south korea part two so I was in Korea for a week and I got to touch base with a lot of what’s happening locally in the Korea crypto and blockchain scene so in this video we’re gonna check out a few coffee shops robots are running over taking over what’s happening that’s what’s happening in South Korea they’re really adopting robots so I’m here with Richard from Kerry and he’s giving us a lowdown of what’s really happening in South Korea in the crippled seat yeah so something that we discussed this that you know South Korea propel the 2017 how was that for you I mean do you ever go to lunch cafes and see what’s happening like are people like oh yeah it was crazy back in those days um you would have your coffee in a cafe and a random street and you would hear about ripple and theorem in Bitcoin and you look back you see like grandma’s talking about like did you invest into this and that’s when I thought oh my god it’s getting so I mean I get some once there is a good return for everybody then everybody with money disposable income comes in and you would get a lot of bulletin boards online where people are talking about their strategies you’d get a lot of scammy sort of you know experts giving advice and people would just lose a lot of money but also make money on that there’s a funny anecdote in Korea that says people who are originally scammed on ripple ended up making more money because the prices kept going up all these multi-level marketing companies would sell ripple in the beginning and people just bought into it they can then make a lot of money and the scammers were intending to scam money off of them but these guys actually ended up making more money because it kept going up right now so that sort of summarizes how crazy was back into things yeah and then what happens so right now talking about attitude so that kind of died down yeah busy they create enormous amount of hype yeah people couldn’t live up to yeah so what’s the kind of reception right now about crypto in Korea so I think a lot of those on daily trader day traders are still here you know making a couple of percentages everyday but I think sort of the market a little bit on a slower side sort of we still have a lot of ICO teams good legitimate team sort of trying to build up a little legitimate project so because of the fraught that sort of disappeared a little bit I think people who are really trying to build think long term are here to stay and people who are initially looking to just profit like in the next couple of you know in a very short term they’ve already left right so I think that’s a good sign in a way if blockchain are to really be utilized then this is sort of good sort of a lull period and which people are just shutting up and just like coding right shutting up Cody public perceptions not that great because obviously some people did people lost money on it initially you know when the bubble was here there’s always a sense of skepticism people always think this is another to it it’s like it’s gonna bust and they were right so it looks like that the skepticism the right side the whole time so it’s a matter of who’s gonna build the first adoption first real-world use case scenarios and as soon as that happens I think it has a chance of taking off again right and we see something that’s kind of interesting is that the government’s are opening up this time yeah a so government science is a new region yeah it’s gonna be kind of crypto regulation-free yeah yeah what’s your take on that I think it’s uh but you know innovation never comes from a government side it’s always from sort of private companies or in open source projects um technology teams I think it’s a good sign that the government is understanding this I don’t think the government didn’t understand this back in the day so if they’re just a little bit too worried about the bubble situation but now that I sort of died down a little bit and the older policymakers are sort of slowly understanding actual the ramification of everything when I’m watching I think they’re pushing us slowly and slowly right they there was a movement of separating our cryptocurrency from blockchain and then for supporting blocking they also now know that it’s nonsense still right that’s a two are inseparable yeah so so I was always worried about that because people are like oh blockchain blockchain yeah you know blockchain without a yeah database yeah and you have much more so I could buy what to centralize that then yeah it’s not even decentralize without any incentive exactly so so something that you’ve been doing is you’ve been building businesses here for a while so what’s the experience like in building businesses in South Korea like is easy are brutal plus when tiers so um I think starting a business in any part of the world is not easy um I I went into it like full with full confidence but along the way you run into like hurdles right and you run into external factors that you have no control over and so you sort of learn to see that there are things beyond your control and things you can control and you just start sort of focusing hundred-percent on the stuff that you can’t control so yes my experience I started spoke out eight years ago and it’s proven to be a lot harder than I thought but at the same time one thing I learned is never give up right as long as you have good metrics and I picked if I were to have started this business elsewhere I would have still run into similar difficulties but one thing that sort of got me going was we had a constant growth of users constant growth of transactions cost the growth of merchants using my service so even though we had a couple of so we had like we experienced it with three Death Valley’s we sort of smashed through all of them we’ve got over ten million dollars in funding equity funding