{"id":"chan-ahn","version":1,"language":"en","title":"Chan Ahn","hidden":false,"content":"**Chan Ahn** is the CTO and co-founder of [ALEX](https://iq.wiki/wiki/alex), a [DeFi](https://iq.wiki/wiki/defi) company that is operating on the [Stacks](https://iq.wiki/wiki/stacks) [blockchain](https://iq.wiki/wiki/blockchain) and is inspired by traditional financial markets. [\\[1\\]](#cite-id-562sf2sucf)  \n$$widget0 [YOUTUBE@VID](GMXU6N_2YyI)$$  \n  \n# Education  \n  \nAhn graduated from Imperial College of London with a BSc in Mathematics and Computer Science and a Ph.D. in Computational Finance. [\\[1\\]](#cite-id-562sf2sucf)  \n  \n# Career  \n  \nAhn was a director at Credit Suisse, where he was Head of Structuring for the Americas and Asia offices for four years. He then transitioned to JPMorgan Chase & Co. as executive director and worked as the Head of Product Development, Asset-side Cross Asset Structuring, and Structuring for another four years. [\\[1\\]](#cite-id-562sf2sucf)  \n  \nHe became executive director at Goldman Sachs for almost seven years before co-founding [ALEX](https://iq.wiki/wiki/alex) with [Dr. Chiente Hsu](https://iq.wiki/wiki/dr-chiente-hsu) and [Rachel Yu](https://iq.wiki/wiki/rachel-yu) in 2022. As CTO of [ALEX](https://iq.wiki/wiki/alex), Ahn is responsible for directing the technology strategy and vision to align with the company's mission and values. [\\[1\\]](#cite-id-562sf2sucf)  \n$$widget0 [YOUTUBE@VID](d-p_eDdyKts)$$  \n  \n# Interview  \n  \n## Bitcoin DeFi Landscape  \n  \nIn January 2024, The Block Runner Podcast interviewed Ahn about [ALEX](https://iq.wiki/wiki/alex) and its work in [Bitcoin](https://iq.wiki/wiki/bitcoin) [DeFi](https://iq.wiki/wiki/defi). At the beginning of the interview, Ahn shared some background on [ALEX](https://iq.wiki/wiki/alex) and its co-founders: [\\[2\\]](#cite-id-6cc68pz15gt)  \n  \n> “We started almost three years ago, around May 2021. Our team consists of myself, the CTO, [Dr. Chiente](https://iq.wiki/wiki/dr-chiente-hsu) based in New York, and [Rachel](https://iq.wiki/wiki/rachel-yu) in Hong Kong. All three of us have backgrounds in traditional finance, particularly in investment banking, quantitative analysis, and derivatives. Around that time, the [Uniswap](https://iq.wiki/wiki/uniswap) v3 white paper was released, signaling to us that [blockchain](https://iq.wiki/wiki/blockchain) technology had matured enough for individuals like us to potentially add value.”  \n  \n> “At that time, we had limited knowledge about many aspects of [crypto](https://iq.wiki/wiki/cryptocurrency), to be honest. However, we explored several options. [Bitcoin](https://iq.wiki/wiki/bitcoin) stood out to us, partly due to our backgrounds. As newcomers to the [crypto](https://iq.wiki/wiki/cryptocurrency) space and institutional investors, there's often a tendency to focus on [Bitcoin](https://iq.wiki/wiki/bitcoin). We were interested in developing something on [Bitcoin](https://iq.wiki/wiki/bitcoin), although back then, [Bitcoin](https://iq.wiki/wiki/bitcoin) [DeFi](https://iq.wiki/wiki/defi) was virtually non-existent. Despite its novelty, we believed that building something on [Bitcoin](https://iq.wiki/wiki/bitcoin), as opposed to [Ethereum's](https://iq.wiki/wiki/ethereum) EVM, could hold more significance from our standpoint.”  \n  \nHe also shared why they chose [Stacks](https://iq.wiki/wiki/stacks) as their foundation for the protocol: [\\[2\\]](#cite-id-6cc68pz15gt)  \n  \n> “We encountered the [Stacks](https://iq.wiki/wiki/stacks) team, who coincidentally happened to be close neighbors of [Chiente](https://iq.wiki/wiki/dr-chiente-hsu). He suggested that if we utilize [Stacks](https://iq.wiki/wiki/stacks) as our smart contract layer and build on [Bitcoin](https://iq.wiki/wiki/bitcoin), given our familiarity with the team, we could receive considerable support and collaborate effectively.”  \n  \nWhen asked why they chose to focus on [Bitcoin](https://iq.wiki/wiki/bitcoin) instead of other [blockchains](https://iq.wiki/wiki/blockchain), Ahn responded: [\\[2\\]](#cite-id-6cc68pz15gt)  \n  \n> “We initiated this project partly due to the absence of similar initiatives in the space. To ensure we developed the right product, we've undergone several pivots. Building on [Bitcoin](https://iq.wiki/wiki/bitcoin) presents an intriguing opportunity for project builders for several reasons. Firstly, [Bitcoin](https://iq.wiki/wiki/bitcoin) stands as the largest and most recognized decentralized and secure [blockchain](https://iq.wiki/wiki/blockchain) globally, offering a robust foundation for any development. Secondly, its uniqueness lies in its lack of support for smart contracts, which has resulted in slower adoption among builders compared to other [blockchains](https://iq.wiki/wiki/blockchain).”  \n  \n> “The third reason echoes the sentiment expressed in the second one, a sentiment commonly encountered when discussing the development of [Bitcoin](https://iq.wiki/wiki/bitcoin)-based [DeFi](https://iq.wiki/wiki/defi). Many wonder why we don't simply replicate what has been built on the [Ethereum](https://iq.wiki/wiki/ethereum) Virtual Machine (EVM) by forking it. However, our decision to focus on [Bitcoin](https://iq.wiki/wiki/bitcoin) stems from its strong institutional interest and appeal to first-time [crypto](https://iq.wiki/wiki/cryptocurrency) holders. The demographics of [Bitcoin](https://iq.wiki/wiki/bitcoin) holders differ significantly from those of EVM or [Web 3.0](https://iq.wiki/wiki/web3) users. While Bitcoin boasts a market cap in the range of $700-800 billion, the focus often shifts to comparing it with [Ethereum's](https://iq.wiki/wiki/ethereum) market cap. Yet, what often goes unnoticed is the composition of the people behind this market cap, who primarily consist of first-time crypto investors.”  \n  \nHe then discussed how the [Nakamoto](https://iq.wiki/wiki/satoshi-nakamoto) release would affect the user experience on [Stacks](https://iq.wiki/wiki/stacks) and [ALEX](https://iq.wiki/wiki/alex): [\\[2\\]](#cite-id-6cc68pz15gt)  \n  \n> “The [Nakamoto](https://iq.wiki/wiki/satoshi-nakamoto) release represents a significant advancement in enhancing user experience. Currently, our infrastructure design must account for potential delays due to missed [Stacks](https://iq.wiki/wiki/stacks) blocks, which are mined for each [Bitcoin](https://iq.wiki/wiki/bitcoin) block. Consequently, the speed of [Stacks](https://iq.wiki/wiki/stacks) blocks is inherently limited by [Bitcoin](https://iq.wiki/wiki/bitcoin) block production, resulting in intervals ranging from 10 to 30 minutes. This poses a considerable challenge to creating a seamless user experience. However, with the introduction of the [Nakamoto](https://iq.wiki/wiki/satoshi-nakamoto) release featuring 5-second blocks, this issue is effectively eliminated. Users will enjoy enhanced speed, programmability, and a native smart contract experience on [Bitcoin](https://iq.wiki/wiki/bitcoin).”  \n  \nAhn also talked about [blockchain](https://iq.wiki/wiki/blockchain) security factors and [XLink](https://iq.wiki/wiki/xlink), a standalone [Bitcoin](https://iq.wiki/wiki/bitcoin) Bridge from [ALEX](https://iq.wiki/wiki/alex): [\\[2\\]](#cite-id-6cc68pz15gt)  \n  \n> “Breach attacks and smart contract exploits have occurred frequently throughout history for various reasons. The preference for keeping assets on [Bitcoin](https://iq.wiki/wiki/bitcoin) stems from its reputation as the most decentralized and secure [blockchain](https://iq.wiki/wiki/blockchain). Therefore, it's advisable to maintain assets on a secure layer whenever possible. While [layer-two](https://iq.wiki/wiki/layer-2) solutions offer scalability benefits, they may not provide the same level of security as layer-one. However, the decision to move assets should consider multiple factors beyond just the [blockchain](https://iq.wiki/wiki/blockchain) itself.”  \n  \n> “One limitation we encountered recently led us to spin off our bridge project into a separate entity called Xlink. This decision stemmed from our use of multisig technology as a vault for Bitcoin. While multisig offers improved security compared to single private key wallets, it still presents challenges related to private key ownership and control. Through the spinoff of Xlink and the decentralization of governance and ownership of the multisig, we aim to address these concerns and enhance user security.”","summary":"Chan Ahn is the CTO and co-founder of DeFi company ALEX, with a history in financial services at Credit Suisse and JPMorgan Chase & Co.","categories":[{"id":"people","title":"People in crypto"}],"promoted":0,"tags":[{"id":"Founders"},{"id":"Developers"},{"id":"PeopleInDeFi"}],"metadata":[{"id":"references","value":"[{\"id\":\"562sf2sucf\",\"url\":\"https://www.linkedin.com/in/chanahn/?originalSubdomain=hk\",\"description\":\"Chan Ahn | LinkedIn\",\"timestamp\":1712687360451},{\"id\":\"6cc68pz15gt\",\"url\":\"https://www.youtube.com/watch?v=GMXU6N_2YyI&pp=ygUSY2hhbiBhaG4gQUxFWCBsYWJz\",\"description\":\"Interview with The Block Runner Podcast | YouTube\",\"timestamp\":1712687665777}]"},{"id":"twitter_profile","value":"https://twitter.com/5eightandeight"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/chanahn/?originalSubdomain=hk"},{"id":"previous_cid","value":"QmdjusN5XHUn8vDCMNiHKtn9LndQTc7oz7Q3VpWmDgpJc3"}],"user":{"id":"0x6753061a4cffbc0A617e57E956A298D88702a94B"},"author":{"id":"0xacb6c5AD52b8f605299B0d774CE97F26e3DB80c2","profile":{"username":"JSD","avatar":""}},"media":[{"name":"d-p_eDdyKts","id":"https://www.youtube.com/watch?v=d-p_eDdyKts","size":"0","type":null,"source":"YOUTUBE"},{"name":"Zzt-7CRf4T0","id":"https://www.youtube.com/watch?v=Zzt-7CRf4T0","size":"0","type":null,"source":"YOUTUBE"},{"name":"xT6SnFOGZoI","id":"https://www.youtube.com/watch?v=xT6SnFOGZoI","size":"0","type":null,"source":"YOUTUBE"}],"views":8,"events":[],"linkedWikis":{"founders":[],"blockchains":[]},"ipfs":"QmdjusN5XHUn8vDCMNiHKtn9LndQTc7oz7Q3VpWmDgpJc3","transactionHash":"0x4b9f75b9c977c73be000e7b19009213fb3f946e17e63758779d40b1b1f72d955","created":"2024-04-09T18:52:30.852Z","updated":"2024-04-09T18:52:30.852Z","images":[{"id":"QmWRecTorpRskQv9fvBz5JYUBM9gGXH21nJg5hALwU5irF","type":"image/jpeg, image/png"}]}