WeChat," Wang Xin added.

From "Qvod" to "Toilet MT" to "Lingge," the products Wang Xin wanted to explore seemed to always be halted by centralized institutions. This led him to conceive the idea of creating a product that could not be stopped, just like no one can shut down Bitcoin.

Wang Xin admitted that he is all in on Web3, and this time he wants to create a product that combines AI and Crypto.

Wang Xin proposed a viewpoint: the ultimate goal of personal IP is not traffic monetization, but personal IPO. He said: whether it's live streaming, short videos, or e-commerce, there are many ways and methods to monetize, but none of them are the ultimate goal. He believes the real endgame is to bring securitization and assetization to the final stage, allowing either an individual or a company to eventually "go public."

One day in 2024, he typed a new project name on his computer. Wang Xin said this brand new Web3 product will officially launch in mid-2025.

First Encounter with BTC

Joe Zhou: When did you start paying attention to BTC?

Wang Xin: Around 2011, when Bitcoin's code was on Sourceforge, I took a look.

Joe Zhou: What was your impression after reading it?

Wang Xin: At that time, I thought its algorithm and energy-consuming POW model were quite ridiculous. Of course, looking back today, my thoughts were naive and childish. (laughs)

Joe Zhou: At that time, you tried to create traffic mining (a product launched by Qvod that used idle bandwidth to provide acceleration services for viewers, earning virtual assets), did you consider developing Bitcoin-related businesses?

Wang Xin: If we had a higher understanding back then, traffic mining would have been directly bundled with BTC. At that time, mining could be done with a computer. But because it consumed too much electricity, we thought it was impractical. The traffic mining project today has a positioning, which is DePIN. But back then, it had no positioning. I believe if there had been more valuable solutions at that time, like today's POS or other solutions, it might have been better.

Joe Zhou: So the project didn't continue later.

Wang Xin: After we just got it going, Qvod ran into trouble, and I couldn't manage it anymore. If it hadn't run into trouble, we might have researched it more deeply. At that time, we developed the entire client-side mining mechanism and created a single currency exchange, where we also made leveraged contracts.

Joe Zhou: You previously worked on Qvod, and now you're starting a Crypto business. What similarities do you see in the technology?

Wang Xin: There are many similarities, even identical aspects. I have always recognized decentralized methods at my core, just as I did when working on Qvod, where we talked about equal computing. In this process, we were in opposition to centralized media, and of course, the final result wasn't great. In Crypto, there are some concepts, like consensus and nodes, which Qvod also had. The distributed ledger technology we use now is essentially P2P technology.

Joe Zhou: CZ recently shared some thoughts about life in prison. You also spent three and a half years in prison from 2014 to 2018 due to Qvod. Can you share your reflections on life in prison?

Wang Xin: It was quite a long time, unlike CZ, who has just experienced it and has deep feelings; I've mostly forgotten. (laughs)

In fact, it can't be called living. Every day followed a routine, and everyone was in a very limited space, reading novels and watching films, which was nothing new. I believe the best way to cope there is to avoid novelty and excitement. If you think there are many intense and memorable things, then you will definitely remember them deeply. I developed some good habits, like going to bed early, getting up early, reading more, and talking less.

Joe Zhou: Could you contact the outside world? Or receive some cutting-edge information?

Wang Xin: No, but you could write letters.

Joe Zhou: There are rumors that before you went to prison, you had your wife buy several thousand BTC. Is that true?

Wang Xin: This matter is not important; it is not the core driving force behind what I do. I bought a small amount, very little, and I didn't have that high of an understanding. If I had that high of an understanding, I would have gone all in.

Exploring Overseas

Joe Zhou: How do you summarize your entrepreneurial experience over the past five or six years?

Wang Xin: I can roughly divide my entrepreneurial journey into three stages: Qvod, social products, and going overseas. Social products made me understand human nature better; AI products, especially Lingge, made me realize the importance of individual efficiency in the future. I began to realize that collaboration between people can be restructured, and human skills can be digitized.

