CEO and President of LocusChain Sang Loon Lee talks to Forbes Middle East about Locuschain as a Unicorn technology
Emerging of new technology and infrastructure always brings tremendous changes in our lives as leaving a significant footprint in history. Think about the Industrial Revolution or Information Revolution. We divide the time before and after the appearance of technologies because indeed there was a huge transformation. Technical growth, especially of the foundational technology which is considered as infrastructure, improves productivity, builds innovative systems, opens new business markets and creates jobs. Also, it usually links to high investment returns. When the Internet was opened to the public, no one thought that it becomes to transform our lives with such a great impact. Only a very few people who saw the future possibility and invested on the top tech companies have received multiple profits from their growth. If you were given a chance to go back in the past, you would probably invest on Microsoft, Google and Amazon because it guarantees a great return. They are all winners of the battle in the period of transition. Many people are looking for the next Microsoft, Google and Amazon to invest or prepare the future for expanding their business opportunities. What will be the next foundational technology and who will be the first unicorn in that field?
As entering a digital world, the landscape of our lives has been changing so rapidly with the development of technology more than ever. In the near future, especially in the age of 5G, billions of devices and machines will be connected to others and send/receive data in a real-time. Numerous data accumulated in the process will become big data for IoT and A.I. business such as autonomous vehicles and commercial robots. Then, consequently, it raises critical issues about who owns and controls the data. In the existing centralized client-server system, it has a possibility of tampering and collusion. What the problem is that, in a digital world, one malicious behavior can directly harm many people’s lives. For that reason, many experts say that blockchain must be a foundational technology of up-and-coming future technologies including IoT, A.I. and 5G.
In blockchain, there is no central authority controlling transactions and data. Since every participant in the network has a copy of shared ledger –records of transactional data–, people and machines can freely transact with one another without worrying that data is tampered with. To secure data integrity among multiple parties is an essential for the digital world and blockchain is a key to open the decentralization.
Even with the advantages and needs, yet there is real-world application tested at a large scale. That is due to the fact that technical barriers have not been resolved yet. To be widely adopted, blockchain must overcome a dilemma between decentralization and scalability. Blockchain is a shared and distributed ledger among all participants. This ideal makes a system decentralized but causes scalability issues. Imagine how it becomes out-of-control as network grows in the fast speed. Every participant must handle plenty of data and overloaded network. However, most of current blockchain projects are only focusing on improving speed, not dealing with those consequent scalability problems, while they sacrifice decentralization by designating a consensus committee who decides the validity of transactions. Technically, it seems to be impossible to satisfy both decentralization and scalability. But, can you believe there is the one who has already achieved both?
Locus Chain, the first usable blockchain, did the thing that no one has ever done. Locus Chain is a project that started from the top game developers with over 25-years-expereince. Based on the high-level of technology, Locus Chain has succeeded in implementing decentralized blockchain which has no limit to scale and launched “Enterprise Mainnet” in July. By applying this, a Korean social enterprise that provides service to public institutions is developing their platform. Locus Chain is preparing to launch a public test. The users will download the node, run it and witness the implementation of Verifiable Pruning Technology. More details will be open on the Locus Chain website soon.
What makes their achievement possible is ‘technology’. Locus Chain checked everything technically needed from the start and, as a result, they equipped with outstanding ledger structure, Verifiable Pruning and sharding technology. As looking at the tech papers they published on the website(locuschain.com), you will be surprised by what they’ve discovered and done. Locus Chain has completed many challenges what it seemed to be unbeatable.
There is no doubt that blockchain will be the fundamental technology for the future and Locus Chain, surely, will be the unicorn as the first who removes all technical barriers. So, if you want to be a leader in your business field or are interested in investing in future value, then, pay your attention to what Locus Chain is doing. Locus Chain will open up the access of blockchain to the general public and lead the coming era of digital credit revolution. Remember, what changes the world is a technology and blockchain is a fundamental infrastructure for the next generation technologies.
With strong local presence in UAE, representative office in Dubai and strong partnership with UAE-based AX Financial Group, Locus Chain has become a key player in several fields – from blockchain, payment systems and gateways, investments and many other fields of fast developing digital economy – for the whole Middle East. Locus Chain and AX Financial Group have joined their strengths and expertise to prepare not only technological solutions, but also customized investment products for private and corporate investors.