Celebrating Bitcoin’s 10th Anniversary- Past, Present, and Future of Blockchain
On January 3rd, Korea Fintech Industry Association, in conjunction with The Korea Institute of Information and Telecommunication Facilities Engineering, hosted a blockchain workshop against a backdrop of the 10th anniversary of Bitcoin genesis block at Korea University International Center for Converging Technology.
The four-hour workshop included variety of topics not limited to Bitcoin, but blockchain technology and ecosystem as a whole. Industry thought leaders from business, law, and academia gathered to share their insights on blockchain’s history, challenges and hurdles in respect to technology, policy, and future. The speakers included Lee In-ho, a professor from Seoul National University, Lee Jung-Yeop, a district judge from Daejeon District Court, Song In-Kyu from Block Chain Investment Research Institute, Kim Yong-Dae, a professor from KAIST, and finally Choi Soo-hyuk, CEO of SymVerse.
Dr. Choi kicked off his lecture by talking about the technical progress of its history, covering how different protocols have sprung up in the course of each generation. He emphasized that it is critical for the next generation blockchains to bring forth unique solutions to the technical problems that previous generations have yet to overcome, such as speed and scalability, which hinder economic value and adoption.
Dr. Choi pointed out the flaws in Bitcoin and Ethereum which prevent them from reaching full decentralization. He described the performance issues in block production time, consensus, validation nodes, smart contracts, and memory storage in great detail. In the latter part of the lecture, he explained how these core issues can be mitigated through a careful implementation of various approaches, including fair node selection and reward distribution, mathematical proofs, and automated governance.