Essentially, we are starting our business in this direction, allowing everyone to have a digital version of themselves to help them earn money and work. At that time, we had this idea, but the technological environment did not support it, and many ideas could not be realized. Secondly, the regulatory requirements for social products in China are quite high.

Joe Zhou: I heard that the social products you developed were also banned by WeChat?

Wang Xin: Yes. (laughs) Almost all the social products we launched were banned, like Toilet MT and Lingge.

Joe Zhou: Why were they banned?

Wang Xin: I don't know. To this day, I still can't understand. Looking back now, centralized platforms certainly have the right to do so. If you have the ability, then don't use my platform, or go to another platform.

Joe Zhou: You still don't know the reason for the ban?

Wang Xin: It was just WeChat's own decision. It's not just us; there are also Luo Yonghao's Bullet and Byte's Duoshan. These three products were all banned by WeChat.

Joe Zhou: After you were released, the Crypto industry experienced at least three major phases, such as the 2018 ICO bull market, the 2022 NFT bull market, and now memecoins and AI Agents. From an observer's perspective, how do you view the changes in the Crypto industry during these periods?

Wang Xin: When I first came out, it was a very crazy time for ICOs. Many big names in the crypto industry visited my office, and some even came more than once. I was quite scared. (laughs)

It was too crazy at that time, and I couldn't understand the economic model: first go public to raise funds, then raise funds based on concepts and then do the work. I was more accepting of the traditional entrepreneurial approach: first do the work, ensure there are users and income, and then go public. When NFTs appeared, I didn't pay much attention; I thought it was more about speculating on concepts. It was only later that I started to pay more attention to the metaverse.

Now, the model of AI Agents combined with tokens is something I believe is worth exploring deeply, because it is no longer a speculation of assets; AI has already become a productivity revolution. I believe this will be the core gameplay for us in the next one or two phases, and it is also my main direction for entrepreneurship and investment.

Joe Zhou: During the ICO period, did you have a lot of communication with the big names in the crypto circle?

Wang Xin: At that time, we thought of them as evangelists. To this day, Crypto is still a niche market, with long-term adherents globally not exceeding 100 million people, while more people are in Web2. The scale was smaller then, but I thought they were very impressive. In such a complex environment, they could persist, and compared to them, I feel inferior. I am not as bold as they are.

Joe Zhou: You chose to start a Crypto business in 2025. What led you to this idea? How did your family and friends view your entry into this industry?

Wang Xin: After the pandemic, I shifted my domestic business to a B2B model, mainly engaging in human resources and flexible employment. Personally, I don't like B2B business; my abilities and willingness are not in that area. During the pandemic, we considered going overseas, particularly in the human resources sector. However, it was not successful. It is very difficult to think you can change a product to English and push it out to the world while being in China.

Later, I set two goals for myself. First, I must go out and not stay in China. The essence of going overseas is to leave. If you don't go out, then whether it's viewpoints, ways of thinking, or resources, it will be hard to understand this world. Second, I still insist on technological innovation, relying on technological breakthroughs rather than relying on model innovation.

When I was working on flexible employment, I could try some model innovations, and at that stage, I was basically not concerned with technology. But later, I confirmed this point: without technological innovation and core competitiveness, the business threshold is very low. Flexible employment means helping people hire individuals and issue invoices; any technical content you want to express is superfluous. What is most valuable is having a license; people don't care about other aspects.

Later, I realized that new entrepreneurship must place technology at its core, namely technological innovation and technological core strength. The latest technological core strength in today's world was already evident during the pandemic, divided into two parts: one is AI, and the other is Web3, which best represents the latest technology. Therefore, you must think about how these technologies can solve current pain points to make these decisions.

Joe Zhou: How did your family and friends view your shift from the internet to Crypto?

