[Delio] CEO of Delio Calls Web3 a Technology to Establish Stakeholder Capitalism — The International Metaverse NFT Event ‘Seoul Meta Week 2022’
James Jung, CEO of Delio, discussed the future opportunities of the Web 3.0 ecosystem and creator economy at the Blockchain Open Forum, the opening event of Seoul Meta Week 2022 hosted at the Shilla Seoul, South Korea, on October 4.
According to James Jung, the present state of Web 3.0 is a great opportunity that will address Web 2.0’s shortcomings and foster the growth of the crypto industry. “Despite the fact that there is a pessimistic view on the current Web 3.0 development and growth in general, Web 3.0 has important relevance in the context of the Internet expansion,” he added.
Web 3.0 is experiencing a more complicated evolution than any Internet development before. The move from Web 1.0 to Web 2.0 occurred at the level of technological innovation and expansion of user-focused activities such as active participation. qualitative and quantitative progress has stalled, and the shortcomings of corporate structures like shareholder capitalism are also coming to light. On the other hand, Web 3.0 is a technical approach to building a stakeholder capitalist ecosystem that distributes profits to all ecosystem components equally aiming to share the capital gain.
The core characteristics of Web 3.0 — openness, trust, and decentralization — were highlighted as being the most significant for the financial ecosystem and economy. Unlike YouTube and Facebook, the borderless nature of the Web 3.0 initiative stands to provide its source code so that other developers can easily analyze the situation and contribute to further development.
Moreover, decentralization makes a significant move toward the platform revolution regardless of the lack of trust from the user’s side. Due to the unsafe structure of the transactions using third parties in banks and big Korean companies such as Coupang, further platform development is less likely to be successful.
At the same time, a representative of Delio also detailed a breakdown of the current Web 3.0 structure, which applies stakeholder capitalism and allows all ecosystem players to participate in decision-making, mentioning DAO (Decentralized Autonomous Organization), distributed ledger (database and blockchain) that secures data trust, and crypto assets as 3 essential elements of Web3.
It was stated that by classifying virtual assets into three categories, STO, NFT, and cryptocurrency the current level of utilization is growing beyond all possibilities. Despite the recent NFT volume transaction decline, STOs might reach 16 trillion USD in 2030 while digital assets could reach 1,000 trillion KRW in 2026, world’s giants, including Nike, Hyundai Card SK Telecom, and Starbucks are getting involved in the NFT business.
“The fact that big companies consider NFTs as an opportunity to make one further step toward the Web3 era while providing the scope of utilizing NFTs as a new way to experience the Internet”.
Delio as Korea’s largest digital asset specialized financial company which acquired the Virtual Assets Service Provider (VASP) of the Korean Financial Authority offers savings, lending, and other crypto-backed services. James Jung established Delio in 2018 and has been creating relevant financial services before the local cryptocurrency market was activated. After, he held the position of vice president of the Korea Blockchain Startup Association. Currently, he serves as a director of the Korea Virtual Asset Finance Association, where he works to revive the sector and establish the Industrial Relations Act.