What Can Blockchain Technology Do in the World?

Power of Decentralization, keeping up with the speed of the world

One of the most important roles in Korean start-up history is the Start-up Alliance. The Startup Alliance occasionally opens up Press Day for networking between industry reporters and start-up business people. On November 6th, Hashed Press Day allowed companies in the blockchain industry to meet with reporters.

The blockchain industry has received attention largely in recent years; however, only the side effects of cryptocurrencies are highlighted compared to the blockchain technology itself. This framing leads to the question of ‘what can blockchain do in the real world?.’ Apart from this skepticism, Hashed Press Day held on the 6th was meaningful, showing the potential of blockchain and their preparation for the future.

Before talking about the press day, here is a simple summary of jargons. In general, cryptocurrencies such as Bitcoin have the nature of fiat. These are regarded as the first generation cryptocurrencies and mainly focused on transactions. However, with the birth of Ethereum, the smart contract feature has been in the limelight, opening the era of tokens.

In other words, cryptocurrencies(coins) can be gained through mining with the independent blockchain focusing on transactions and tokens do not have independent blockchains and ICO is possible with a simple change of coding.

The latter case is called ‘DApp’ which provides a user experience with the form of an app service. For instance, a mobile app such as Kakao T can be a DApp if it operates upon the blockchain platform. Of course, it is possible to construct a token economy.

Cosmochain is called as a ‘beauty version of Steemit.’ As a beauty contents sharing community platform using blockchain technology, COSMEE is a Cosmochain’s commercial service allowing influencers to post beauty reviews. It reminds us of the Quantitative Assessment of Influencer Impact in MCN industry. However, the strategy of Cosmochain can be a good example for press media considering to start a paid-contents service business.

Blockchain technology is not perfect. But even at this time, players in the blockchain game are running, and they are doing well. The value of decentralization is not the best value, but at least something is happening in this market and the world is already changing. Especially, in terms of the shared economy, the direction of the blockchain industry is aimed at an optimum level. Furthermore, there is a variety of entities reinforcing the blockchain industry beyond the simple DApps.

The world is changing relentlessly, and new attempts are being made. In the era of services, how will a blockchain technology lead those services? It is the point we have to consider.

— the excerpt from the article by Jinhong Choi (Economic Review, rgdsz@econovill.com)

Original Article: http://www.econovill.com/news/articleView.html?idxno=349937

For more details about Cosmochain and COSMEE, please visit the websites below.

COSMEE: https://cosmee.co/

※ The contents above contain information subject to change or yet to confirm under the contract. Also, It serves no purpose of recommending or attracting investment in Cosmochain project and is exclusively for sharing information. Accordingly, any results from making a decision based on the contents as a reference are the responsibility of the decision makers themselves. In other words, the Cosmochain Team holds no legal responsibility for any damages, losses or other results.

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