To ensure the long-term prosperity of Turkey, we need to gradually add more Web3 use cases to the market and encourage the young generation of university club builders to start exploring cutting-edge technologies and application experiences.

On August 23, 2023, the BTS Labs Network Assembly @Istanbul, hosted by BTS Labs and co-organized by Altcointurk, was successfully held in Istanbul. We would like to thank the following organizations for their collaboration: Lens Protocol, Taiko, Polytrade, Clearpool, Symbiosis, Chainlink, CyberConnect, Fidelion, Kronos Research, IVS Crypto, Bitci Global; media partners: CryptoPNZ, Foresight, NewsPANwes, TechFlow, Odaily, Coinpost, Coinlive, Muhabbit; and communities: Kazanç Rehberi, Coin Mühendisi, AltcoinTürk, Respect Trade, CryptoXero(Bitcoin Ve Altcoin Türkiye), Üstad Splinter, ARSUN BLUE, Kriptobi, Crypto House, Airdrop Türkiye, Kriptoetkinlik, 2Loud Network, 0xWilds, GnosisDAO, TokenPocket, Token Hunters, Cryptoiz Research, Satoshi Club for their strong support!

BTS Labs Network Assembly @Istanbul—BTS Labs and Altcointurk shared projects in Istanbul. The conference was attended by CyberConnect's Global Development Director Yilan Huang, Turkish Web3 investment advisor and angel investor Erkan Gül, Nerf IT's blockchain and crypto ecosystem head and lecturer Mete Ali Başkaya; Solana Allstars Turkey manager and Altcointurk partner Ahmet Cengiz. The attendees discussed the differences between the Web3 markets in the East and West, as well as the latest trends, technologies, and applications in the global Web3 ecosystem.

The event was opened by BTS Labs founder Eric Lee, who provided a detailed introduction to BTS Global (BTS Labs & BTS Ventures & BTS Trading) and its commitment to providing integrated advisory services for investment and incubation. Among the many projects they have served, AAVE, Sushi, BNB Chain, Alpaca, Crypto Blades, Polygon, and CyberConnect are well known in the industry.

Subsequently, CyberConnect's Global Development Director Yilan Huang introduced CyberConnect as a multi-chain decentralized social graph protocol, currently deployed on the Ethereum mainnet, Polygon, Solana, and BNB Chain. The protocol aims to create opportunities for developers to build social applications, allowing users to have their own digital identity (DID), content, connections, and tokenized channels on the platform.

Following the guest presentations, a roundtable discussion took place. BTS Labs co-founder Lawrance Xiao mentioned significant differences between Asian and European investors when it comes to investing in the cryptocurrency market. Asian investors tend to focus on short- or medium-term profits, while European investors prioritize value-driven projects that address real-world issues. The launch of Bitcoin ETF could have a significant impact on the crypto industry, potentially triggering the next bull market and attracting traditional financial market participants into the field. For the average user, this could be the last opportunity to make a fortune before the big players enter the market. During a recent visit to Istanbul, I was amazed by the prevalence of cryptocurrencies in Turkey. BTCTurk logos are everywhere, and major commercial banks are closely collaborating with local cryptocurrency exchanges. Clearly, Turkey is becoming the center of the cryptocurrency market in both Asia and Europe. As for specific projects, I am particularly interested in SocialFi, which has the potential to succeed where other social media-based cryptocurrencies have failed. I am also keeping an eye on AIGC and RWA-related projects, as I believe these projects could have a significant impact on the everyday adoption of cryptocurrencies. Overall, I am excited to see how the crypto industry continues to develop and innovate in the coming years.

Web3 investment advisor and angel investor Erkan Gül shared that so far, philosophical approaches and complex structures have hindered enough people. When people ask us for shoes, we give them a jacket and set up obstacles in front of them. Ethereum has been around for almost nine years, and we are pleased to be able to use verification methods such as SMS, email, and Face ID, which have been used in the web2 world for many years! In order to bring the next millions of people into the Web3 world, we must stop adding "Fi" to everything and build user-friendly applications. ETF has been a popular and validated investment tool for many years, and now the largest asset management company, Blackrock, wants a Bitcoin ETF. If a Bitcoin ETF is approved, it means that Bitcoin will become mainstream. We will see more regulatory pressure to protect investors, more regulatory activities, and deep liquidity and volatility.

