An Interview with JPAY’s Founder
The reputation of JPAY platform as one of the most legitimate and fast-growing projects, seems to be made clear by now. Many people, including active market participants and investors, are very proud of what has been accomplished. However, JPAY is always seeking for more opportunities and achievements. In particular, the founder and CEO of JPAY, Mr. Dae Young Kim has put all the efforts and consideration to match itself with global standards, in terms of the level of technology and willingness to compete at a higher level. Stay tuned for more remarkable updates in near future and continue to support for your amazing project. Not long ago, we had a fascinating interview with JPAY’s founder, Dae Young Kim. He gave us insights into how the blockchain industry will evolve in the future, and the story of JPAY platform.
Q1. Could you introduce yourself, please?
A. Hello, I am Kim Dae Young, the founder of JPAY platform.
Q2. Please tell us a little bit about the JPAY platform and its vision.
I have been asked the question many times, but it’s always important to explain the essential values of the project. Well, in many occasions, cryptocurrency tends to have a long-winded vision that cannot seem to be accomplished in reality. However, JPAY has a unique and specific characteristic. The story behind the creation of JPAY platform is related to how the price of cryptocurrency surged last year, while no one paid attention to the benefits of this new technology that is about to change the world. I had realised the potential of blockchain, as well as its range of application. Ultimately, the shared fundamental of blockchain and JPAY platform is to empower everyone in need.
People cannot buy JPAY with cash. In fact, Bitcoin was in the same situation when it first came out. It was the only non-capital based cryptocurrency at the time which was distributed online and all over the networks to be mined. However, one would require professional knowledge to actually mine them. JPAY has solved this problem. In our case, anyone regardless of their wealth and knowledge can participate in the mining process. Hence, the JPAY’s vision provides service for all. Another issue that some people often misunderstand is that JPAY is not a token or built on top of another platform, but it is a coin that already has a mainnet.
One more thing to add is that JPAY and CyClean platforms are different, but the value is shared between the two because I had planned and developed it myself. What values do they have? Well, there are three key ideas. Firstly, we insist that no one in our generation should be suffering from starvation. However, half of the 7 billion people on earth are starving to death. This shouldn’t be real. Secondly, no one should die because they cannot afford to be in hospital. In North Korea, for example, thousands of people die each year because of tuberculosis, which can be cured with ￦600–700. The third is our contribution to the environment. JPAY and CyClean have the mission to solve the problem of pollution.
Q3. I would like to know more about the technology behind JPAY. Could you explain the Two-Coin Structure of JPAY?
JPAY’s two-coin structure begun in response to the price volatility of cryptocurrency and the difficulty of moving assets between digital wallets, and hence unable to be used as a payment method. I came up with this Two-Coin Structure that consisted of JPAY Gold and JPAY Silver within a platform. JPAY Gold is applied to the public blockchain, and JPAY Silver is a fixed-value coin that is applied to the private blockchain. To be specific, 1 JPAY Silver is fixed at ￦1. Therefore, the role of JPAY Silver is to act as a buffer to mitigate the fluctuating price of JPAY Gold. Now, we can easily use them as a payment method. Academically, it is the world’s first project that has combined the public and private blockchain.
Q4. I heard that people can actually buy food and drinks with JPAY Silver, is this true?
Yes, that’s correct. We have about 800 offline store in the country that accepts JPAY Silver. A lot of them are located near our company, and this number is increasing very quickly on a daily basis. Like you said, I cut my hair, buy food, drink coffee with JPAY Silver.
One thing to point out is that we have already developed the JPAY platform’s designated payment card. However, as the government policy was announced to unify into IC chip since July, we are now in a process of making an alteration in response to the recent change. Hence the reason for its delay. I expect to get my payment card in October. Once this is out and used in the markets, all payments across the country can be made through various cryptocurrencies of your choice.
Q5. Finally, what do you envision for the future of blockchain technology?
There are pros and cons. People have a desire for money, and that leads to speculation. It’s almost a necessary evil. For the sake of accelerating the development, we need the public blockchain. However, the problem is that the structure of the public blockchain requires to have a cryptocurrency and universal book. While we need to solve the computational algorithm, who is there to commit if there’s nothing to gain? That is why we supply people our coins through online and networks. As this continues and transactions increase, the asset will have value to it. In addition, there have been changes in the realm of blockchain where traditional institutions including banks are starting to adopt the private blockchain.
Now, there are controversies for all matter. For example, when cars first came out, governments banned driving cars. You might think this is mad, and a cultural shock. The Third Industrial Revolution was based on the network, and the Fourth Industrial Revolution will be the same only with an addition of blockchain technology. Some experts talk about two years to reach the prime and adaptation to the real-life, but I think it will come sooner. In a year, we’ll have blockchain technology applied in various industries. There are currently more than 1,800 projects listed, of which less than 10 percent will survive. They will be filled with more practical and technologically advanced projects. The future looks very positive.
Finally, I would like to comment that South Korea is not responding very well to this new phenomenon. To be honest, it has never done it well. During the third industrial revolution, the government was slow to respond. Compared to other countries, they are said to be late to build necessary infrastructure. For example, as the government approaches the market belatedly, Korea’s cryptocurrency exchanges are already showing a gradual loss of competitiveness. I believe that policies that actively reflect and support new technologies will be needed in the coming 4th industrial revolution. New directions and active support are essential, not choices.
Closing. Thank you for your time, and it was very meaningful to have the opportunity to interview you.
Did you learn a lot about the JPAY platform from this interview? I have done many interviews in the past, but never met a person with such great confidence and achievements. I certainly became more confident about the project, and turn into a huge fan of Mr. Dae Young Kim. You know, the more you are in love, the more satisfying everything becomes. I believe that you have also enjoyed reading the insights he shared with us today. Hopefully, we will have another opportunity to interview him later!
※ For more information about JPAY Platform, please visit our website at https://jpayplatform.com/
