Home Cryptocurrency Gajesh Naik, 13, manages a fortune in DeFi – Cointelegraph Magazine

Gajesh Naik, 13, manages a fortune in DeFi – Cointelegraph Magazine

by Serge Shlykov

An extremely young crypto enthusiast, Gajesh Naik, 13 years old, is the youngest investor to have ever signed a contract with a cryptocurrency exchange. Born to a homemaker and a businessman in 2011, the Mumbai-native began learning about cryptocurrencies when he was just eight years old. Drawn to the idea of a decentralized financial system, Gajesh has managed to amass an impressive sum of $1.2 million worth of Etherum (ETH) tokens.

At just 13 years old, a Mumbai teenager has managed to “I started saving on my birthday and I saved a lot,” he says, “I would say something like $300 or $400.”

When 13-year-old Gajesh Naik first showed interest in bitcoin in 2016, he was only interested in the cryptocurrency as a means to save up to buy a Nintendo Wii U console. But when he started seeing that his savings were quickly becoming more valuable, he was hooked on cryptos. Naik has never thought about using his savings for anything but bitcoin, and now he’s a master Bitcoin trader.

It’s hard to believe that someone 13 years old can understand the potential – and the responsibility and the danger – of a single seventh grader in India holding the keys to half a million dollars.

The unique case of Gajesh Naik, a 13-year-old decentralized finance (DeFi) prodigy from Goa, is this: while he is capable of developing a DeFi protocol capable of accepting $1 million in investor funds, he is too small to sign a legal contract or be liable for losses. Would you trust your money to a young, untested developer with six months of solid programming experience?

Time expires

Naik started a YouTube channel where he taught people how to code, before turning to consulting for smart contracts. Today, his DeFi protocol, PolyGaj, manages nearly a million dollars.

Given his age, it will be interesting to see how he sees time. Instead of years or quarters, Naik talks about months: I freelanced for three months and launched two projects.

While many would consider a three-month blockchain consulting job to be nothing more than an internship, Naik describes it more as a career move, as if the number three were based on years rather than months.

It now offers lessons on topics such as creating 3D geometry in Python and scrapping Wikipedia, and even a unique lesson called How to analyze and visualize COVID-19 data using Python. But the lesson that stands out the most is probably Mr. Naik’s on finding complex interests using python, which he gave on the third day. September 2020 published – the same month he attended a webinar on the fundamentals of bitcoin and blockchain.

I started to get very interested in blockchain – Bitcoin and Ethereum – and then I discovered Solidity and studied it in two or three months.

To understand the weight of this statement, it is necessary to consider the meaning of solidity. According to an industry job board, the average base salary for a Solidity developer in Asia is $125,000 per year, with a low base salary of $100,000 and a high base salary of $150,000. An analysis of the salary scale shows that the average software developer in India earns $6,700 per year. This means that by the age of 13, Nike already has skills equivalent to 10 to 20 times the salary of an experienced developer or 50 to 70 times the country’s gross domestic product per capita ($2,100).

Of course, Nike continued to share its knowledge on YouTube, introducing bitcoin to its viewers in October in a 12-minute video featuring illustrative images of piggy banks, gold bars and circuit boards. He then shifted the content of the channel to blockchain, adding explainer videos on Yearn.finance, Chainlink, Tether and others in November and December.

That changed a few weeks later, in February 2021, when Naik expanded from a simple introductory video to a tutorial on how to deploy a Binance Smart Chain (BSC) contract and how to register and deploy a BEP-20 token on the Binance Smart Chain. At the beginning of the ERC-20 token creation video, Naik then made the announcement to his 10,500 subscribers:

I started freelancing! If you want to encrypt a DApp, a Smart Contract, a Token or an NFT, send me an email.

 

Minor problems

With nearly 20,000 followers, Naik is a rising star on the cryptocurrency Twitter, which he describes as good and bad – some people target me and some people threaten me, adding that some people say things like you should go to college or that he’s lying about his age.

Maybe you’re right to be concerned. The PolyGaj platform, with its elephant-like NFTs and word games, can definitely be considered an experience and a game for kids. That doesn’t make it any less legitimate, at least when compared to other BSC cloned and anonymous run DeFi platforms, but one can wonder if the young person is really capable of understanding the nature of their money and the real power they have.