Yilan Huang, Global Development Director of CyberConnect, believes that Web3 and the entire cryptocurrency industry need to find a way for true mass adoption. People deserve a better internet, and our industry has a responsibility to bring it out of the bubble.

First, we need to fundamentally simplify the onboarding process and management of user wallets and keys. This is one of the biggest obstacles that make users hesitate. The recent development of account abstraction technology (ERC-4337) has tremendous potential as it abstracts the complexity of all encrypted networks. Some highlighted features include: social login, social recovery, cheaper and more convenient signatures, and a truly multi-channel or chainless and gasless experience implemented by bundlers. CyberConnect V3 and CyberWallet are already leading the market in terms of user adoption and transactions.

Secondly, the general public will come here seeking real and better experiences. We do need to go beyond the "Fi" part of web3. It is crucial for protocols and applications to collectively provide real and diverse use cases that users can immediately join and benefit from in terms of user experience, interoperability, and ownership in web3. Some key trends to focus on could be social, gaming, entertainment, etc. Especially in social, CyberConnect, as the largest decentralized social network in web3, is also leading the market. Think about how Facebook brought massive new users to the internet and e-commerce in the 2010s. People can now make friends and experience through Web3, not just individual mode transactions.

For Turkey, this is crucial. We not only see huge potential in adoption and transactions, but also in the massive potential of the general public and the next generation of top talent builders. For the long-term prosperity of Turkey, we need to gradually add more web3 use cases to the market and encourage the young generation of university club builders to start exploring cutting-edge technologies and application experiences. CyberConnect is very excited about this and will collaborate with the best partners here.

Solana Allstars Turkey manager and Altcointurk partner Ahmet Cengiz mentioned that like every young person in Turkey, I believe that blockchain technology or crypto assets are a great opportunity for Turkey, as long as there is proper regulation, it can become the center of the blockchain ecosystem. It was also mentioned that Turkey has good technological adaptation, almost everyone is familiar with the concept of Bitcoin blockchain and interested in it. Especially our students, our future, have already started producing a lot for this ecosystem.

Nerf IT's blockchain and crypto ecosystem head and lecturer Mete Ali Başkaya introduced how Europe and Asia provide different opportunities for the blockchain industry due to their unique cultural, regulatory, and economic backgrounds. Europe's focus on innovation and collaboration, as well as a unified regulatory framework, creates an environment conducive to sustainable blockchain projects. In contrast, Asia's rapid adoption rate and dynamic regulatory environment provide a fast-paced and flexible market that is both profitable and challenging. Standardized approaches are unlikely to succeed in these diverse markets. Understanding the specific nuances of each region is crucial to fully harness the potential of blockchain technology. Whether it's innovation, investment, or implementation, strategies should be tailored to the characteristics of the European or Asian target markets.

The adoption of Web3 in Turkey not only represents technological change but also presents socio-economic opportunities that should be seized. While Web3 technology has the potential to fundamentally transform various sectors and reshape the Turkish economy and society, there are still some challenges to overcome. These challenges, such as regulatory barriers and cultural perceptions, indicate areas that require strategic attention. Achieving regulatory clarity, investing in infrastructure, and promoting public education are crucial for establishing a sustainable Web3 ecosystem in Turkey. At this critical moment, the focus should be on adopting Web3 and aligning it with Turkey's unique economic, cultural, and regulatory environment. The decisions made now will determine the speed of Web3 adoption in Turkey, as well as its long-term viability and success.

The conference concluded successfully with the enthusiastic participation and active networking of all the guests. The quality of the event was highly praised in the local Turkish market. More importantly, it brought different perspectives and development opportunities of Web3 from the East and West to various local projects and institutions in Turkey.

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