Dr. Peter Chen, founder and CEO of SecuX, focuses on the importance of blockchain security in cryptocurrency payments and promoting SCM as a problem solver.
*This article is a translation of the content of the following URL on April 20, 2021.
Interview with Dr. Peter Chen, Founder & CEO at at SecuX
1. How did you become CEO of SecuX? How much of your day do you spend innovating for your customers?
Before founding SecuX Technology Inc. in 2018, I founded Aiptek International Inc. in 1997 and was involved in the launch of the world's first PenCam Trio in 2000 and the world's first pocket projector in 2008. As time passed, I couldn't help but come up with the idea of contributing to blockchain security with all my might. Blockchain technology is supposed to be the next generation of the Internet, and its most popular application, known to people to this day, is Bitcoin and other altcoins. The price of Bitcoin started at less than 1 cent in 2010 and reached nearly $30,000 at the end of 2020. However, in the past few years, criminals have repeatedly hacked cryptocurrency exchanges, setting record numbers. As a passionate serial entrepreneur, I feel a mission to develop comprehensive security solutions so that humanity can safely enjoy blockchain technology. Since founding the company, I have been devoting my full energy to the company, day and night, aiming in the right direction to develop the most innovative and problem-solving solutions for humanity.
2. What is the application or opportunity you want your product to enable?
The most common application of blockchain is crypto assets, followed by supply chain source and trail tracking, medical record keeping, etc.
The three main functions of currency are medium of exchange, store of value, and unit of account.
Comparing Bitcoin to fiat currency, these three features, among others, exceed user expectations. Therefore, in the second year of its establishment, the company launched the cryptocurrency hardware wallet "SecuX STONE" to the market. This is mainly aimed at allowing users to safely store their cryptocurrency and protect it from hacking. Soon after, the cryptocurrency retail payment solution "SecuX STREAM" was announced, which aims to integrate local retail payment service providers and brand operators. The company's goal is to accelerate the advent of the cryptocurrency era by making SecuX solutions smoother and easier to use.
3. How did you define your vision for SecuX? How did you spend your first 100 days as CEO of SecuX?
SecuX's company vision is to strive to make blockchain technology safe for humanity. Thinking back to my first 100 days with the company, I had a comprehensive and thoughtful plan, including the company's vision and mission, a SWOT analysis of industry trends and market size, long-term, mid-term and short-term strategies, and recruiting talent to build the SecuX team, because people are the most important asset of a company.
4. What unique lessons have you learned from analyzing customer behavior?
According to the diffusion of innovation theory¹, a tech product becomes mainstream if it can jump the chasm between early adopters and early majority. If my observation is correct, crypto assets will continue to spread, and 63 million cryptocurrency wallets will have been created by the end of 2020. Meanwhile, users of crypto hardware wallets are no longer innovators and early adopters, but rather gray-haired wives and veterans, as well as beginners rushing to hold Bitcoin and altcoins in hardware wallets. This shows that the era of crypto assets is just around the corner.
5. What are SecuX’s unique features and how does it differentiate itself from competitors?
Hardware wallet users are no longer tech geeks or professional investors, so a user-friendly UI/UX (user interface and user experience) is essential for most users. Simple, easy-to-use, intuitive devices will definitely be our future products. SecuX crypto hardware wallet features a 2.8-inch color touchscreen that is easy to operate at your fingertips. Vivid icons with intuitive colors and a QR-coded receiving address make users feel comfortable. Meanwhile, to prevent man-in-the-middle hacking during transactions, you must physically verify your wallet device before sending crypto funds. SecuX employs German-made Infineon military-level C EAL5+ secure elements to protect private keys and device PINs in the wallet. Moreover, SecuX wallets support major operating systems for PCs and mobile phones, including Windows, MacOS, ChromeOS, Linux, Android, and iOS. No wonder CV Magazine named SecuX technology the Best Cross-Platform Crypto Hardware Wallet of 2019.
6. SecuX recently announced a payments solution that will usher in the future of offline retail payments for Facebook Libra. Can you elaborate on this?
To help merchants accept cryptocurrencies in retail channels, SecuX launched a groundbreaking digital retail push payment solution last year, a white-branded set of three main parts: 1) a customized mobile payment app SDK, 2) a white-branded payment confirmation terminal for digital coins/tokens, and 3) a modularized merchant server microcontainer. Its advantages and benefits include:
1) Real-time push payments in physical stores
–> Secure, direct payments in under 10 seconds, without intermediaries.
2) Small operation/transaction fees for consumers and merchants
–> Real benefits for consumers
3) Low installation costs for operator affiliated stores
–> No Wi-Fi/SIM card required on the device
4) Supports local currencies and crypto assets such as USD, EUR, altcoins, Celo, and brand loyalty tokens
–> The era of the membership-based economy is upon us
5) Integrates with merchants' existing POS systems
–> Quick and easy installation
6) Use a single address of one hardware wallet for various payment terminals in chain stores
–> A satisfying solution for merchant owners
7. What are some common complaints from customers?
Many hardware wallet users have tried various wallets and consider them to be high-tech devices with complicated setup processes. In addition, some may need to download cumbersome coin support apps, which some find difficult to operate. SecuX Wallet has received many 5-star reviews from verified users on Amazon, including easy setup, large and easy-to-read screen, simple sending and receiving, fast Bluetooth pairing, and the ability to transact on the go. In addition, you can check your balance on the device even without an internet connection.
8. What advice would you give to upcoming tech startups?
"Life is a journey. Starting a new business is never easy, but it is the most exciting part." I have learned important elements in each stage of the life cycle of a business. First, in introduction/launch, I learned that you should just launch with passion because your only limit is your imagination. Secondly, you should enjoy growth, but also learn to "stay hungry, stay foolish". Secondly, in maturity, I learned to think outside the box. Finally, in "decline", I learned to never give up here, because I believe that by not giving up, you will not die but become stronger.
In my opinion, vision, passion, knowledge, communication and integrity are the important qualities a leader should possess. "Life is not made of atoms, it is made of stories."
9. Can you tell us a bit about the upcoming product upgrades that customers can expect?
If crypto assets are the main product of blockchain 1.0, smart contracts will be the main framework of blockchain 2.0. Baas (Blockchain as a Service) has become a popular term for blockchain development companies, and SecuX team is actually working on similar projects on Fintech, DeFi (Decentralized Finance), logistics and supply chain management problem solving solutions. We are sure that we will be able to serve more clients soon.
10. What technology breakthroughs are you watching for next year?
Last year, we successfully launched our cryptocurrency payment solution SecuX STREAM 1.0, and soon the 2.0 version will be released for UTXO (Unspent Transaction Output), which is a request from one of our clients. We are confident that this will solve the challenges of dynamic retail payment service requirements. Furthermore, SecuX STONE plans to expand its services from pure storage functions to IoT functions in the near future.
11. What leadership motto do you live by?
“Things may never go according to your plan! Just do your best and follow your heart! In the end, nothing is ever the way you want it to be and nothing is ever as bad as you fear.”
Dr. Peter Chen
Founder and CEO of SecuX
Dr. Peter Chen is the founder and CEO of SecuX, Aiptek International and General Manager of Mustek Systems USA and Europe. He is Chairman of Chiwan ConVestMent and is a major investor in AI and blockchain. After graduating from the Department of Electrical Engineering at National Tsing Hua University and earning an MBA from National Taiwan University, Dr. Chen went on to earn a Master's in Computer Engineering from the University of Wisconsin. He then went on to earn a PhD in Management Science from National Chiao Tung University.