The Electronic Times, Korea Software Industry Association and DeCentre co-hosted the the summer blockchain event on June 21 at the Grand Conference Room in COEX. The mission of the event is to touch the the present and future prospectives of blockchain. Cryptocurrency and blockchain are the central technology of the 4th industrial revolution.

In the forum, Korea University Professor Kim Hyung-Joong, DeCentre CEO Lee Dong-Hyeok, Foresting HQ CEO Daniel Eom, Borabit CTO Kang Dae-Gu and Director Kim Jae-Pil from Jienem shared their opinions with brief presentations.

B21 CEO Simon Pearson, Park Song-Ho from Bingo Music held speeches on crypto space. Later in the seminar they introduced blockchain-based business models in terms of SNS, distribution and entertainment. Despite a series of long lectures, more than 200 blockchain enthusiasts attended the scene with an active participation.

Discussion on the blockchain prospectives

Kim Hyung-Joong, a professor at the Graduate School of Information Security of Korea University, had a chance to look at the history and future of cryptocurrency.

“In the near future, we will see people to win the Nobel Prize for their encrypting skills”,

he said with optimism about the industry’s potential for development. With a high probability, a variety of services based on cryptography will dramatically change our lives. Additionally, he defined the cryptography as a ‘bank’ per se.

“This is because transactions can be made without having to go through a bank by using a crypto applications. Currently, there are about 2 billion people in the world who do not have an access to banks. Crypto coins can give them a chance to trade. Moreover, a blockchain economic system is also a positive factor. “

On the other hand, there are tasks to be solved. In particular, there have been cases where the government failed to disclose ICO. Kim said,

“Since the market is still in its infancy, there are a few cases of conflicts with the related laws.”

Lee Dong-Hyuk, CEO of DeCentre, explained about crypto fund, a fast growing trend in investment sector. Crypto fund is a fund that designed for directing the capital towards companies that seek to attract investment in the ICO market. Crypto funds reduce the risk while investing in ICO. Lee also described how investors can have discount priority and can analyze their investments more closely.

“The perception of the encrypted currency is gradually changing into the concept of stocks. This indicates that there would be a stable process in current markets that were overheated earlier. The emergence of crypto funds is a vital part of this process“.

New Generation of social network platforms

CEO Daniel Eom introduced Foresting HQ, a social networking platform based on the decentralized blockchain. Unlike previous social networking sites that have to depend solely on ad revenue, this concept is a brand new business model. It can generate primary profits through uploaded contents. Steemit claims as the first generation platform of blockchain technology. However, Foresting has secured its competitive edge by overcoming the weaknesses of Steemit.

Kang Dae-Gu gave a quick introduction upon the innovative trading model CoinDTS developed by Borabit. It is the first HTS transaction solution in South Korea that enables more than 120 altcoins. 

Kim Jae-Pil proposed a business model that applies blockchain system to travel industry.  He explained,

“By combining blockchain with travel industry, we will be able to provide consumers with unique experiences and information that is more reliable than ever.”

In the later sessions of the event, Simon Pearson drew attention by introducing an encryption asset investment model. Park Sung-Ho, Head of Bingo Music Team, presented a model for sound distribution based on blockchain. Bingo Music is going to be launched next year with a solution to the transaction transparency and copyright issues of the existing music platforms.

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BiBox, a leading Chinese exchange, participated in the Bit Forum 2018 Spring conference.  The conference was held at the POSCO P & S Tower in Gangnam on the 23^rd of April.  The event was sold out as the 300 seat auditorium were all filled.

Mr. Dae Eun, the team leader at Bibox, gave a lecture on their business expansion plans.  Furthermore, he talked about the recent trends in global cryptocurrency exchanges, and their plans to expand into the Korean market.  In addition, he spoke about Bibox’s desire to enter the Korean market and to form business partnerships like they did with Decentre, a global blockchain expert group.

“Recently, Korean exchanges have been experiencing a decline in customer confidence because of hackings and embezzlements.  Bibox’s entry into Korea hopefully will act as a catalyst to overcome this issue,” he said.  

Bibox has seen their monthly average user growth rate hit 300%.  Furthermore, their daily trading volume is close to $100 million.  They have over 500,000 members and is growing fast.

Bibox was founded in 2017 by the co-founder of OK Coin.  What makes Bibox so unique is their AI robot advisor who will help guide new crypto everyday traders.  Therefore, think of Bibox as Binance but with AI.

What are some of the problems Bibox Token (BIX) solves?

• It will decrease trading fees by half the first year.
• BIX Tokens will fuel the exchange.
• The tokens will allow users to join the VIP program which will give early access to VIP AI Tools.

Companies must pay with BIX to have their tokens listed on Bibox.  Currently, there are 270 million tokens in circulation. In addition, Tokens will regularly be burned until the circulating supply is reduced to 200 million.

BitForum 2018 Spring

BitForum 2018’s theme was “Blockchain is the Future.” They brought together some of the most innovative blockchain companies under one roof.  Among the other presentations outside of Bibox included CRYPTON, VECTORS, FORESTING, MoFAS, OSA Decentralized, DateCoin, Decentre, and Stargram Global, just to name a few.  Furthermore, the conference is expected to be held regularly in the future.  Therefore, they will be actively promoting high-level blockchain technologies and the latest cryptocurrency trends.

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