🙂👍

Cryptocurrencies level the playing field globally. The only connection you need is an internet connection. https://t.co/mc98GqNgUK

– balajis.com (@balajis) 21. May 2021

Then there’s the security issue, since everyone from friends to teachers to local criminals know about its wealth – and the fact that one can access it with a few keystrokes. When asked if he would share his private keys with his parents if asked, Nike didn’t quite seem to understand the meaning of the question.

It is important to understand that theFi, as an industry, has adopted a philosophy of reckless testing in production, where models are made experimental and investors take risks at their own peril. In that sense, Nike is blending in, and if it had chosen to set up its platform anonymously, it would have blended in as well.

However, there is a reason why so many hi-fi projects are set up anonymously – namely the legal, reputational and security risks – and Nike has now tied its reputation to a public and indelible cryptographic asset that bears its name. Sure, it’s a wonderful accomplishment, but if I were his parents, I wouldn’t feel comfortable.

Although Naik states that the terms of his contract do not require him to disclose what tokens he created in the course of his consulting work and how much he was paid for them, it is reasonable to assume that these contracts take the form of gentleman’s agreements. Indeed, Naik, given his age, probably does not have the legal capacity to sign binding contracts and therefore cannot be held liable.

This lack of signing authority, according to Covalents Gandhi, means that he cannot get direct investment from some big names in the industry, who are waiting until he is 18 to transfer money to him.

I can’t discuss and research with 13 year olds, people. Honestly, I don’t know what to do here. Maybe I should stay away from administrative matters and let you guys figure this out yourselves pic.twitter.com/x2ZeKe8iDu

– Chris Black (@ChrisBlec) May 21, 2021

Making room for the ambassador

Part of the reason we are speaking out today is so Nike can promote its work as an ambassador for Covalent, an indexing and query layer for decentralized systems that can retrieve information from multiple blockchains.

CEO Ganesh Swami, who is also participating in the conversation, describes the ambassador program as a growth and leadership program where 2,000 or more participants are selected after an interview. Once accepted, ambassadors set goals – often to improve their own knowledge of things like data and dashboards, which are Covelant’s bread and butter.

Ambassador Naik’s objectives are not entirely clear, but we can assume that he is getting something in return for the undeniably courageous act of giving this interview – clearly the involvement of a 13-year-old is getting media attention.

Generation Z

According to Naik, one of the biggest challenges in blockchain right now is the high price of gas. Therefore, his projects are built on the Polygon framework, which allows him to deploy a token for as little as $0.01, as opposed to potentially hundreds of dollars on Ethereum Tier 1. He talks about it in his YouTube tutorials, proof that the next generation of blockchain enthusiasts will go beyond Ethereum’s first step in shaping the future.

In my book Blockland, I argued that bitcoin was a joint venture of millennials and Generation X, while the older members of Generation Z were still in school during bitcoin’s early years and largely unable to participate. The much younger and hipper Ethereum has become a bastion of Generation Z in the industry, led by Vitalik Buterin, who looks like Zoomer.

It’s very interesting how Nike, which is actually one of the youngest members of Generation Z – maybe even an early ambassador of Generation Alpha – decided to use Polygon, which is the second-tier solution for Ethereum. Given the high cost of gasoline, the Ethereum ecosystem may have to rely more and more on second-tier solutions, with the first tier proving cumbersome for today’s young crypto-geeks.

Many of us remember the astonished parents who looked at us, their children, in the early days of the internet and remarked how the new generation’s world was so much bigger, how they could communicate with friends all over the world, etc.

When you consider that a 13-year-old can create and distribute a decentralized financial solution and sell NFTs to a global audience, the skills of teenagers from just 10 years ago seem outdated and antiquated by comparison.

Teens who used to sell cassette tapes or pull out pirated movies can now amass large investment portfolios on the blockchain – anonymously – and no one has the power to stop them. The future is theirs.

Five years later, Nike was pursuing a degree in computer science. But if it continues, he will probably become a teacher himself among his peers.A leading member of the cryptocurrency community, 13-year-old Gajesh Naik is said to hold the “world’s largest cryptocurrency fortune” at the age of 13. Gajesh has managed to accumulate a fortune of about $50 million in Bitcoin and other cryptocurrencies, according to a report by the Indian Express. The amount was independently verified by the Indian Express, and was enough to make him the youngest billionaire in the world.. Read more about what is defi crypto and let us know what you think.

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