Dr. Peter Chen, Founder & CEO at SecuX emphasizes on the significance of blockchain security for crypto payments along with treading SCM as a problem solver.
1. Tell us how you came to be the CEO at SecuX. How much of your typical day is involved in innovating tech for your customers?
Before SecuX Technology Inc. established in 2018, I had set up Aiptek International Inc. in 1997, and then helped the company launch the world-first PenCam Trio in 2000 and the world-first Pocket Projector in 2008. As time went by, I could not help but come out with an idea to contribute all efforts to the blockchain security. As blockchain technology shall become the next-generation of the internet, and its most popular application and known by people is Bitcoin and other Alt-coins till today. The price per Bitcoin started from below 1 cent in 2010 and now have reached nearly $30,000 at 2020’s year end. However, the crackers have been making their record-high hacking histories on the cryptocurrency exchanges iteratively during these years. As an avid and serial entrepreneur, I feel I am on a mission to develop the comprehensive security solutions to ensure mankind enjoy blockchain technology safely. Since the company is started, I devote myself to the company day and night for a right direction of the company’s developments for the most innovative and problem-solving solutions for the mankind.
2. What are the applications or rather opportunities you seek to have with your product?
Cryptocurrency is still the most popular application of blockchain, followed by source tracing and trail tracking for supply chain, medical record management, and so on.
Three main functions of Money: a medium of exchange, a store of value and a unit of account.If you compare Bitcoin to fiat money, it meets beyond users’ expectations including these three functions. Therefore, we made its debut for SecuX STONE Crypto Hardware Wallet in the 2nd year since the company was established. It’s mainly for the users to store their crypto-assets safely that prevent from hacking. Right after that, SecuX STREAM Crypto Retail Payment Solution was launched for the integration of the regional retail payment service providers and the brand operators. The company’s goal is to accelerate the cryptocurrency era with smoother and easier usage with SecuX solutions.
3. How did you define the vision of SecuX? How did you approach your first 100 days as the CEO at SecuX?
The SecuX company vision is to endeavor ourselves to ensure mankind enjoying blockchain technology safely. If I recall the first 100 days in this company, I was making a comprehensive, thoughtful plan, including the vision and mission of the company, a SWOT analysis about the industry trend and market size, came out the strategies for long-term, mid-term and short-term, then to recruit talent people to build up SecuX Team. Because Talent is the most important asset of an enterprise.
4. What are some of the unique lessons you have learnt from analysing your customer behaviour?
According to the diffusion of innovation theory¹, high-tech products will become the main stream commodities if they are able to jump crossing the chasm, which is between the early adopters and the early majority. If my observation is correct, cryptocurrencies keep prevailing and till the year end of 2020, there are 63million crypto wallets have been created. Meanwhile, I found the crypto hardware wallet users are no longer innovators or early adopters, some newbie such as grey-haired housewives and veterans come scrambling to hold the Bitcoin or Altcoins with a hardware wallet. It shows the era of cryptocurrency is coming soon.
5. What are some of the distinctive features of SecuX? And how do you differentiate yourself from your competitors?
Since the hardware wallet users are no longer the tech geeks nor the pro-investors, user-friendly UI/UX (user interface and user experience) are vital for most of the users. A simple, easy-to-use and intuitive device will definitely our future product. SecuX cryptocurrency hardware wallets are equipped with a 2.8” color touchscreen to operate by finger tipping easily. The intuitive color vivid icons and QR code of receiving address give users comfortable using experience. Meanwhile, it requires users tip to confirm physically on the wallet device before the crypto-funds sending out for the righteous user behavior for fear of a man-in-the-middle hacking during the transaction. SecuX adopts the German-made Infineon military level C EAL5+ Secure Element to keep the Private Key and Device PIN inside the wallet. Moreover, SecuX wallets support major operating systems on PC and mobile phone including Windows, MacOS, ChromeOS, Linux, Android and iOS that no wondering CV magazine awarded SecuX Technology as Best Cross-Platform Crypto Hardware Wallet 2019.
