{"id":9409,"date":"2023-08-25T21:57:46","date_gmt":"2023-08-25T14:57:46","guid":{"rendered":"https:\/\/bitcoinvn.io\/news\/?p=9409"},"modified":"2024-05-22T13:01:32","modified_gmt":"2024-05-22T06:01:32","slug":"tomas-forgac-2","status":"publish","type":"post","link":"https:\/\/bitcoinvn.io\/news\/tomas-forgac-2\/","title":{"rendered":"Tomas Forgac and his mission to enable trade by making fund escrow trustless"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Tomas Forgac is a renowned face among the pioneers in the space in South<span style=\"color: #ffffff;\">.<\/span>East Asia &#8211; running the well-known Bitcoin Meetup in Singapore in the early days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">His passion always was in providing real world solutions with the technology at hand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Initially launching his startup career with <\/span><b>Coin of Sale <\/b><span style=\"font-weight: 400;\">which served as the first<span style=\"color: #ffffff;\">.<\/span>crypto payment gateway in Singapore back in 2013,<span style=\"color: #ffffff;\">.<\/span>he is since two years back in the game full-time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a co-founder of <\/span><a href=\"http:\/\/unicrow.io\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Unicrow<\/span><\/a><span style=\"font-weight: 400;\"> he is aiming to bring trustless escrow solutions to the marketplace.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While you might trust established <\/span><a href=\"http:\/\/otc.bitcoinvn.io\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">OTC brokers such as BitcoinVN<\/span><\/a><span style=\"font-weight: 400;\">,<span style=\"color: #ffffff;\">.<\/span>in many situations &#8211; be it in international trade finance or interacting<span style=\"color: #ffffff;\">.<\/span>with counterparties you don\u2019t really know\/trust with limited ability<span style=\"color: #ffffff;\">.<\/span>of successful enforcement &#8211; being able to trustlessly escrow the funds at stake might turn into a real game changer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Making trade possible where before the lack of trust and high risk made it impossible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unicrow captured the attention of the illustrious industry veteran Arthur Hayes<span style=\"color: #ffffff;\">.<\/span>who became one of the early angel investors and advisors of Unicrow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meet Tomas Forgac &#8211; a man with stories to tell.<\/span><\/p>\n<h5><strong>BitcoinVN News: Tomas, you have been one of the founders of the Bitcoin Singapore meetup about a decade ago. What is your favourite story from these pioneering times? And what do you remember most fondly about the early days?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">My favorite was how in 2013-15 the attendance strongly correlated<span style=\"color: #ffffff;\">.<\/span>with the price. You could reliably predict the number of attendees by dividing the price<span style=\"color: #ffffff;\">.<\/span>in dollars by ten &#8211; we went from 20 to a 100 as the price grew to around<span style=\"color: #ffffff;\">.<\/span>$1,000, and we went down to below 20 when the market was bottoming below $200 a couple of years later.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What I remember most fondly was how united our mission was<span style=\"color: #ffffff;\">.<\/span>&#8211; we were about p2p cash, free market exchange,<span style=\"color: #ffffff;\">.<\/span>we paid our beers with Bitcoin,<span style=\"color: #ffffff;\">.<\/span>and years later the merchants would use what they saved from those meetups to open new pubs and cafes.<\/span><\/p>\n<h5><strong>BitcoinVN News: Since about two years you are back dedicating your life full-time towards building tools for the crypto economy, building <a href=\"https:\/\/unicrow.io\/\">Unicrow<\/a>.<\/strong><\/h5>\n<h5><strong>What brought about the initial idea for Unicrow and what initial target market did you have in mind? And did the latter expand \/ change as you were bringing your solution to the market?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">A good friend of mine from the Swiss crypto community brought up the idea how to make escrow possible without a 3rd party using this simple mutual challenge mechanism. We designed a platform around it and he offered to seed it with some initial investment if we were able to raise the rest of the round. We initially thought about p2p marketplaces as the first applications, not much else.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Two things changed as we were building and learning the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First, we realized the no-3rd-party model wasn\u2019t really appealing. People understandably still prefer to have a human who can understand the full picture to decide a dispute. But the way we designed the protocol, how we used the programmability of crypto as a medium of exchange, how we strictly separated the roles, and how we made the contracts immutable, we minimized the trust that the users needed to put into the 3rd parties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second thing we learned was that the use-cases go way beyond p2p marketplaces. We\u2019ve seen demand from crypto-OTC desks, domains trading, tokenization platforms, trade finance, and other sectors who rely on various forms of escrow which tend to be slow, expensive, and subject to onerous regulations..