After the astounding success of VBSession1: MXC Parallel Cities, the first event kicking off our series of monthly events for blockchain & cryptocurrencies lovers in Vietnam, on November 16th, together with leading blockchain companies and projects in Korea including Dream Chain, OAS Chain, Futurepia, BlockACE Vietnam successfully organized VBSession2: When Blockchain meets IoT & Social media at Asiana Plaza, Binh Thanh District, Ho Chi Minh City.
With the main topic is a combination of blockchain, Internet of Things (IoT) and social media, VBSession2 aims to share information and discuss not only blockchain but also applications such as social networks or Internet of Things (IoT) from leading Korean research companies: Dream Chain, OAS Chain, and Futurepia.
Commencing the conference was the opening speech of Mr. Chong Youngsung – Cofounder & CEO of Dream Chain International. After briefly introducing the attendance about Dream Chain “as a global blockchain advisory group, specializing in advising blockchain projects or companies wishing to implement blockchain solutions”, Mr. Chong raised extremely practical and important questions about the future of blockchain “Can current projects survive?”, “Can blockchain reshape the world?” and “Which projects are the next BIG thing after Bitcoin, Ethereum and TRON?”. Based on these questions, he pointed out four 4th Gen projects which can solve the vulnerable of the market which will be leading the market: OAS CHAIN, Futurepia, Tourcom, and ChainFlix. Mr. Chong also emphasized the importance of connecting with the community and building a global ecosystem. Dream Chain, as a global blockchain advisory group, would connect blockchain projects with the community. With a rigorous evaluation process based on criteria such as differences, technology, impact, and human resource, the Korean Co-Founder showed how Dream Chain could help projects build global ecosystems.
Following up, Mr. Sangsoo Lee – CEO of OAS CHAIN, came on stage and gave an inspiring presentation about OAS CHAIN – a project that carries three important pillars. With his intelligence, sharpness and impressive video presentation, he gave everyone an overview of OAS CHAIN, about the great combination of Blockchain, IoT and Social Media, as well as the potential of the project. OAS CHAIN is a blockchain project developed by NBIT with experts in IoT security, Cyber Security, and Development, focusing on resolving the vulnerabilities of an existing blockchain. The project goal is to lead blockchain mass adoption. OAS CHAIN provides 3 platform services to solve major challenges of blockchain and IoT: OAS Public Blockchain Secure Payment Service, OAS Secure Blockchain Hosting Service, and OAS IoT Security Gateway.
After tea break, the conference then welcomed Mr. Dong Pham – Founder of SaiGon Trade Coin, one of the largest blockchain and cryptocurrency communities in Vietnam. With two years of full-time trading experience in the cryptocurrency market, he showed us how crypto whales make waves in the market. “Very interesting”, “amazing” and “absolutely inspiring” are the phrases that the audiences mentioned when asked about Mr. Dong Pham’s speech.
An exciting panel discussion moderated by Ms. Anh Le – Founder & CEO of BlockACE has discussed a greatly interesting topic: “Blockchain & Crypto Market 2020”. She started with a simple definition of IoT: “Internet of Things, or IoT, internet of things, simply means that billions of physical devices around the world are now connected to the internet, collecting and sharing data. We can’t deny the popularity of IoT from smart cities, smart homes, smart health monitoring devices (wristwatches) like Fitbit, Apple Watch, etc. Even in the US, according to the latest report of NPD Group, 60% of US households use typical IoT-connected devices such as smart TVs, smart cars.”
From left to right: Ms. Anh Le – Founder & CEO BlockACE, Ms. Thuy Pham – Regional BD & Chief Rep TomoChain, Mr. Hoang Linh – Founder MSG, Mr. Chong Youngsung – Co-founder & CEO Dream Chain International and Mr. Dong Pham – Founder of SaiGon Trade Coin.
With the question “In what ways can blockchain transform/elevate IoT?”, Ms. Thuy Pham said that the Internet of Things (IoT) described the connection of devices — any devices — to the Internet. But at present, there are many devices connected to each other, but the server controlling them is centralized. Therefore, “Blockchain combined with IoT will help data distributed more widely, safely and transparently to users. It’s one thing that Blockchain will enhance IoT. ”
In addition, Mr. Chong Youngsung commented that IoT and blockchain are not two interchangeable technologies, and OAS CHAIN tried to solve the problem of storage and data security on the blockchain so that IoT security would be enhanced. Ms. Anh Le also added that “Currently, there are many projects combining both blockchain & IoT technologies, namely IOTA or Walton Chain. Even with IoT-focused protocol, IOTA has come to important cooperation steps with BOSH, Volkswagen, Fujitsu”.
After that, the conference discussed the question: “IEO has been a very hot trend in early 2019, but so far this trend is cooling down, investors are less excited with IEO because the projects listed recently have not increased sharply as before. So what do you think is the next trend in 2020 of this market?”.As the Founder of MSG, Mr. Hoang Linh stated, “IEO is just an evolution of the cryptocurrency market in the form of raising funds from ICO to IEO, just different from how to operate and overcome some of the ICO vulnerabilities”. Although the trend of IEO has cooled down, we cannot say that IEO failed, because IEO is just a form of capital raising, “The question whether IEO has failed or not depends on whether the project attracts capital or not, not the decline of coin’s price, because the coin/token’s price increase or decrease is a matter of the market”. He said that in the future, the market would have a different way of operating so that Tomochain or other projects had a more favorable environment to develop applications, transactions and use cases, thereby gaining the attention of the community, helping the market to develop sustainably. In addition, he said, “2020 will be a difficult year for tokens/altcoins”. Because since 2017, the implementation of ICOs has blossomed into a phenomenon for funding businesses, and thousands of cryptocurrencies have appeared. After about 3 years – “the screening phase”, only cryptocurrencies that have good technology and are accepted by the community will survive. In addition, risk-taking of investors is also a reason for the difficulty of the cryptocurrency market in 2020, because they have seen the ups and downs waves of the market, and concerned about spending more money in an investment. Besides, he said, “Next year, the number of capital raising projects will be much fewer. And the form of fundraising will change, through intermediaries”. He predicts that next year, there would be more investment-related services in the cryptocurrency market.
On the same page with Mr. Hoang Linh’s opinion, Mr. Dong Pham made his prediction about the way of fundraising in 2020: “Blockchain and cryptocurrency market are decentralized, so what is decentralized will exist. For example, STO is not suitable for the cryptocurrency market, because it is just digitized security, or IEO is heavily interfered with by people, so much human intervention against decentralization. ICO, IDO are decentralized – These forms go down because the crypto market in 2017 produced too much ‘garbage’. The future of the new form of decentralized fundraising is qualitative development”. Believing in the rules of selection of the market, he asserted that projects born to address a certain need of life would certainly raise capital. Sharing more about how to choose a project, Ms. Thuy Pham revealed that investors should choose projects that had products, communities, practical vision and help the community and society, instead of projects on the exchange, as exchanges don’t focus on technology development like blockchain-specific projects like TomoChain and other public blockchain projects.
Besides inspiring and informative speeches from the speakers, the conference also had two rounds of lucky draw and an exciting Kahoot game. Airdrop worth up to 1,611 USD has found its owners. The event ended with the satisfaction of all presenters, guests, and attendees, closing a successful VBSession2.
Let’s revisit the beautiful moments at the event!