Peter Chen - NY Notary Public, Regulatory Lawyer


#1

Hello everyone,

I am very fortunate to be a part of the blockchain community and excited to become more involved with the POA Network. I am a regulatory lawyer at a firm in Manhattan, NY and I also lead a group that invests in blockchain projects. We look for projects with high long-term potential. I am a big believer in the “fat protocols” thesis (http://www.usv.com/blog/fat-protocols): that most of the value in the blockchain space will accrue to infrastructure protocols (e.g. BTC, ETH, NEO, POA).

Using validators and Proof of Authority is an efficient way to solve the problem of scaling while maintaining security and decentralization. POA, through its network of independent validators whose identities are publicly known, can achieve all of these; this is the Holy Grail of infrastructure protocols. Dapps can be rapidly and inexpensively deployed on the POA Network that fulfill the promise of the blockchain.

I hope to contribute to POA Network in whatever way I can. I am in touch with many projects and development teams, and I will use that network to increase adoption of the POA infrastructure. I am also a corporate lawyer with experience in advising clients on navigating regulatory law pertaining to derivatives, including the Dodd-Frank Act, federal law, and CFTC and SEC rules and regulations.

I would also like to serve as a validator for POA Network, starting first as a Sokol Test Network Validator. I understand from reading the materials on the POA github and from extensive discussions with Igor and current validators that this is a tremendous responsibility. Being a good validator means maintaining the node at all times, participating in on-chain governance, and acting honestly, transparently, and in good faith. I will work hard to fulfill these responsibility at all times.

I am an active notary public in the state of New York.

I am ready to deploy a node on the Sokol (Test) Network and willing to deploy a validator node as soon as allowed. From this Sokol network experience I am confident about the technical aspects of deploying and managing a validator node on the POA core network.

Thank you all for the opportunity to contribute to the community and for your help so far. It has been my pleasure interacting with some of you and look forward to a bright POA Network future.

Full name: Xiaobo (Peter) Chen
Notary ID number: 02CH6370203
Commission expiration date: 01/29/2022
State: New York
You can find my notary information on the New York State Department of State website by searching for “Xiaobo Chen” – my legal name, I go by Peter – in the link below:
https://appext20.dos.ny.gov/lcns_public/lic_name_search_frm
chen_peter_lo1


POA Validators & Candidates Guide
#2

I’ve also included a screenshot of the notary public page with my information on it, since it’s difficult to link to the page directly.


#3

Cool - love to know what your thoughts on cross border rules around security based swaps and the De Minimis exception.

Also, I’m a huge believer in radical transparency. Could you speak to your views on this, specifically around limits (if you have these of course). Cheers.


#4

Hi, Jeff. It’s good to e-meet. Thanks for your question – it’s not often that someone takes an interest in the regulation of derivatives. Regulatory lawyers generally don’t comment publicly on what they think of government policy or regulations since it could be contrary to a position they or their client later adopt and is generally bad for business. If you’d like to find out more about Dodd-Frank’s treatment of derivatives, I’d be happy to point you to some general resources and stuff I’ve written.

I will say that one aspect of the regulation of derivatives has an interesting parallel with the regulation of crypto. The SEC and CFTC share jurisdiction over derivatives (for swaps, depending on whether it’s a swap, a security-based swap, or a mixed swap). Similarly, for crypto, the SEC oversees ICOs and is in charge of approving ETFs, while the CFTC is in charge of approving futures and derivatives on bitcoin and other cryptocurrencies. It will be interesting to see how the two agencies share similarities and differ in their approaches to regulating crypto in the future.


#5

Awesome, that first question was an ice breaker.

I would love to hear really about your views around radical transparency.

Why? Personally I think that this project is all about pushing the envelop on PoA forward. We made a promise to token holders as to the security model. I believe that this model rests on both transparency and identity at stake.

I believe that Identity at stake is complex, and evolving. The Core Validators have had (and continue to have discussions) around this topic. So I have a question: are you personally ok with your information being publicly available? (eg: email, address, bank ownership, etc?)

Also - cards on table. Right now, there are continuing questions around on boarding policies. This has become a complex/hot topic within the Core Validators, and these questions may result in a moving target (everything is always a moving target of course, I just mean that on boarding may be more rough at the moment.) Are you ok with the potential of a changing protocol?

So my three questions: radical transparency, personal information, understanding around an ever evolving process.


#6

Hello Peter, thank you for introducing yourself to the POA Network Community. Impressive resume and exciting to see someone from New York State with an active Notary Public license offer to participate as a Validator. Geographic diversity is one of the things that strengthen the POA Network, with depth and breadth of talent being a large contributor as well.
As Independent Validators, we bring our individual perspective, expertise and vigilance. We all have unique skills which help harden the POA Validator system. It is particularly exciting for me to see your background in law, finance, and current blockhchain projects. I look forward to learning from and working with you.
Thanks for the great link on the “fat protocols” thesis - http://www.usv.com/blog/fat-protocols - the article really emphasizes the value of infrastructure and functioning systems, particularly at this stage of blockchain grown and adoption; a great supporting article for POA.network! Please let me know if I can be of assistance as you work toward becoming a Validator. It is my pleasure to support your candidacy and efforts. Good luck!

