We had the pleasure of interviewing Kwak Jin Young, the CEO of Sigmachain. Sigmachain 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 inspired you to pursue this career path? What 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 limitations by utilizing individual servers instead of a central server through a distributed network. We discovered the relationship between distributed networks and blockchain technology during this time.
We established Sigmachain with the intention of being a pioneer in applying the benefits of this technology to everyday life. I want people to understand blockchain and the potential of a decentralized world.
Could you tell us about any interesting projects you are currently working on?
Earlier this year, we released SNAC, a blockchain-based social media platform. Unlike most social media platforms that only reward a few members, SNAC rewards all users with a cryptocurrency called SNAC. We believe SNAC will disrupt existing platforms and serve as an example of how blockchain technology 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 and digital marketplaces where SNAC is accepted.
Is there a particular person who you would like to credit with helping you get to where you are? Can you share an anecdote about that?
I am very moved by Kim Woo-Jung, the founder and chairman of the Daewoo Group. He used to work as a newspaper delivery boy and worked hard to support his family. After getting his Economics Degree, he created Daewoo Industries. His story inspires me and makes me believe that dreams can come true with courage and determination.
What are the 5 things that you find most fascinating 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 significant benefits. This improves the quality of content.
2. Data Ownership: Blockchain-based data ownership allows users to trace content back to the original creator, redefining how the Internet and social media users interact with the web and content producers.
3. Supply Chain Management: Blockchain technology offers significant 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 that provide social benefits to the underbanked, such as remittances and peer-to-peer payments. This opens up opportunities for transformative changes on a global level.
5. Blockchain Alliance: Collaboration and unity among blockchain ventures and interested parties are crucial for mass adoption. We created the Sigma Alliance to focus on interoperability and creating more offline uses for tokens, fostering collaboration and mass adoption.
What are the 5 things that concern you about blockchain and crypto? Why?
1. Roadblocks: There are many roadblocks hindering mass adoption, such as the difficulty of accessing DApps and the need to create multiple usernames and passwords. We have addressed these concerns at Sigmachain by creating a mainnet that can handle a high number of transactions per second and a protocol that allows users to use one ID and password for all DApps.
2. Competitive Nature: While competition is healthy, collaboration is crucial for the success of blockchain. We believe in unity and collaboration, and the Sigmachain Network Alliance has been helpful in finding new opportunities and growing the blockchain ecosystem.
3. Learning Curve: The lack of agreed-upon terms and the complexity of new terms make it difficult for newcomers to understand blockchain. For mass adoption to happen, blockchain needs to reach a critical mass, and the difficult learning curve is a barrier to that.
4. Government Regulation: Government regulation, while sometimes necessary, can make it difficult for smaller and innovative companies to grow. However, government initiatives like creating regulation-free zones can fuel growth. The concern lies in governments implementing the right type of regulation.
5. Security vs. Speed: There is a misunderstanding about the safety of consensus algorithms. Not all algorithms provide the same level of security, and some sacrifice security for speed. Our public mainnet, Futurepia, has achieved a high transaction speed while maintaining superior security.
How have you used your success to bring positive change to the world? Can you share a story?
After realizing the benefits of decentralization and blockchain, I started Sigmachain. We focused on making the technology easier to use for developers and users, which is critical for rapid adoption. We created a public mainnet, Futurepia, that can scale and reach many users. We also developed PASTA, which simplifies DApp development and user access. Additionally, we created the Sigmachain Network Alliance to improve the interoperability of our cryptocurrency with traditional businesses and digital marketplaces. Through these efforts, we aim to bring the benefits of blockchain to the world.
What are the 3 pieces of advice you would give to someone aspiring to emulate your career?
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 that had relevance to your own life?
My favorite quote is: “Long-lasting happiness can only be found in honesty.”
Who would be one person in the world that you would love to have a private breakfast or lunch with, and why?
To be honest, I don’t have a particular preference. I am open to having a meal with anyone as long as I feel comfortable with them, especially if the food is delicious.
Where can our readers find you on social media?
LinkedIn:
https://www.linkedin.com/in/kwak-jin-young-495ab422/