so far so you sort of know how to move forward and what’s interesting from the crypto side is when I started Kerry last year I had to unlearn a lot of the traditional business side things yeah was it was it too much easy was it like it’s a different beast basically it’s like just because I’m very good at cooking Korean cuisine some it’s like for me to pick up I don’t know another sort of French or Chinese cuisine yes the base level of cooking transfers but there are different ways of using ingredients different ways of setting up the menu and interior at different shops and different ways of communicating examples of that like you know there are things that like sort of ways of doing things that were completely different like so um when I was funding for Spokeo which is all venture capital based equity based funding the level of due diligence that happens even from the investor side as well as the entrepreneur side is is miles ahead in terms of the level of debt they look at they look questionnaire logic they look at your Excel spreadsheets of projections on their question every angle right and once you get funding then you also are a little bit more confident that hey you know what like somebody’s believed in my vision that process took months and months and months if not years when I started getting into crypto space I found that it was more of a Kickstarter campaign so it’s people are delivering a piece of paper with no track record and that’s when I thought it was oh this is interesting not that one is better than the other with crypto senior creating a whole new economy with people’s participation from the get-go so you have visibility over your projects whereas the VC side of traditional startup side you have no visibility of the company’s progress until the day you IPO so to me was very fresh looking at on the other side I try to take a lot of the fundamentals that I learned in starting operating spoken into Kerry and I’d like to think that some of it translated well but I’m still you know learning everyday don’t you think it’s happy injuries like the way it’s practiced the love of due diligence is way weaker so more of an elevator pitch you have to meet their page super-sexy yeah and then that that’s kind of the key focus right make the elevator pitch super sexy and then you win but if you like really try to cover all your bases yeah but you think we’re running to problems my mom in a long time like that’s weak yeah that’s why I think I’m looking at track record of a team is the most important like when you talk to traditional side investors like startups they understand your plans might not work so a lot of the sort of common sense common sort of advice from the early stage investors is you of course look at the market you look at the product of course but you really look at a team right because you know that even the team is gonna change the product is gonna change so you look at the founders and the dynamics right you look at whether they can survive through all the hardships right whereas that process is sort of I think a little bit skipped on crypto particularly because you don’t meet face to face when you’re doing the funding investors or participants don’t get a chance to sort of do a due diligence I mean 100k and people wire to you right so I think it’s a it’s a created a lot of new opportunities which is a great thing it democratized funding and deaf projects which is a great thing and a lot of great projects have come out of it but I picked the hole looking at the team the track record of how legitimate these guys are what motivates these guys I think that skipped so that created a lot of problems for you think has a problem right now sometimes you hear that team is breaking up it’s quite a big issue in depth or no do you think that’s in part because all of these teams formed very quickly didn’t have time to you know work with each other for a long time and their founders are split off we have like these projects where it kind of stuck in the middle it’s viewed as a problem and so I think um teams form and they break up all the time I don’t think that’s new to crypto but I think you’ve got to look at what motivates these people why are they in crypto are they here to solve a real problem are they getting into crypto because they want to solve a problem that couldn’t be solved with long blockchain stuff or are they here because of easier funding right are they here for the hype are they here for the easier marketing and if it sort of if the founders are motivated by the latter then any sort of crack in the team my bigger impacts on the probability of product succeeding then if they were motivated by a proper mission which is you know what let’s solve these problems and and a mission sort of unites the team right so even if you know one or two a couple of members change back and forth as long as their pillars that of people that believe in the mission it’s not really gonna shake so do you right now are you personally involved in like investing still or what are you focused so I learned the hard way in 2017 that I’m not a good investor so I figured that my time is best spent just working on carry into making sure that my project as well and that’s probably best for all of our participants and also for me so I don’t do I don’t actually invest in anything right now right we have a coffee shop like right next door we’re testing our carry app right now so we can just head out there you know grab a coffee and show you how the demo app works sure how’s that yeah so I’ll give you a little bit of an update as to what carry is so our mission is to create the world’s largest offline transaction database that people gave active consent to so it’s basically carries not two things whenever you share your data you’re rewarded whenever somebody uses