Interview / JAY LEE ... 'IOST' HEAD OF KOREA

Jay Lee, the Korea representative of IOST came to “2018 Blockchain Partners Summit” that held at the Walkerhill Hotel in Seoul on July 22nd. Seemingly, a handsome,young blockbuster businessman says he is confident about IOST. “I am confident that our technology will be wanted by many, and I am looking forward to expanding my business through “Blue Hill.” I wish  Daily Coin News readers to look forward to our growth.

 

 

Many young investors in 20s and 30s say IOST is fairly popular. What do you think is the reason?

There are few reasons but let me detail on the technology of IOST.

The most attractive part for public investors are many global Venture Capitals are in our project, which is different from other crypto projects. This increases credibility for the investors. The fact that the China’s biggest accelerators, Jack Fund, Matrix Capital, etc. invested in our project can be very attractive for the investors. 

In addition, IOST is still less popular in Korea because it is not listed yet. Young people are more tech-savy and information gatherer from many sources. They heard a lot about IOST in the foreign news but not much in Korea. I think they are looking at the potentials of IOST. Also, some people assess our technology and deem IOST technology is very attractive to the young investors.

Why did large VCs in the system invest so much? Do you know them personally?

Our CEO has already established a business and accessed in Silicon Valley. In the process of doing so, Jimmy Zhong received investments and started as a member of Five hundred start-ups. During this time, he formed a close network with other Silicon Valley investors. I think that VCs (venture capitalists) who want to invest in the blockchain early in the beginning of last year have decided to invest because they understand what kind of businesses succeed and Mr. Zhong has had a successful experience with his previous business.
Before, many VCs had hard time investing in blockchain-based business but because they know who Mr. Zhong is and he had a successful entrepreneur, they trusted him.

Could you further explain the technical aspects of IOS?

The ultimate goal of any platform projects is how quickly and reliably the platform runs. Hence, some of the popular projects such as IOS and Jillica are trying to create such platforms.

In the case of iOS, for example, it uses a dpos algorithm to speed up very quickly. This technique makes the number of verifiers very fast, limiting some nodes--although not all nodes. It creates fast speed with a small number of nodes, and this process is done by voting and drawing bp. The problem is that the blockchain is decentralized, and when we select a representative through voting, there is a risk that the system itself can become centralized again due to some political issues and collusion issues among them. In the end, I started to raise questions in the blockchain scene as I got back to centralization to speed up blockchain I created for decentralization, and Iostrom is also raising such questions in a skeptical manner.

We came up with a solution to the consensus algorithm that we think is the next step in dpos. pos is a way to restrict some nodes to the same as dpos. However, it is not an option to vote on how to pick out some nodes, but rather using algorithms. Pob is a technology that isn’t affected by any political issues, and so does the algorithm selects the nodes that have contributed much to this platform.

This technology is seen as the next step in dpos, and while it is speeding up, it is still under development to address the various problems that dpos has.

Three weeks ago we launched our test net. Spanning about 1700 nodes in Europe, Asia, and the United States, it has created between 5000 and 6000 TPS. It was the first button that showed that thousands of tps were possible and was successful. You can check it in our community.

Also, by the end of this year, we plan to launch a more stable and higher performing mainnet. In terms of speed, we are thinking about 10,000 TPS, which is now more than 7,000 TPS.

 

The IOST Foundation has received much attention as it officially declared its entry into Korea. What about the future business plans in Korea?

Rather than thinking about this as IOST’s advance to Korea, you can think like this: What we are doing ultimately with our technology development is that many Dapps have to be created on our platform, and we have established Crypto special vc “Bluehill” with IOST Foundation and IOST investors to make our ecosystem more active.

What are the investment criteria for 'Blue Hill'?

We believe the most important criteria is whether a project can have IOST form among high-level projects as well as have a big impact on the whole blockchain industry. If you have a project that can make changes throughout the blockchain, we would like to make an open investment.

We are confident. We are confident that our partners are free to choose the platform because our goal is to create a platform where these applications work best and we are quickly moving towards it.

How do you diagnose the Korean market?

It is a very difficult and sensitive question. Compared to the beginning of this year, it seems to have lost a certain amount of bubbles. On the other hand, I think that the market is going through a healthy process, although there is an ancient saying “he fixes the cowshed despite losing his cow.” As a result, if government comes up with healthy regulations or systems, the waiting will be more rewarding.

If it doesn’t and things keep on get delayed or if government regulations and legislations makee the global blockchain helpless, then the time we have spent so far will be useless. We need to watch the market closely rather than prematurely predicting what is going to happen. 

What are your thoughts on a number of blockchain verification evaluation institutions/tools such as IBEForum?

It is necessary at the first stage of investment. Nowadays, there are a lot of organizations in place, and it is important to continue communication and sound debate. However, it seems to be clear that there should be a guideline that can be used to coordinate such institutions.

Could you briefly leave a message for the Daily Coin News readers?

I am grateful to those who thinks positively about IOST. If you are a reader of Daily Coin News, you must have a lot of interest in coins, such as the current price or Listing. But when you go a little further, you'll see the problems of the platforms and see what the platforms are doing. If you look at the project with these balanced interests and perspectives, I think the market for the blockchain will be a little healthier.

"Best of luck to all the Daily Coin News reader and thank you for your interest."

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