<\/span><\/p>\n<h5><strong>BitcoinVN News: How does Unicrow work in simple terms and who and why should look into contacting you and your team in order to excise some of the problems they face?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">Let\u2019s imagine a typical trade finance or factoring deal &#8211; you\u2019re a Vietnamese supplier with a new European customer. The customer wants to buy some capital goods from you. You want to see that the customer is good for the money, but they don\u2019t want to pay you upfront directly. You can approach banks and use LoCs, but those are slow and, depending on the size of the deal, can get expensive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, the customer can deposit the amount in e.g. USDT to the Unicrow smart contract-based escrow. You both agree on an escrow period of how long it should take the goods to be delivered, and a 3rd party that you both trust that could decide a dispute if one arises.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If all goes well and the goods get delivered and quality checked,<span style=\"color: #ffffff;\">.<\/span>the customer simply releases the funds to you or,<span style=\"color: #ffffff;\">.<\/span>after the escrow period ends, you can claim the funds yourself. What\u2019s great about that is that, because the contract knows the status of the escrow and the identities of the parties, these operations can be done unilaterally, so the UX is much better than with e.g. multisig where two parties need to get together.<\/span><\/p>\n<figure id=\"attachment_9410\" aria-describedby=\"caption-attachment-9410\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-9410 size-full\" src=\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/unicrow.jpg\" alt=\"Making escrow settlements transparent and trust-minimized - just some of the use cases for the Unicrow platform\" width=\"1000\" height=\"370\" srcset=\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/unicrow.jpg 1000w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/unicrow-300x111.jpg 300w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/unicrow-768x284.jpg 768w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/unicrow-696x258.jpg 696w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-9410\" class=\"wp-caption-text\">Making escrow settlements transparent and trust-minimized &#8211; just some of the use cases for the Unicrow platform<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If, however, there is a dispute, that 3rd party arbitrator you agreed upon can decide whether the money should be returned to the customer or released to you. But again because their role is strictly defined, they can\u2019t run with the money or freeze them, and their decision is executed on-chain instantly. Of course they can, and presumably, would charge a fee that you all agreed upon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the deal took place on a platform that connected you two, like a b2b marketplace, that platform can integrate Unicrow and charge a small fee for their service, without ever holding custody of the funds, or even without having any sort of sophisticated key infrastructure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, the separation of roles also makes it easy to have the funds received directly to a platform like BitcoinVN for a quick conversion to fiat.<\/span><\/p>\n<h5><strong>BitcoinVN News: In building Unicrow, what has been the most challenging part of your entrepreneurial journey? What did you learn and would you advise other founders in the space?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">I should have been selling much sooner much more than I did. We are builders, we love to build, so that\u2019s what we did mostly, but I didn\u2019t focus enough on building the initial set of great customers to go live with us soon after launch, but luckily we\u2019re making up for that these days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, speaking to more customers earlier would help us realize that some of the bells and whistles that we built into the platform were not that necessary. With most of the customers these days we never get to a discussion about those and if we did, we could have always added them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So in short &#8211; try to sell more earlier and really stick to that M in MVP \ud83d\ude42\u00a0<\/span><\/p>\n<h5><strong>BitcoinVN News: <a href=\"https:\/\/blog.bitmex.com\/author\/arthur\/\">Arthur Hayes<\/a>, an industry legend as the founder of Bitmex which for a long time dominated the global exchange landscape, was an early investor into Unicrow.<\/strong><\/h5>\n<h5><strong>What did Arthur see in Unicrow with his vast industry experience to make him pull the trigger and how did you get in touch with Arthur?