Wang Xin: As long as I do things, my family fully supports me, and I enjoy innovation and researching new things, so everyone understands my personality. Our family has a tradition of innovation; for example, the kids can use crypto wallets and perform on-chain operations, and my sister exchanges half of her private key with my brother.

Most of my friends are from Web2, engaged in traditional industries. They are quite cautious about this industry, believing that many scams are caused by historical reasons, reminding me to be careful. Secondly, before I described what I wanted to do, they hadn't seen anything too concrete that could be implemented. Besides infrastructure, public chains, or financial-related DeFi, they have seen very few application-level things and couldn't imagine how to proceed. However, after Trump issued a coin, interest increased significantly, especially among those looking to go overseas.

Joe Zhou: What about investors?

Wang Xin: They support it; investors generally have foresight. Our original investors, IDG and BAI Capital, knew I was entering the Crypto space and connected me with many resources.

Joe Zhou: You just mentioned that the kids at home are also engaging in on-chain operations. How old are they, and to what extent are they using Crypto products?

Wang Xin: They can use crypto wallets. The eldest is in high school and uses Phantom and OKX Wallet; the second is in sixth grade and uses Binance and Trust. They each use their own.

Recently, I bought some memecoins, like fair3, because it's my own CTO (Community takeover) coin, and they bought some too. I let them decide when to buy and sell, and I encouraged them to follow Twitter and community activities. Their understanding may not be as deep as ours; they just find it fun. I told them that if they can make a profit, they will have pocket money, which gives them motivation.

Joe Zhou: How much on-chain assets did you give them to try?

Wang Xin: I gave them $1,000 to try. In the next phase, I will provide them with some U cards and similar products to let them experience how to convert assets into U and then use U to convert back into assets for consumption.

Joe Zhou: Are you and your family also using U cards?

Wang Xin: Not yet. We have a U card component in our business. When our own U card business starts, they will use it.

Joe Zhou: Do they have many peers around them who are playing with Crypto?

Wang Xin: Many of their classmates or friends in middle school have started to get in touch with stocks and Crypto investments. Under the Singapore education system, relatively more kids are exposed to crypto; they are influenced by the IB system (International Baccalaureate). The IB education system is different from China's; it is not textbook-based and does not use textbooks, but rather focuses on thematic research topics.

Our second daughter had her final project in the first half of fifth grade on AI. The final exam was an exhibition where we could observe their understanding of AI. They can clearly distinguish between pure AI and products with AI capabilities. Although it may not be entirely accurate, I find it very interesting. They explain the benefits AI brings to them and go through a presentation process.

Joe Zhou: Are there relatively fewer discussions on Crypto topics?

Wang Xin: The teacher's ability is very important; what the teacher focuses on is what they will teach. If the teacher pays attention to Crypto, then there will be topics on it in the students' projects. I have a friend whose child started trading stocks and coins in middle school in the U.S. and is very professional, already making money.

He presents reports to decide which coins and stocks to buy, forming a group of four to write investment reports and PPTs, including stop-loss points and when to buy and sell. This is much more impressive than the average person. The teacher provides many topics similar to those in college, and they start researching topics from elementary school. This education system is completely different.

Joe Zhou: This reflects the social acceptance of Crypto and its future development. If children are not paying attention, then this industry may not have significant growth in the future.

Wang Xin: You can only feel this change after coming out; it's not just the kids. There are also groups like domestic workers from the Philippines.

Living in Singapore, I found that domestic workers from the Philippines, Vietnam, or Myanmar no longer need to remit money back home through traditional methods. Instead, they find local OTC exchanges to convert to U and then transfer the money back, where relatives and friends can convert U into local currency. Previously, remittances took a long time, but with U, the funds arrive directly, and the fees are lower, saving on exchange rates.

Delving into Blue Ocean

Joe Zhou: In this entrepreneurial process, which track in the Crypto industry did you choose as your entry point? What is the reason?

