Report of the blockchain elite event organized by the General Chamber of Commerce of the Republic of China
Summary: The “Block Chain Elite Club” hosted by the General Chamber of Commerce of the R.O.C on November 7 invited the elite team of the blockchain industry to gather and exchange ideas on how to assist the innovation industry through the Blockchain Application and Development Institute. Andrew, the founder of KTrade and the convener of the R&D technical team, was invited to participate, and led everyone to discuss the end of the ICO era and the rise of stable coins.
The event was started by Dai Zhong Xing, deputy secretary-general of the General Chamber of Commerce of the R.O.C and CEO of the Brand Accelerator Center (TurnUp@BAC). He said that the landing of blockchain technology is the purpose of the establishment of blockchain research institute, and it will allow Taiwan’s brands becomes more international.
Sun Ta Chien, director of the Blockchain Application and Development Institute also said:
“Taiwan Blockchain Institute hopes to promote the establishment of relevant laws and the experience of landing applications and provide members and non-members to participate in training courses to increase the basic understanding of the blockchain.”
In addition, Sun Ta Chien hopes that the technology of the blockchain will become the world leader and enhance the strength of various industries.
Casper Chen, convener of the Education and Training Group of the Blockchain Application and Development Institute said:
“The mission of the Institute is to provide operators with successful implementation of blockchain applications in an estimated 10 trillion market value. Secondly, blockchain elites will hold lectures every month to connect the industry with the technology. So that we can help various players to find talents in this field and to play the role of talent cultivation.”
Andrew, chairman and founder of KTrade and R&D Technical Team, said:
“Blockchain is a consensus mechanism produced by the parallel architecture. It is characterized by decentralization, openness, tampering, anonymity and innovation. However, the characteristics of anonymity indicate that it cannot be properly controlled. Relevant operators will carry out KYC certification to ensure the rights of users.”
In addition, ICO’s development and current situation are mentioned. ICO was originally a very good crowdfunding method, but the lack of supervision led to multiple fraud cases, which caused the ICO market to change from bull market to bear market. However, the era of Taiwan’s upcoming entry into STO will be improved accordingly under the monitoring regulations.
Andrew also pay special attention to the development of stablecoin. The reason is that stablecoin can make up for the defects of digital token of high risk (decline its price from 10% to 20% in a short period of time) and can be control. Industry operator are actively studying the development of stable coins at this moment (Example: USDT by Tether). TWDT-ETH (Taiwanese currency) developed by KTrade and ECpay is priced at 1:1.
As a member of the General Chamber of Commerce of the R.O.C, Andrew said that he is optimistic about the scalability of the blockchain, emphasizing that less than 10% of the companies entering the global international financial market. It can see as a great opportunity for the innovation team to “get in”. Although’ we are still in the bear market, operators are called upon to increase the number of token holders and maintain/improve the project quality.
KTrade also provides services such as dedicated servers, business incubators/accelerators, and blockchain applications in response to the diversified development of the industry, helping companies to continue to operate and capitalize to create and share benefits with customers.
Tsai Kun Chou, from Enlighten Law Group and the convener of the Law and Regulation Research Group, led the discussion on the new development of the blockchain industry supervision.
Mr. Tsai said that the blockchain industry is changing too fast. He also shown us a photo of a “24K gold bitcoin” to explain that the value of the digital assets behind it is intangible. He also mentions the characteristics of “game theory” and “humanity” that cannot be ignored in the blockchain.
In addition, Mr.Tsai explained the issuance mechanism of ICO tokens. The tokens are divided into three types: payment token, security token (with certificate characteristic) and utility token. Compared with the traditional financial fundraising process, ICO team does not need to “implement” and it takes a short time to process, and in contrast to the traditional financial operation,”. They only need to provide white paper to introduce their goals, practices and commitments to fundraise.
Mr.Tsai explained the stage of Anti-Money Laundering:
“The money laundering prevention method is divided into three stages: placement, layering, and integration. In the past few days, Taiwan’s money laundering prevention law has also been amended. To give impetus to Taiwan’s STO, Taiwan will need to accordance with the US regulatory policy. Corresponding laws and regulations can be used to legislate and bring all new industries from local to international.”
At the end of the event, a member called Keywolf from “SlowMist” introduces us how to use their services to prevent exchange from being attacked (hacked). Other than this, Keywolf suggest developers need to have development knowledge; a safe development awareness. At least but not least, find a security audit team to provide a strong service to the project to make up for defects in the system.
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