Lon Wong: “Don’t Be Afraid to Dream Big”
Lon Wong, the brain behind the cryptocurrency XEM, is a significant figure whose immense contribution to the blockchain industry cannot be overstated. In addition to this, the NEM Foundation’s CEO is a dedicated benefactor, backing several charitable initiatives.
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A Few Facts from Lon Wong's Official Biography
Is it difficult to lead a digital business in Malaysia, a country where cryptocurrencies are deemed securities, and operating without the permission of the local Securities Commission could result in a prison sentence of up to 10 years? Even European regulators are more receptive to cryptocurrency startups than their Malaysian counterparts. Yet, Lon Wong is acknowledged as one of the most respected blockchain technology leaders in this challenging environment.
Lon Wong was born on September 27, 1963, in Penang, Malaysia, and was brought up in a notably modest and large family. From an early age, he displayed an intense fascination with mathematics and technology, passions that would significantly steer his future endeavors.
Lon obtained his higher education in engineering, earning a Bachelor of Engineering degree in electronics from the University of Sydney. The source of the funds that enabled a young man from a modest background to study in Australia remains a detail Lon has kept undisclosed.
Possessing a strong foundational knowledge in engineering, Lon launched a successful career in Malaysia, a place he still calls home.
During his career, Lon accumulated vast experience working in an array of environments, including multinational corporations, startups, and personal projects. He sharpened his skills in leading large teams, developing businesses, and strategic planning, demonstrating an entrepreneurial drive that set him apart from his contemporaries in Malaysia.
His career journey is impressive and diverse:
- Founding Member, CEO. The company was engaged in e-commerce and hotel bookings.
- Sebas, co-founder and CEO. The company focused on software development for PCs and smartphones.
- Bizsurf, co-founder and COO. The company is a leading internet service provider in Malaysia.
- Blockchain project NEM Foundation, founder and CEO.
- Crypto exchange Huobi Chain, Advisor.
- Dragonfly Fintech Pte Ltd, founder and CEO. The blockchain platform specializes in financial transactions, banking management, and the development of mobile payment software.
- SM Consulting Engineers, majority shareholder and CEO. The consulting firm specializes in electronics and eco-friendly design.
- ProximaX, founder and CEO. This is a global open-source platform for application developers based on blockchain technology.
Lon Wong's innovation capability is undeniably immense. Nevertheless, he is primarily known within the crypto community as the mastermind behind the NEM network and its affiliated coin, XEM.
Lon Wong. Source: nemflash.io
Lon Wong's Crucial Part in NEM's Inception
In 2014, Lon Wong became a pivotal force behind the creation of the New Economy Movement, or NEM – an inventive blockchain platform and cryptocurrency. His personal insights and perspectives on economic liberty became the compass directing the course of the project.
NEM was conceived as a one-of-a-kind blockchain platform, geared to address the issues of scalability and security, which were commonplace in existing cryptocurrencies. One of NEM's distinctive features is the consensus algorithm known as Proof-of-Importance (POI). In 2015, this algorithm revolutionized the concept of mining by incentivizing network participants based on their contribution to the ecosystem.
This model was a groundbreaking approach in the blockchain world, as it shifted the rewards from those with powerful equipment (Proof of Work) or a large volume of the project's tokens (Proof of Stake) to the active participants in the NEM ecosystem.
Lon's strategic insights and technical know-how were instrumental in the successful incorporation of POI, which underpinned the viability of NEM. For more details about the project and its unique aspects, refer to our comprehensive article, available here.
Wong's Charitable Endeavors
Beyond his remarkable accomplishments in the blockchain sphere, Lon Wong has a significant footprint in philanthropic activities. He is the visionary, founder, and primary benefactor of an Autism Center for children situated in Kuala Lumpur.
This center adopted the latest medical and administrative methodologies, gaining international recognition within just a year of its operation. It offers world-class services for individuals grappling with Autism Spectrum Disorders, thereby ensuring that Wong's philanthropic investments have generated significant returns.
Furthermore, Lon is always willing to extend a helping hand to fledgling developers seeking funding for their nascent blockchain startups. In line with this, the NEM Foundation has initiated a special aid fund geared toward supporting Malaysian digital enterprises. This tradition persists, even following Wong's departure from his CEO role.
Lon expresses limited interest in music, literature, or the visual arts. According to him, he sees beauty in numbers and programming codes. He has never ventured into cryptocurrency trading or sought income from such activities. His focus lies primarily on blockchain technology and its potential to transform society's economic fabric.
In his role as an advisor to the Huobi exchange, he primarily deals with issues concerning networks and databases.
Noteworthy Quotes by Lon Wong
“Blockchain technology is not just about disrupting industries; it's about transforming the way we think and live.”
“Success in the blockchain space lies in collaboration, not competition. Together, we can build a decentralized future.”
“Don't be afraid to dream big and pursue your passions. The blockchain revolution needs dreamers and doers.”
“True wealth lies not only in monetary gains but in the positive impact we make on the world around us.”
“The journey of innovation is paved with failures, but it's these failures that lead to breakthroughs and progress.”
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