【Blockchain in Korea】Blockstream Samson: How Blockchain will Transform the Business?
【Blockchain in Korea】
34days ago
2226

The full text is a total of 1703 words, expected to read 4 minutes.

Editors note: Coinin is the Korean blockchain media headquartered in Seoul, South Korea, it relies on industry head resources and community advantages to form a huge influence on the media. It is known as an upgraded version of the blockchain field 36Kr.

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Coinin recently launched the "Blockchain in Korea" series in South Korea, visiting the top blockchain practitioners in South Korea and promoting exchanges and cooperation between China and South Korea. In the new phase of "Blockchain in Korea", Coinin invited Samson Mow who is the CSO of Blockstream to talk about "How Blockchain will Transform the Business world?".

 

Guest introduction

 

The 39th phase of the "Blockchain in Korea", Coinin invited Samson Mow, CSO of Blockstream to talk about "How Blockchain will Transform the Business world?".

 

Samson Mow: CSO of Blockstream

As a well-known contributor to the Bitcoin community, he advocates decentralization and supports security in the development of the agreement. Prior to joining Blockstream, Samson  was the Chief Operating Officer of BTCC, one of the world's largest digital currency exchanges and one of the largest mining pools. At BTCC, he is responsible for the two major businesses of the mining pool and the exchange, as well as corporate operations, product development and marketing.

 

Dialogue

 

Allen:You are currently the CSO of Blockstream. How did you connect with the blockchain industry? How does your perception of the blockchain changed since you entered the blockchain industry?

Samson:I first started out in the industry working as the COO of BTCC overseeing the exchange and mining businesses.I would say that my perception has changed to be far more critical of what constitutes a good use case for blockchain technology. Many companies are doing various things with blockchain technology that makes no sense at all. Blockchains should be used for verification, and to really take advantage of the technology you need to have engineering talent with in-depth knowledge of cryptography, mathematics, and game theory.

 

Allen:Please introduce the Blockstream company. What is Blockstream’s main business? How is the current status of Blockstream?

Samson:Blockstream is a Bitcoin and blockchain infrastructure company. We focus on building key blockchain scaling technologies like sidechains and the Lightning Network, for the purpose of changing the trust model that is pervasive in financial systems today. To put it briefly, we’re rethinking trust.

Currently most systems you interact with on a daily basis require you to trust or believe a third party, we’re creating the technology that allows you to verify information for yourself or even to trustlessly exchange digital assets.

Our main focus is on building up the ecosystem around the Liquid Network - Liquid is an inter-exchange settlement network and allows for the rapid movement of Bitcoin, and issuing assets like security tokens, or stablecoins...

With over 30 members in the Liquid federation, including major players like BitMEX, Bitfinex, OKCoin, and more, it’s set to become a key part of the infrastructure around Bitcoin. We have some very exciting announcements around Liquid coming very soon!

Apart from Liquid, we also have many other projects and products like the Blockstream Green wallet, Blockstream Satellite, and the Cryptocurrency Data Feed which we developed in partnership with ICE (the parent company of NYSE and Bakkt).

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Allen:The emergence of sidechain technology and cross-chain technology has overcome the problems of performance limitation, single function and homogenization of projects for the blockchain industry. What are the sidechain and cross-chain? What is the difference between them? What are the key points of sidechains and cross-chains?

Samson:Sidechains are separate blockchains that have different features or rules than their main blockchains, but use the same native asset as the base blockchain. Using a technique called “pegging”, a main chain’s native token can be transferred to the sidechain in order to take advantage of the sidechain’s features. Afterwards, the token can be transferred back onto the main chain.

With sidechains, no new currency needs to be created that would have to compete with other currencies. An example of a sidechain is Blockstream’s Liquid, which enables users to peg-in bitcoins and transfer them to the Liquid sidechain in order to take advantage of Liquid’s exciting features such as fast settlement times and confidential transfers.

Cross-chain technology is a way to bridge separate blockchains or sidechains. One example of cross-chain technology is “atomic swaps,” which allow assets on separate blockchains to be transferred without an intermediary entity.

The difference between sidechains and cross-chain technology is that sidechains are separate blockchains which are connected to a main base blockchain. Cross-chain technology enables these separate blockchains to interact in various ways such as through asset swapping.