your data to monetize and you’re rewarded as opposed to a big company like Facebook or Google monetizing with or without your consent give you up but I’ll give you two sort of tests or demos what is the existing service total point working right so that whenever you’re buying coffee you’re rewarded with loyalty points and the second part will be the integration with Kerry okay but on a robo drip the robot turns away to appear I started to get so that as a receipt is coming out you’ll see a table says you know put your phone number in of my phone number in and basically you got about half of dollars worth of points back right so you do have the reviewer phone number so half the world okay we’re all gonna lose our jobs one day so this is what it is I’ve already shared my data to the to Kerry and using that data this is a test advertisements of advertisers sending me coffee coupons page that basically says look you can use your coffee or coupon whenever and anybody can send this right in any advertiser and you’ll see on the bottom says which is as look if you want to clean this coupon you will receive 500k talking small sample you’ll click on it and basically it will report on the blockchain that you’ve accessed the ad and now it shows up on your coupon inbox right and opens for receiving as yeah yeah next comes my visit to the headquarters of icon this is one of the requested projects people want to meet me to visit and check out in South Korea and I went there with a very open mind to see what Ikon is doing and what their developments are so to be honest editing this part of the video has been really hard and that’s because after my visit to the icon offices a few conflicts broke out on my telegram channel between people who are very passionate about icon and some questions that were being asked by some parts of the community as well but before making a judgement let’s check out my interview with Ben Lee who is also known as dr. icon on Twitter hey guys dr. Ben D here from icon and he’s our first time doing an interview I guess my first song they kind of nervous thank you so much for having a tying salt yeah a lot of questions about I find awesome stuff enough we hope that Ben can answer those words like what was icx dude what’s the main objective laugh I see Israel oh so our main object is it feels the same so which is the interchange so what we try to build is that we try to use icon to use in everyday basis so um hang in hospital painting commercials or buying laptop or something like that but you know it is not that easy to do that so we are trying to build a stop and we actually success successfully launched domain that and we are actually being prepared for the decentralization election in September and I think we are on the right way and I know investors are very frustrated how with our icon prices for now and for myself I actually hold a lot of ICS and losing a lot of money but at the same time please get faith then we are actually really working hard to make everything possible right right very so so I think my story of I plan was that was folded as the community coin in 2017 January when I was a small dollar and then it dropped yeah quite a bit – right now it’s less than $1 1 20 cents with 23 cents contractor so so right now you’re working towards building more use cases or icon right now but then the kind of the clients are what you would wear you’re approaching are you going from enterprise or for consumer grade also what we are doing for now is we are actually focusing on the decentralization at the very first and then we are focusing on building the private blockchain in the Korean enterprise and at the same time we are actually building the public blockchain that can actually use in the daily basis that’s why we actually build a deep past and reprove proof service in our our network and I know many people are curious about our interchain technology and our interchange definitely which is ETP is already done and we are actually trying to find a way how to make people to use it and how make how to reward them so yeah okay so you have interoperability by communicating between chains okay so so one of the questions I always had is like okay yeah you can maybe even connect between private chains and an icon and then maybe between other you know other cryptocurrencies I mean which piece why don’t I just use Bitcoin why don’t I use Bitcoin on I client to pay for services or maybe do some sort of stable why would I choose to use in Egypt so for example if there’s a div Neos and which is not listed in the exchanges then people actually have to find that talking to by that token and then use it use that you use that going to use that D up right but the taint of InterPro cruelty in icon we can use icon to use every day up in EOS or every year in ether reom so we don’t have to actually find the exchanges that hey that sells the eos deals or contour or something like that but instead we can actually just bite icx and use their services right but every point wants to do that right yeah we want to be the most internal okay and the EOS I’m the only drop abilities not listed that every chain wants to be the interrupt role and then we have the most liquidity for a Bitcoin and why don’t people just use Bitcoin for me I think Bitcoin is too expensive to transfer and too expensive to actually feel service on that network I guess and that’s the most difficult that’s the most weakness part of Bitcoin but I believe they already have great community and great developers to actually fix that problems but for now it’s very hard to make interpret intro interchange the interchange interchain technology on Bitcoin I think that’s why a lot of us all coins such as cosmos icon and the other like Stella are doing interchange developer developing to make things possible I