We had the pleasure of interviewing Kwak Jin Young, CEO of Sigmachain. Sigma Chain is a global leader in advisory, research, and development of customized blockchain technology. It specializes in integrating blockchain technology by creating scalable, real-world solutions that are tailored to meet the needs of end-users.
Can you tell us what motivated you to pursue this career path? What message do you want others to take from your story?
In 2013, I was part of a team that developed a new type of mobile application. This application allowed users to send and receive movies and large amounts of data without any limits by utilizing individual servers instead of a central server through a distributed network.
The advantage of using a distributed network is that it can split excessive network traffic and significantly reduce the cost of server expansion. It was during this time that we discovered the relationship between distributed networks and blockchain technology.
We established Sigmachain with the intention of being a pioneer in applying the enormous benefits of this technology to everyday life. I want people to understand blockchain and the promises of a decentralized world.
Could you tell us about any interesting projects you are currently working on?
Earlier this year, Futurepia released SNAC, our blockchain-based social media platform. Unlike most social media platforms that only reward a select few members, SNAC rewards all users with a cryptocurrency called SNAC. We believe SNAC will disrupt existing platforms and serve as a great example of how blockchain technologies can change the world. We are focused on expanding the benefits of SNAC by introducing it to additional markets and creating physical brick and mortar cafes, as well as additional digital marketplaces where SNAC is accepted, such as LFIX, which sells beauty products.
Is there a particular person you would like to credit with helping you get to where you are? Can you share an anecdote about that?
I am deeply moved by Kim Woo-Jung, the founder and chairman of the Daewoo Group. In his younger days, he worked as a newspaper delivery boy to support his family. After obtaining his Economics Degree, he created Daewoo Industries. His story inspires me and shows that dreams can come true if you have the courage to pursue them. He has always been an inspiration to me.
What are the 5 most fascinating things about blockchain and crypto? Why?
1. Social Network: Blockchain-based social networks benefit users in terms of evaluation and compensation. On a decentralized system like SNAC, users can track down the original creator and the history of any alterations, allowing original creators to claim greater benefits and improving the quality of content.
2. Data Ownership: Blockchain-based data ownership allows users to trace content back to the original creator, potentially redefining how users interact with the web and content producers.
3. Supply Chain Management: Blockchain offers cost savings and logistical improvements in terms of supply chain management, which is crucial for the success of larger enterprises in an increasingly globalized world.
4. Token Economy: Blockchain technology can create tokens and cryptocurrencies, providing social benefits to the underbanked in terms of remittances and peer-to-peer payments.
5. Blockchain Alliance: Collaboration and unity amongst blockchain ventures and interested parties are crucial for mass adoption. Creating partnerships and alliances can unlock the promise of a decentralized world.
What are the 5 things that concern you about blockchain and crypto? Why?
1. Roadblocks: The industry faces roadblocks to mass adoption, such as difficulties for users in accessing decentralized applications (DApps) and challenges for developers in building DApps from scratch. Sigmachain has developed solutions to address these concerns, including a mainnet that can handle 300,000 transactions per second and a protocol called “pasta” that simplifies user access and developer capabilities.
2. Competitive Nature: While competition is healthy, collaboration is crucial for the success of blockchain. The Sigmachain Network Alliance has been instrumental in finding new opportunities and fostering collaboration.
3. Learning Curve: The lack of standardized terms and language in the industry makes it difficult for newcomers to understand blockchain concepts. Simplifying the learning curve is essential for widespread adoption.
4. Government Regulation: Government regulation can both hinder and fuel growth in the blockchain space. Implementing the right type of regulation is crucial to supporting innovation and allowing smaller companies to thrive.
5. Security vs. Speed: There is a misconception about the security of different consensus algorithms in blockchain. Understanding the differences and striking a balance between security and speed is important for the industry’s growth. Futurepia’s public mainnet has achieved a high transaction speed of 300,000 transactions per second while maintaining superior security.
How have you used your success to bring positive change to the world? Can you share a story?
After experiencing the benefits of decentralization and blockchain’s potential impact on everyday life, I founded Sigmachain. We focused on making the technology easier to use for developers and users, which we believe is critical for rapid adoption. Through the creation of our public mainnet, Futurepia, and the development of PASTA protocol, we aim to create an ecosystem that can spread to as many users as possible, bringing the benefits of blockchain to the world. The Sigmachain Network Alliance further enhances the interoperability of our cryptocurrency with traditional businesses and digital marketplaces.
What advice would you give to someone aspiring to follow your career path?
1. Have Patience
2. Be Trustworthy
3. Have great technology
What is the one “Life Lesson Quote” that you stand by? Can you tell us how it has relevance to your own life?
My favorite quote is: “Long-lasting happiness can only be found in honesty.” It reminds me of the importance of honesty in all aspects of life, including business and personal relationships. Honesty builds trust and fosters genuine connections, leading to lasting happiness.
Who is one person in the world that you would love to have a private breakfast or lunch with, and why?
I don’t have a particular preference for a person to have a private meal with. As long as I feel comfortable with that person and the meal is delicious, I am open to having breakfast or lunch with anyone.
Where can our readers find you on social media?
LinkedIn:
https://www.linkedin.com/in/kwak-jin-young-495ab422/