Wang Xin: The core point is still AI + Web3. AI is a productivity tool that can replace humans to continue operating, earning, and growing. Our personal assets, data, and skills can be accumulated, so I believe this is a very important aspect. The essence of Web3 is asset issuance and asset transfer, which is the most critical part. When combined with individuals, it signifies that in the future, everyone can achieve their own assetization.

I previously wrote an article discussing "the endgame of personal IPO," which is essentially about securitizing oneself. Currently, issuing coins has no threshold; it's easy to issue coins but difficult to operate them. We don't need to write code; we just need to change the framework to issue coins. However, the problem you face is how to achieve the authenticity of the coin and how to turn it into a valuable coin, which requires thought.

I believe ordinary people find it difficult to solve these problems; they need a platform, just like TikTok back in the day. Ordinary people who want to become internet celebrities need to rely on a platform. Ordinary people need to achieve their own assetization and securitization, which also requires a platform that provides some basic technical support. Because an individual's ability is limited, they must train their AI to act as a public company. From this perspective, if a person gets sick or even passes away, their coin becomes worthless, while their AI Agent is immortal.

To achieve asset securitization, it must go through Web3, which involves wallets, DEX, etc. The question is whether to use a reasonable organizational method to help Web2 users rather than making it convenient for Web3 users. Web3 involves many technical concepts and products; although we find it relatively easy to use, it remains quite complex for many ordinary users. For example, I have communicated multiple times with my family, and even face-to-face discussions take a long time to understand. But if you just throw a product at ordinary users, it becomes very difficult. At this point, the industry needs transitional products.

This is one of the most needed aspects of this industry: how to bring more Web2 users into Web3. Another very important point is why they should enter Web3. If the only argument is that the content on Web3 is very fair and can protect privacy, then it's unnecessary; what ordinary people need most is to make money. Here, making money does not mean profiting from trading coins, but rather participating in creating wealth within their means. Just like TikTok or other social media tools, they create wealth stories. When Li Ziqi makes money, others think they can try it, leading to more people wanting to join. Once they come in, they can slowly learn and understand. Besides making money, they can also gain more learning and communication benefits, which I think is different. If you only emphasize the advancement of technology, that is not enough.

Joe Zhou: You just mentioned two points: one is how Web3 products can become more user-friendly, and the other is why Web2 users should enter Web3. Regarding usability, what kind of product are you planning to create?

Wang Xin: The changes are not just one aspect; most involve the integration and innovation of various technologies, such as wallets, social aspects, AI Agents, etc.

Regarding wallets, we might start with the simplest login. Currently, the most suitable login method is a multi-chain custodial wallet, which is relatively simple to use with one's ID, Twitter, or Google ID. For the wallet, we will use MPC shard storage, and users only need an account and password. We tell them that they can participate by just putting in some pocket money.

In terms of social aspects, we understand that the latest model is developing towards decentralized social networking. I believe decentralized social networking is the most effective way, or the federated decentralized social networking that everyone recognizes. Although it may seem complex from a technical standpoint, it should not be that complicated to implement; it still needs to be user-friendly. Since all platform-based products have their own social foundations, the choice of foundation also needs to be changed through technology.

This includes some usage habits. For example, in Web3, we find that we are always jumping between products, from here to there, and even various authorizations. If not handled properly, money can be lost; if there is a problem with an authorization, the money will definitely be gone. There must be unification here, such as an integrated mini APP ecosystem that must be unified.

Additionally, how do you make the AI Agent effective? It should be simple to use; you cannot set it up complicatedly. It should operate based on its social media. For example, if I use Twitter, you can log in directly with your Twitter account, and that’s it. Most Web2 users lack patience; they give you very little time, even a minute is a courtesy. If they get stuck at the next step, they won't use it anymore.

Joe Zhou: This seems different from most current Crypto products, which still require a decentralized wallet.

