[THE INVESTOR] Blockchain is the last word of order among companies, with many announcing budding technology as the "new Internet". Despite the hype, however, its widespread adoption around the world has been quite slow.
Blockchain, the technology behind Bitcoin and Ethereum, is at a critical stage, according to Jay Park, head of Lambda256, the research arm of Dunamu, operator of the nation's largest encryption exchange.
"Blockchain is at the crossroads," Park told The Investor in an interview held at the Dunamu office in south Seoul last week. "The next year or two will be important, it may become the next big thing as the internet, or it could fail to become mainstream".
Park said people are beginning to wonder what Blockchain can do in real life, especially after the precipitous decline in the price of Bitcoin. And if the emerging industry can not answer this question, blockchain will only become another technology, or a league in its own right.
At this critical moment, Lambda256 promises to make mainstream blockchain through its new development tool called Luniverse. It allows companies to develop their own decentralized applications related to blockchain, or dApp. The beta version was released in September, with the intention of launching the main service in December, after completing all the updates.
Jay Park, head of the Lambda256
Park is the inaugural head of the research institute that debuted in May. Previously he worked as a vice president of SK Telecom and previously worked at Samsung Electronics, where he developed the Samsung Pay mobile payments service and the instant messaging application Samsung ChatON.
"Lambda256's vision is to become a blockchain activator, we want to help companies that need technology by providing high quality infrastructure at a reasonable price," said Park. "So that companies can focus on providing services to their customers instead of having to struggle with technical details."
Compared to other dApp tools, Luniverse is easy to use, where people and companies, even with limited skills, can easily and immediately transform their existing web service into blockchain-based services. With the help of the Luniverse, companies can create their own mainnet, in addition to tokens.
"One of the strengths of Luniverse is its controllability," said Park. "When companies use existing blockchain platforms, they are constrained by the platform's features and timeline, which means they can not change key platform features or improve their services on their calendar, but Luniverse helps the company create its own mainnet.It gives freedom and exclusive control of the platform to the company to decide the characteristics and their project ".
Since the launch of the testnet, local companies, particularly gaming and content companies, are showing great interest because they can take advantage of blockchain technology in existing reward and token systems. The tool is also convenient, as it offers a pay-per-use system.
"Most of the companies that have been interested in Luniverse have been running their services for a long time," said Park. "With the legacy of Luniverse, they want to make their services more valuable, expand the user base and diversify services by implementing blockchain".
Lambda256, under the aegis of Dunamu, seeks to strengthen synergies with its affiliates, including the cryptocurrency Upbit, and its investment arm Dunamu & Partners, which has pledged to invest 100 billion won (89.19 millions of dollars) in blockchain technology.
Using the growing presence of Dunamu in Southeast Asia, with the launch of Upbit in Singapore, Lambda256 is also trying to tap into the region.
"Blockchain is a borderless technology," he said, adding that the company plans to expand services in Southeast Asia, probably in the second half of next year.
By Ahn Sung-mi (email@example.com)