The Latest CEO Backing Blockchain
Yes, it’s 2020 and blockchain still hasn’t gone anywhere yet. At a sit down with South Korea’s Ludena Protocol CEO, Joshua Kim, he explains why blockchain is here to stay and how he plans to harness the technology to take his mobile app business from domestic success to global gold.
Q. What made you decide that blockchain was the right transition for your company?
I deeply understand the needs of the gaming industry, both gamers and game companies alike, from my years of experience operating the gaming-centric social media platform: GameTalkTalk. Gamers have never been rewarded in any way for playing games, let alone for the free marketing they provided game companies by creating and uploading social media content based on their beloved games. At the user level, it takes a lot of time and effort to create that social media content, but, until now, there have been no monetary reward incentives for doing so. Compensating these ones appropriately, I think, would incentivize gamers to be even more active in the gaming community.
On the flip side, game companies have a harder time than you think searching for game users who are passionate about their game offerings and who have, of course, high in-game spend. Our existing app is especially based on connecting these two industry participants. In order to find more of these valuable users outside of our GameTalkTalk base, I want to add a fee-less virtual item trading exchange to our platform. Users that are willing to buy in-game items are using that are given to have higher in-game spend. By making our blockchain-based exchange platform both secure and free of charge, we can, hopefully, attract a larger user base and further help game companies reach their desired audience.
Gamer rewards and trustworthy virtual transactions can be carried out with the support of blockchain technology. In addition, from a global service expansion perspective, I think the introduction of blockchain technology is a good choice to address fee issues, etc.
Q. Why do you think that many projects, despite their massive funding, have had difficulties in user acquisition?
While most projects have tried to solve problems with existing services through blockchain, users did not find enough motivation to use the DApps due, in part, to the inconveniences associated with any new, unfamiliar platform. In particular, I think that because of the plethora of available substitutes, it has been difficult to make the reasoning behind a DApp’s usage benefits attractive enough to secure a large sum of users.
I also believe that there have often been unclear token use cases for many projects. Unlike many statements made in some whitepapers you see out there, the actual product or service was often either not developed or very different from the original model. These cases, where token value propositions were unclear, resulted in token value decline, and with the gradual repetition of this cycle in the industry overall, many potential users have simply chosen to stay away.
However, in our case, GameTalkTalk, already has a well established and thriving economic system where users are already accustomed to receiving digital assets as rewards in xp or stars, very similar to a token economy. We want to transition the app’s existing economy into a blockchain-based token-ecosystem to provide more options for our users, such as new liquidity avenues, and to facilitate transactions between global users. We believe that our transition will have a minimal effect on our existing user base and that a token-based ecosystem would serve to create a more beneficial platform.
Q. Do you agree that blockchain gaming is the key to mass adoption?
In this country (South Korea), there are many hurdles due to lack of policies to regulate the introduction of blockchain or cryptocurrency in gaming, but from a global perspective, the number of games using blockchain and cryptocurrency is increasing at an attractive rate. If the policy issue is resolved in Korea, I think we will see a massive surge in usership that will coincide with the type of crypto exchange volume that the country sees.
Q. What is Ludena Protocol?
A single definition for Ludena Protocol is: The platform that gives significance and incentives to worldwide gamers.
Q. What do you think Ludena Protocol’s most unique blockchain incorporation is?
The most exciting incorporations are crypto-based hyper casual games and our virtual item trading platform. There is still a lot of work to be done, particularly with crypto games and APIs, but Ludena’s approach is to offer a blockchain-fueled platform that users of any type (gamers, advertisers, indie game developers, etc.) can easily participate in and benefit from.
With more and more CEOs and global leaders recognizing the power of blockchain, it is looking like the technology is here to stay and 2020 may very well be its most exciting year yet!
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Ludena Protocol, please visit: www.ludenaprotocol.io
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