Jim O’Regan


#7

Jeez, such a good new candidate. Peter, WARM WELCOME


#8

Hello Peter,

Thank you for taking the time to write such a comprehensive validator intro. It is extremely informative and does an amazing job of illustrating why you would be a great candidate!

Since no one has mentioned it yet, I encourage you to check out the POA Network Github Wiki if you have not already. Familiarizing yourself with the material in the wiki will help to ensure a smooth on-boarding process. Now is also a great time to ask any questions that you may have about the on-boarding process or the validator role/requirements. I wholeheartedly encourage you to reach out to myself and the other Core and Sokol validators with any questions, comments, and/or ideas that you may have.

Looking forward to talking more with you soon, Peter.

Rocco Mancini


#9

Jeff, Jim, Igor, and Rocco – thank you all for the warm welcome. I am happy to be a part of this community and look forward to contributing to it. I’ve been consulting the github and working closely with current validators on the technical aspects of deploying and managing a node on the Sokol Test Network. It’s been a great learning experience and I am excited to continue to learn from you all.


#10

This is an extremely impressive resume and we are excited to have you on board, Peter!


#11

I noticed that a lot of validators have pictures of themselves at crypto events, so I wanted to add my own.

Last night I spoke on a panel in NYC hosted by StockTwits and sponsored by the CME Group about the current state and the future of crypto. I discussed how second generation blockchain protocols face a trilemma: out of the 3 properties of an ideal blockchain system (security, decentralization, scalability), current protocols only achieve 2. I mentioned POA as a consensus mechanism that can solve this trilemma and gave a shoutout to POA Network as potentially being able to scale without sacrificing decentralization and security.

P.S. Congrats on getting on Binance. Huge news.


#12

Peter,

Hi! I am also impressed with you background.

Was wondering if you can provide some insight into your technical background, i.e. any experience working with Linux on the command line, cloud services etc …

There is also and interesting thread here about what is Identity at Stake:

https://forum.poa.network/t/identity-at-stake-what-is-this-really/

was wondering if you’d care to comment.

Have you had a chance to look at our governance model? Thoughts? Questions? Concerns?

Finally, it would be nice to get a primer from you regarding the POA token itself in the context in the FinTech legal realm ( valuation, asset class, legal perspective, emerging interpretations, risks … ) Actually don’t even know a good question to ask, so just throwing words out there so any information you can provide to help educate and frame a conversation around these emerging legal issues would be great.

Looking forward to working with you?

John


#13

Peter, I join other participants in lauding your impressive credentials. What is particularly gratifying to me is the level of insight you bring into the cryptocurrency asset class, and their derivatives. I’m involved in projects originating in Europe, that combine mining contracts with on-blockchain financial instruments, and have been modeling those as a hedging vehicle for long-term positions.

Would love to compare notes,
Walter Karshat


#14

Hi Peter, welcome to POA. Really impressed by your credentials and experience in the blockchain space. Would love to hear about your experience in this new unregulated space. Please let me know if I can help you with spinning up a node. Blessings and welcome again :slight_smile:


#15

Thanks for all the notes of welcome.

I’m glad to report that last week I gave a talk on crypto investing at Citi Ventures, the VC arm of Citi. I mentioned POA Network as a project that could solve the scaling problems facing current generation blockchains while remaining decentralized and secure.

More importantly, thanks to help from current validators and the great docs on the POA Network Wiki, I’ve set up a Sokol bootnode and it has been running nicely since the weekend. I look forward to contributing further to POA Network.


#16

Peter, what are your thoughts on the current regulatory environment for the blockchain technology? What do you think some of the teams that consider POA as potential network to build on top of would need to keep in mind first and foremost?


#17

The regulatory environment around the world is looking decent. While ICOs have come under increased scrutiny and regulatory pressure, cryptocurrencies as a whole as more accepted than ever before. The level of interest around the world, from Asia to the Middle East and North America and Europe, and even Africa, is growing. In the US, the regulators are trying to balance encouraging innovation with protecting mom and pop investors. The SEC is more cautious, having investigated a number of ICOs and denied various applications for a Bitcoin ETF. The CFTC seems to be more crypto-friendly, notably by not interfering in the CBOE and CME offering bitcoin futures for trading.

Teams considering building on top of POA Network should know what makes POA different from the other protocols out there. A protocol that is fast and scalable, yet decentralized and secure is a very rare thing. Also the team and the community are top-notch, which is a very important consideration.


#18

Peter,

Curious what staking your identity means to you on this platform? For example, making your identity known and publicly verifiable in exchange for the opportunity to create blocks on the POA Network through node management/upkeep for an incentive?

In addition, what industries have you seen most transformation in as it pertains to blockchain technology acceptance?

Thanks and warm welcome!

Kaitlin


#19

Being a validator who is responsible and honest and takes the job seriously makes the entire POA network more secure. In terms of staking, I think we’re more staking our reputations than our “identity.” It’s not just about any person off the street who can become a notary, but people who have some reputation that they don’t dare to lose by doing anything malicious.

The promise of blockchain has yet to be fulfilled. But many many fields – finance, politics, supply chain, tokenizing of securities and commodities – will change as a result of blockchain adoption.