Blockchain Applications in life — ICO is a hot shot!
On November 15, 2017, Mr. Long Vuong, CEO of Tomo App, had a talk with Blockchain experts on the topic “FUTURE OF X — BLOCKCHAIN | The future and application of blockchain” at Techfest 2017.
“Blockchain’s limit on a low Bitcoin’s current transaction rate is due to technology limitations. By the end of 2016, it could only carry out seven transactions per second, with a transaction cost of $ 0.20, a transaction that only contained 80 bytes of data.” Mr Long said.
According to Mr. Cris D. Tran, Project Manager, Infinity Blockchain Labs: As this is a very new technology, there is a need for government regulation and flexibility in building new terms for Blockchain. However, there have been some positive signs recently that the government has announced new policies on virtual currency management in early 2018.
In addition, the human factor is also a limitation. If we use blockchain as a database, then the information entered into the database must be of high quality. The data on the blockchain must be extremely reliable, so the information put into the base must be accurate from the beginning. So if people give false information to the system, then this blockchain is considered worthless.
Besides Bitcoin, the ICO (Initial Coin Offering) is also a topic that has received much attention from Startup Investors. Even as a potential capital calling method, ICO still has many risks. According to Mr.Kendrick Nguyen — co-founder of Republic, there are two methods of controlling risk from the ICO: the government has introduced policies to verify and manage transactions, for example in the US investors have to prove their financial viability to participate; or from the investors should carefully consider, should have the knowledge base in advance to avoid the Startup value inflated, it is best to follow the investors had experienced before.
🔖Techfest is a significant annual event. This year, there was the participation of Vietnam’s Deputy Prime Minister Vu Duc Dam, Chairman of the National Assembly Committee for Science, Technology and Environment Phan Xuan Dung, and representatives from major domestic banks.
🔖 After the conference ended, Mr. Long answered a reporter on Vietnam National Television (VTV) and shared the potential and opportunity of using Blockchain technology to improve the quality of services, public finance and banking services.
🔖 In particular, he had his share of TomoCoin applications in the Tomo Network that his company is launching in the coming months.
As known, Mr. Long Vuong was one of NEM Blockchain’s co-founders, with nearly $2 billion worth of capital.
Some other moment on Techfest 2017
FYI: https://www.tomocoin.io