6. SecuX recently launched payment solution ushering the future of Facebook Libra in Offline Retail Payment. Can you elaborate more on the same?
To help the merchants accept the cryptocurrencies in the retail channels, SecuX launched a revolutionary digital retail push-payment solution last year, which is a white-brand set containing 3 key parts: 1) customized Mobile Payment App SDK; 2) white-brand Payment Confirm-terminals for digital coins/tokens; 3) modularized Merchant Servicer Micro-containers. The advantages and the benefits are:
1) a real-time push payment on bricks-and-mortars stores
–> within 10 seconds and no man-in-the-middle secured and direct payments.
2) minor operation/transaction fees for consumers and merchants
–> true benefits for the consumers
3) lesser installation costs on the merchant side for the operator
–> no wifi/sim card required on the confirm-terminals
4) Adaptable for local fiat currencies and crypto assets such as USD, EUR, Diem coin, Celo, Brand loyalty tokens, etc.
–> membership economy era is coming
5) integratable with merchant current POS system
–> quick and simple installation
6) one hardware wallet single address for various payment terminals on retail chain-stores
–> satisfactory solution for a merchant boss
7. What are some of the common pain points that your customers approach you with?
Many hardware wallet users have tried with different wallets and considered it as a high-tech device with the complicated setting-up process, and even require a troublesome coin-support app download, then to operate it sometimes seems challenging for them. SecuX Wallets solve the issues with a user-friendly UI/UX that we received many 5 star comments from verified users on Amazon about the easy-setup, big screen for viewing, simpler sending and receiving on the transactions, quick Bluetooth pairing, make transactions on-the-go, etc. Moreover, account remaining balance can be viewed on the device even you are not on the internet.
8. What advice would you like to give to the upcoming tech start-ups?
“Life is a Journey. Starting a new venture is never the easiest, but the most exciting part.” In each enterprise life circle stage, I have learned important components which include, Introduction/Start up, where I learned that one should just start up with passion, because imagination is the only limit. Second in Growth, where I learned that one should enjoy the grow but also “Stay Hungry, Stay Foolish.” Next is Maturity, where one should think outside the box. Last is Declining, where I learned to never give up, as I believe that that doesn’t kill you make you stronger.
In my opinion, vision, passion, knowledge, communication and integrity are some of the essential attributes every leader should possess. “Life is not made of Atom, but Story.”
9. Can you give us a sneak peek into some of the upcoming product upgrades that your customers can look forward to?
If the cryptocurrencies are the main productions of blockchain1.0, the smart contract shall be main framework of blockchain 2.0. Baas (blockchain as a service) become the popular term for blockchain development company and SecuX Team is actually working on the similar projects in regard to FinTech, Defi (Decentralized Finance), Logistics and Supply Chain management problem-solving solutions. We believe we may serve more clients very soon.
10. Which is the one tech breakthrough you will be on the lookout for in the upcoming year?
Succeeded in launching SecuX STREAM crypto payment solution 1.0 last year, the 2.0 version will be coming soon for UTXO (unspent transaction output) requested from one of our clients. We believe it will solve the pain point of the dynamic retail payment service requirements. Furthermore, SecuX STONE will extend its service from pure storage function to IoT features in the near future.
11. What is the one leadership motto you live by?
“Things may never go as your plan! Just do best and follow your heart! After all, nothing will come as good as you wish and nothing will go as bad as you fear.”
Dr. Peter Chen
Founder & CEO at at SecuX
Dr. Peter Chen is the Founder & CEO at SecuX, Aiptek International, General Manager of Mustek Systems USA and Europe. Chairman of Chiwan ConVestMent, Major investments on AI and Blockchain. After graduating from the Electrical Engineering Department of National Tsinghua University with an MBA from National Taiwan University, Dr. Chen went to the University of Wisconsin on a Master’s degree in Computer Engineering. He then obtained his PhD in Management Science from National Chiao Tung University.