 

Allen:Is it possible to use the blockchain technology to provide incentives for effective behavior to stimulate individual strength and bring benefits to the whole society? How will the blockchain transform the business world?

Samson:Technology like the Lightning Network enables individuals to be compensated with micropayments for a whole new set of use cases that previously were infeasible.

Content creators can be paid per view for their content. Social media services can utilize micropayments to reward their users for popular content. A wide array of use cases that can potentially benefit society are now possible due to layer-2 blockchain technology like the Lightning Network.

Bitcoin and blockchain technology will transform the business world similar to how the Internet transformed society. The Internet allowed information to flow freely, and Bitcoin will allow capital to flow freely as well.

 

Allen:The recent bitcoin market price is relatively stable on the $5,000 line. How do you consider the market trend of bitcoin? How far are we from the bull market?

Samson:We’ve experienced a bear market for about a year now, but that is mostly due to the massive increase in price and popularity of Bitcoin in 2017 and not due to any particular negative event.

The previous bear market, which started towards the end of 2013, was mostly caused by the collapse of MtGox - the exchange with practically all of the trading volume in the industry. This bear market had no such event, so it’s most likely just the market cooling off.

Lately, the price is appearing to recover and the community’s general outlook is positive. It’s possible we are at the cusp of another bull market. Technological advancements in Bitcoin are happening at a staggering pace and institutions are starting to become involved in the industry, so a further price drop is unlikely.

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Allen:How is the blockchain industry ecology in Canada? Does Canada's regulatory environment conducive to the development of the blockchain industry? And what are the upcoming blockchain industry trends in Canada?

Samson:I would say Canada is neutral at best. In terms of cryptocurrencies they can seen to be somewhat hostile in that it’s nearly impossible for exchanges to secure banking services.

 

Allen:Binance exchange has decided to delist and cease trading on all trading pairs for Bitcoin SV (BCHSV) starting from April 22nd, 2019. It was said that Bitcoin SV failed to prove its contribution to a healthy and sustainable crypto ecosystem and etc. What do you think about this matter?

Samson:I think in general, exchanges should be more careful about the projects that they decide to list.That said, Bcash SV should be de-listed because it was created by horrible people that are an embarrassment for the entire industry.

 

Allen:What is the latest activities and future plan of Blockstream? In what ways does Blockstream hope to cooperate with projects or institutions in China and South Korea?

Samson:We have a lot of exciting new things coming but usually don’t pre-announce specifics. So you’ll have to wait and see! Korea is interesting and we’re working with exchanges GOPAX and Coinone, who are Liquid members. We’re open to welcome more exchanges and financial institutions from Korea join Liquid.

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Allen:As a well-known person of the Canadian blockchain, you may know a lot of outstanding practitioners in the blockchain industry. "Blockchain in Korea" interview program is launched by [Coinin], is dedicated to exploring high-quality blockchian projects and practitioners. Could you recommend three honored guests to our program?

Samson:I’d suggest my colleagues at Blockstream. Rusty Russell, who leads Blockstream’s Lightning team to develop the c-lightning implementation. Lawrence Nahum, our Chief Architect who created GreenAddress, which was recently rebranded to Blockstream Green, and Selene Jin, our Director of User Experience, who is working hard to make Bitcoin more accessible to ordinary users.

 

Q&A Session

 

Q1: It is said that Blockstream announced its intention to issue tokens through the Reg A +. How is this going?

Samson:I'm fairly certain that we have not announced anything about issuing tokens with a Reg A filing. Liquid does have the functionality for Issued Assets (or tokens) and we think security tokens in Liquid could be a very good use case.

 

Q2: It is expected to halve the third time in bitcoin production in June 2020. In your opinion, can 2020 bring the next bull market for Bitcoin?

Samson:The last halving we didn’t see much movement at the time of the event, but the price did increase prior, and substantially much later afterwards. I don’t think that halving events correlate with bull markets, but we don’t have enough data to be sure. What I am sure of is that the price of Bitcoin will keep increasing and it does have the potential to overtake gold’s 8 trillion dollar market cap. It’s an inevitability, but looking at things on the short term, even years are short term, it’s hard to predict how the price will fluctuate between bear and bull markets.


From: Coinin

This article is reproduced only, does not constitute an investment opinion

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