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"The blockchain sector must become practical"

[THE INVESTOR] The world craze for cryptocurrencies and blockchain, which began at the end of last year, seems to have lost its luster as cryptographic coin prices have plummeted to their lowest levels in recent months.

Some major blockchain CEOs sign that the shortage of useful services in real life is one of the main reasons, and industry players have to make concerted efforts to revitalize the market.

"The blockchain industry has no real use cases," said Daniel Shin, CEO of Terra during his speech at Seoul's Blockchain on September 17, highlighting the low daily utilization rates blockchain-based applications, often called DApps.

Speakers at the Blockchain Seoul conference take part in a round table discussion [19659005] Terra intends to link its blockchain payment solutions to existing e-commerce platforms, including TMON. Leveraging existing services, he said, Terra's solutions will be able to gain momentum at a fast pace as payment services Alipay and PayPal have done with the help of the Taobao e Amazon e-commerce platforms, respectively .

The Seoul-based The blockchain company plans to release a stablecoin – a type of cryptocurrency less vulnerable to price volatility – to reward users too.

Maintaining stable operations is as important as other factors, such as achieving high transaction speeds and scalability, to maintain momentum in the blockchain sector, according to Park Seung-ho, CEO of the blockchain startup, the FLETA solution.

"Blockchain companies must not only focus on improving transaction speed, but also execute stable operations to manage the huge amount of encrypted data created on blockchain platforms," ​​said Park, adding that it is crucial to offer developers an optimal environment to easily create DApp.

Speakers at the conf this has touched on other topics, including interoperability between different blockchain platforms and governance.

BOSCOIN CEO Choi Ye-zune said both blockchain companies and others must carefully consider the cost effectiveness of using technology in traditional industrial sectors as "not all companies need blockchain ".

The conference will be held on the seventh 17-19 at the COEX convention center. Entrepreneurs and investors of global markets participate, including the CEO of Oasis Labs Dawn Song, the managing director of Tezos Katheleen Breitman and the co-founder of Bitcoin Gold Martin Kuvandzhiev, among others.

(theinvestor@heraldcorp.com) [19659013] Source link