Wang Xin: This is not a new technology; the key is how to integrate it and how to help users transition. The best transitional method is to first use a multi-chain custodial centralized wallet before moving to a decentralized wallet. This is a transitional process. If you have significant assets, you can place them in a decentralized wallet. If it's just giving you some red packets or small amounts, then the experience with a centralized wallet will be better, and it will make them think they have assets, prompting them to explore this matter; otherwise, they won't.

Joe Zhou: Why do you think these new Web2 users would choose to join?

Wang Xin: Users do not enter because of a specific technology. What pain points are you solving? Let me talk about a simple product principle: true innovation is something that cannot be bought with money right now. Why should I come? Because I can't buy it with money, so I must come.

For example, before the iPhone was released, no one bought a smartphone. It was only after the iPhone was launched that people started paying attention. Today, we want to achieve personal IPO; it's the same. I want to assetize and earn more money, but I can't achieve it, so I create it, and people will come. There must be pain points or intrinsic needs that people have, which cannot be bought with money at this stage; product innovation is valuable.

Joe Zhou: Xiaohongshu and Douyin can also monetize through their own traffic. What are the differences or similarities between personal IPO and these monetization methods?

Wang Xin: There are two parts to this. The first part we call the endgame. Whether it's live streaming, short videos, or e-commerce, I believe monetization is not the endgame; it is just a process. At least currently, there are many ways and methods to monetize. I believe this is not the endgame; that’s the first point.

The real endgame is to bring securitization and assetization to the final stage. Whether it's an individual or a company, they will eventually become a public company, and the process of continuously being a public company is not the final result. I believe this is the pursuit of the endgame.

The second point is the essence of Web3 decentralization: what belongs to you? On TikTok, accounts can be banned, and on Twitter, users often get banned; these accounts do not truly belong to the users. This is also why users will come if they have a choice.

Centralized products create a lot of unfairness. When you feel unfairness, you will seek to organize a group of people who have suffered unfairness to fight against it. For example, many overseas e-commerce businesses still struggle to be profitable because most of their funds are used to purchase advertising on centralized platforms. Currently, e-commerce advertising spending is mainly reflected in reports, with Google ad spending accounting for 30-40% of overall costs; at least 30% is needed to be profitable, with some reaching 50%. What about gaming? It can be as high as 60% or 70%. For short content, it’s even worse, at 90%. In other words, if you earn 100 yuan, 90 yuan must be spent on buying traffic; how much do you think they can earn?

I believe there is too much unfairness here. Since there is such unfairness, we should have opportunities, which aligns perfectly with my future entrepreneurial direction.

Joe Zhou: What is the current composition and division of labor in your team?

Wang Xin: We have a team divided into three parts. First, we have a technology and product team, which includes AI experts. Our CTO has seven years of experience in Crypto; without him, I wouldn't dare to work on wallets and custody.

The second aspect is the establishment of our fund, Goldwill Capital. This fund will also have some innovative features; it won't be like traditional Web3 funds, which are VC-type funds. Our fund is a KOL fund that invests in our platform on one hand and in our ecosystem on the other.

The third aspect is the community management team (Fair3 Community), as we need to engage with a global audience. Cryptocurrency involves a lot of community management and market cap management, and our practical results have been very good.

Community, fund, and technology are all part of a practical process, and our team will implement them one by one. No one has seen the product yet; everyone has first seen the community, which is operating well. This is also a personal habit of mine in entrepreneurship; I really dislike working in isolation and prefer real engagement. I strongly advocate for the minimal startup approach, specifically the MVP method. The smallest MVP approach allows the product, operations, and fund to operate separately while still being implemented. Once a system is formed, it will become the optimal organizational method.

Joe Zhou: Is this venture into Web3 considered an all-in effort?

Wang Xin: I am all in. I have personally funded the initial phase without seeking investors. We have been developing for over a year. In the later stages of the pandemic, when I was contemplating going overseas, I realized that I needed to focus on two things: first, to do B2C, and second, to go overseas. When going overseas, I must use advanced technology, specifically AI Agents and Web3.

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