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">I\u2019ve known Arthur from the early Singapore Bitcoin days,<span style=\"color: #ffffff;\">.<\/span>so I\u2019m lucky to have earned his trust I suppose. And we share the vision of building unstoppable crypto protocols,<span style=\"color: #ffffff;\">.<\/span>so when he saw we had really designed the platform around this idea of immutability<span style=\"color: #ffffff;\">.<\/span>and trust-minimization, he agreed to support us.\u00a0<\/span><\/p>\n<h5><strong>BitcoinVN News: Talking funding: What is your general roadmap at Unicrow and are you guys planning a further raise any time soon? And if so, what type of investors are you looking for and how should they get in touch with you?<\/strong><\/h5>\n<p><b>Tomas Forgac:<\/b><span style=\"font-weight: 400;\"> We are trying to raise a round as we speak,<span style=\"color: #ffffff;\">.<\/span>but to be honest the market is such that we\u2019re not putting any effort into it<span style=\"color: #ffffff;\">.<\/span>and rather focus on bringing more customers on board to show more traction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But if there are investors who have experience in helping b2b crypto-infrastructure, or that have a network of startups that fit our customer profile, we\u2019d be happy to talk of course.\u00a0<\/span><\/p>\n<h5><strong>BitcoinVN News: You have relocated a while back from the fast-paced Asian financial capital of Singapore to the more serene life in Zurich \/ Switzerland. How do the two places compare and what is your favourite upside about life in Zurich \/ Switzerland?<\/strong><\/h5>\n<p><b>Tomas Forgac: <\/b><span style=\"font-weight: 400;\">Well, first off, I wouldn\u2019t really contrast Singapore\u2019s pace to Zurich. They\u2019re both highly innovative and entrepreneurial cities. I would even argue that Zurich punches way above its weight<span style=\"color: #ffffff;\">.<\/span>when you realize it\u2019s much smaller than Singapore. I certainly enjoy Zurich\u2019s weather more \ud83d\ude42<span style=\"color: #ffffff;\">.<\/span>and the access to nature and mountains is, without doubt, one of its absolute highlights.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But one important difference which, unfortunately,<span style=\"color: #ffffff;\">.<\/span>it of Singapore\u2019s own making, is in the mindsets. The Singapore government has systematically suppressed free expression<span style=\"color: #ffffff;\">.<\/span>and no matter how much you surround yourself with friends<span style=\"color: #ffffff;\">.<\/span>and associates who have broken out of that,<span style=\"color: #ffffff;\">.<\/span>you can\u2019t help but feel the lack of individualism in the society as a whole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Swiss, to the contrary, are some of the most open-minded,<span style=\"color: #ffffff;\">.<\/span>freedom-loving, and entrepreneurial people in the world.<\/span><\/p>\n<figure id=\"attachment_9411\" aria-describedby=\"caption-attachment-9411\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-9411 size-full\" src=\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si.jpg\" alt=\"Swiss nature - the natural wealth of the country is a reason for its material wealth\" width=\"1000\" height=\"671\" srcset=\"https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si.jpg 1000w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si-300x201.jpg 300w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si-768x515.jpg 768w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si-696x467.jpg 696w, https:\/\/bitcoinvn.io\/news\/wp-content\/uploads\/2023\/08\/thuy-si-626x420.jpg 626w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-9411\" class=\"wp-caption-text\">Swiss nature &#8211; the natural wealth of the country is a reason for its material wealth<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Tomas Forgac is a renowned face among the pioneers in the space in South.East Asia &#8211; running the well-known Bitcoin Meetup in Singapore in the early days. His passion always was in providing real world solutions with the technology at hand. Initially launching his startup career with Coin of Sale which served as the first.crypto [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":9412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10528,1843,10444,10549],"tags":[],"class_list":["post-9409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersec-custody","category-experts","category-featured","category-featured-sub-panel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tomas Forgac&#039;s mission: Trustless fund escrow for trade<\/title>\n<meta name=\"description\" content=\"Tomas Forgac is a renowned face among the pioneers in the space in South East Asia - running the well-known Bitcoin Meetup in Singapore....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitcoinvn.io\/news\/tomas-forgac-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tomas Forgac&#039;s mission: Trustless fund escrow for trade\" \/>\n<meta property=\"og:description\" content=\"Tomas Forgac is a renowned face among the pioneers in the space in South East Asia - 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