"Blockchain Improves Usability…"It will be popularized drama…
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"What is most needed in popularizing blockchain is to improve the usability of the platform and create a practical and specific use case." Regarding the blockchain bubble theory in a recent interview with Maeil Economy, Kim Jae-yoon, CEO of Overlaps, said, "There have been rumors for years that blockchain usability is not good, but it is true that no improvement has been made yet." "If you think about it, there is no way to improve (usability), and it is not an impossible problem, so we expect a breakthrough improvement that is close to popularization within three years," he added.
CEO Kim started his own company last year while studying "Itanos" technology that lightens blockchain at Seoul National University Graduate School. It received seed investment from Naver-affiliated venture capital Spring Camp and Naver Jet. CEO Kim is also the first chairman of the Seoul National University Blockchain Society 'Decipher'. Industry sources say stable mainnet is essential for blockchain popularization. Mainnet means an independent blockchain platform. Major networks such as Ethereum, which are currently widely used, have limitations in their wide spread due to their slow speed and high cost.
CEO Kim is paying attention to this and is developing a lightweight mainnet that combines the "Itanos" technology he presented in his paper. The key principle of Itanos is to participate in transactions only in accounts where activities take place, excluding dormant data, among blockchain data. He verified the feasibility of 300,000 blocks existing in the Ethereum blockchain. CEO Kim explained, "This allows individuals to participate in the blockchain network because they can create light clients."
In fact, decentralized services that pursue Web 3.0 including Open City, which is famous as an irreplaceable token (NFT) exchange, are unable to fully decentralize due to capacity problems. The closer it is to complete decentralization, the greater the security risk and the less stable the entire network is. Of course, not all problems can be solved with blockchain and web 3.0. However, in order to popularize Web 3.0, it is pointed out that securing transparency and security is an urgent priority through the first step of properly defining cases. CEO Kim stressed, "Only when the light mainnet comes first will the era come when ordinary consumers can conveniently use the web 3.0 (decentralized) app (Dapp) as they use the current Internet."
Regarding the outlook for the mainnet market in the future, CEO Kim said, "Only a few outstanding mainnets may survive," adding, "One of the characteristics of the blockchain is that there are no barriers to entry and exit, and in that regard, it will be difficult to achieve a complete monopoly."
Regarding the absence of a 'killer app' in the blockchain industry, he said, "Although the DApp (decentralized app) is unstable technically, the lack of an institutional foundation had a decisive impact," adding, "In this regard, we need to pay attention to blockchain finance in the future."
What are the strengths of blockchain? CEO Kim said, "The reason why blockchain technology is strong is that it can assetize and exchange values that have not been assetized so far," adding, "It is possible to efficiently create a market that has only been made up of brokerage and popularization will take place first in these areas." He added, "Using the blockchain, it is possible to create a form of evidence that can be exchanged for assets as collateral."
Recently, some in the investment industry point out that the corporate value of blockchain startups has been evaluated too high, referring to "Dotcom Bubble" in the late 1990s.
In response, CEO Kim said, "There is an atmosphere of value depreciation in relation to blockchain startups, but many young developers are still jumping into web 3.0 companies seeing the future of blockchain technology," adding, "We plan to focus on technology because the 'Painpoint' of the blockchain market is clear."
