Bryan Legend is an Australian entrepreneur, influencer, and investor, especially in the cryptocurrency space. He’s best known as the CEO of Vulcan Blockchain and co-founder of OOXY Labs. Legend is a key figure in decentralized finance and is currently transforming that industry with Vulcan. But who is he? Let Legend himself answer. “What’s your sense of purpose?” he tweeted. “Mine is to make countless millionaires in the #crypto space. It is has already begun.”
Bryan Legend’s Origin Story
Legend dropped out of school three years before graduation and worked in a series of labor jobs for a few years. He then entered the white-collar world in various sectors, including digital marketing, security, telecommunications, and transport, where he learned skills like business management that would serve him well later in his career.
“My first few jobs were in sales, and I discovered something new about myself doing those jobs,” he told Forbes. “It turned out that I had a special gift of negotiation, and that gift has been primarily responsible for my business success.
“I eventually harnessed my love for technology and innovation and my strong desire to make a lot of money and got into cryptocurrency in the early stages.”
Legend found success with Safuu, a decentralized autonomous organization that’s entirely community driven.
His next project was OOXY Labs, which he co-founded to develop a blockchain called Vulcan. The initial purpose of this protocol was to support additional projects.
What Is DeFi?
Bryan Legend is taking the DeFi space by storm — but what, exactly, is DeFi?
DeFi provides investors with financial instruments without the need for intermediaries like banks, brokerages, and exchanges. Instead, DeFi platforms perform transactions by relying on a blockchain to form smart contracts, allowing these platforms to borrow and lend funds, speculate on physical assets, trade cryptocurrency, insure assets against risk, and earn interest on principal. Some applications promote high interest rates but they’re also subject to high risk.
DeFi platforms use modular building blocks of code to build a multilayered architecture.
Cryptocurrency exchanges on a DeFi platform are known more specifically as a decentralized exchange (DEX), which performs direct peer-to-peer transactions. Traditional currency exchanges are overseen by various third-party entities like banks, government institutions, online payment gateways, and stockbrokers. However, DEXs use a blockchain or distributed ledger to manage their transactions, often by relaying an order book. Many other approaches to this process also exist, but their degree of decentralization may differ significantly.
DEX traders rarely need to transfer assets to the exchange before making a trade, which reduces the risk of theft due to hacking. However, providers of liquid assets need to transfer tokens to the DEX. Nevertheless, DEXs still provide greater anonymity than the know-your-customer requirements that centralized financial transactions typically use.
What Is Vulcan Blockchain?
Vulcan Blockchain is a platform intended to expand the role of DeFi in financial markets by making it accessible to anyone who wants to use it to conduct transactions. It has several features that allow it to serve many use cases, helping to bring Vulcan into mainstream use.
Vulcan Blockchain uses two native assets: VUL and gVUL. VUL coins are available to the public, while gVUL coins are exclusive to investors with voting rights. The gVUL coins are governance tokens that Vulcan will use to fund the development and maintenance of its network. Investors with these tokens have voting rights that will determine future initiatives. The number of VUL coins will determine the final supply of gVUL coins, but the gVUL coins won’t rebase. Investors can exchange their VUL coins for gVUL coins to earn voting rights.
Additionally, Vulcan is the first auto-rebasing DeFi platform, meaning that investors can automate their rules, generally for the purpose of maximizing their yields. Vulcan can thus distribute holdings among multiple assets according to a predefined set of parameters. Investors are then able to make strategic decisions without the need for manual intervention.
Vulcan uses the Vulcan Consensus algorithm, which is based on the proof-of-authority concept originally proposed by ethereum co-founder Gavin Wood in 2017. PoA is a reputation-based consensus that provides a practical, efficient solution for protecting blockchain networks. It leverages the value of identities, meaning that block validators stake their own reputation rather than using cryptocurrency to do so. As a result, validating nodes are selected as trustworthy secure PoA blockchains. This approach makes Vulcan more secure and reduces its carbon footprint because it requires less energy.
Vulcan’s Fire Pit burn mechanism redirects 60% of the transaction fees generated by the network to its Fire Pit, which permanently destroys those fees. This process mitigates inflation of VUL by reducing its total supply. Removing a portion of the transaction fees from circulation contributes to VUL’s long-term stability, thus promoting its use as a medium of exchange.
Transparency and Impact
Blockchains normally provide some degree of transparency, although people at the top usually make the major decisions regarding the platform and its ecosystem. This isn’t the case with Vulcan, as investors who buy the gVUL coin are entitled to voting rights. This privilege allows them to share their opinion on Vulcan Improvement Proposals. Now that Vulcan is a DAO, it doesn’t require a central authority or intermediaries to manage decision-making processes. Furthermore, investors get regular updates from the company that keep them informed about the backend activities that keep Vulcan running smoothly.
Bryan Legend’s Vulcan has the potential to transform the DeFi space by driving innovation and growth in this market. It provides a secure blockchain platform, which could enable the development of more complex DeFi applications.
DEXs is one area where Vulcan could have a particularly large impact. They’re already a fundamental component of the DeFi ecosystem, but they often exhibit poor liquidity and long transaction times. The ability of Vulcan to provide an interoperable, scalable platform could allow it to enable DEXs that offer better liquidity and higher transaction volumes.
Lending protocols are another area where Vulcan could revolutionize DeFi. They enable users to earn interest on cryptocurrency by lending it to other users, making these protocols a key component of DeFi. However, the lending protocols currently in place generally lack security and scalability. Vulcan could enable the creation of protocols that could handle higher transaction volumes while still providing greater security.
In addition, Vulcan can improve asset insurance and management for its investors by enabling the creation of more sophisticated DeFi applications. This development could help unlock DeFi’s full potential.
Bryan Legend’s Vision
Bryan Legend’s vision for Vulcan Blockchain promises to be a game changer in the DeFi industry. The interoperability, scalability, and security it offers give Vulcan the potential to enable DeFi applications with greater capabilities, thus driving innovation in this market. Remaining challenges in this rapidly evolving space include regulatory certainty and competition from existing blockchains. Overcoming these barriers could allow Vulcan to become a major DeFi player.
And Bryan Legend is up for the challenge.
“Cryptocurrency is a fascinating phenomenon of how technology has outpaced the traditional banking system and how it is at the forefront of challenging the fiat-based government,” he told Forbes. “The relevance of this technology was what beckoned me more than anything else. As an entrepreneur, I always wanted to be at the center of the action, and cryptocurrency appeared to be where the action was happening.”