guess yeah so I think that’s the main reason and one thing that I want to mention about icon interchain is that we actually do have that technology and we have a lot of enterprise entity that wants to join in our network so I think that’s the main benefit of using IP network right and you were talking about how there were I gotta fix transaction fee and you want to target so what’s your target transaction fee in five years target number of transactions about use oh we are aiming for like 500 TPS but it is really hard to get we have some use cases of DF such as something or fairly and poof and deep pass and once they test on the track I’m sure he can be at you all right so one of the things here is we have both icon and icon illusion right so both represent so what’s the relationship between icon and icon also icon is the nonprofit foundation which is located in Switzerland and as you know we hike on foundation receive a lot of I see a lot of ether a.m. to build icon Network better so that’s where we focus on and I conclude is a technology company that actually helped icon to make their technology better so it’s like a icon Lupe’s Technol technology company for the icon foundation right right right right okay um but all illegally and all these entities legally kind of – hash it same shareholders or no there’s no legal thing ok so just understand together I guess so so next up let me see what other questions do you have it was throughs of an IPO floating around hahahahaha IPO or I know there’s a little more about IPOs but I think it’s classified information and honestly I don’t know I I don’t have access on that so yeah maybe Henry Kaiser the person was I’m sorry also with icon strategy towards Oracle solutions so for the Oracle solution we basically try to make every viewers based on people’s vote so if they get wrong information in our icon network they won’t get both and they will be they will get behind so that’s how we try to fix it but I’m sure our developers and me myself are trying to figure out the trying to yeah figure out the icon how bad is that yeah No thank you oh a hundred extra asking question for Oracle solutions we are figuring that out and using the stakeholders together so this is from graph so rabbis it number 22 what’s the term for a number of main he reps so number 22 is from the true for the Byzantine attack for three F plus one and four at the very peak when we actually designed that we want to give enough reword for the every P wraps and if the number of P review get increased it is good for the decentralization but it is very hard for parents that will operate their server and offer a server that’s why we start with yeah in the cost wise that’s why we start with the number 22 but as I sex price goes up and as I conduct or get better we are planning to increase the number until like 100 or 200 or something right so we’re gonna Jeremy be asking is there gonna be a repurchase program repurchase program is under working on third party because if we have that information we’re we could use bias we could area we could use it so it’s not as close to us but I’m sure it is happening right now yeah this one you don’t know me know me I want to know how more mother developers so there’s a hundred 50 developers who’s working on icon and who’s working on icon boo oh so there are some people who actually work in Callooh that actually worked for icon project because i colluded actually helping for icon project portal so approximately about 130 developers are working at working for the icon project for it right so it’s like some some apart there some are just three projects and some are full-time right yeah Oh full-time is 130 actually a part-time most part time will be more than 130 so what are you working on icon or I have so in my estimation about 80 200 people at developers actually work for icon foundation and about 50 people will working on the icon loop project alright but I can loop actually getting project from icon foundation so they are registered as icon loop but they are working for the icon there is a foundation yeah that’s why I’m saying like approximately whatever your music okay it is very complicated in song it is talking about it this is from dual pretty race there’s a kind of word with lion or Samsung oh we are still working on that and we are still trying to build a private ball chain and possibly interchange with the public for now but it is still yeah we’re still working on it and they they have we are very close partner with them like this okay cool so thank you so much thank you sometimes yeah thank you so much thank you thank you thank you for having me make profits as well a lot of people ask me what I thought about icon after the visit and I have to say there are some good parts for example if you check out their offices it looks really nice very very nice open shared space and the icon offices themselves with their group to have icon and icon loop and they’re huge so it gave me really high expectations along with the fact that a certain point icon was worth four point nine billion dollars in terms of market cap but after talking and researching more with them I kind of felt it wasn’t disappointing but it wasn’t impressive that’s kind of my take on it their aim for icon has always to be hyper connect the world and from 2017 to now there’s very few things that are hyper connected and they’re still relying on these private contracts that they have which I mean I guess they have to keep private but without showing us these concrete results without actually deploying and using icx token on various platforms or in seoul city transport or something with you know kind of the expectations that came from the hype but what I want to ask if you guys are you know part of Ikon you got to really build up that pressure to the founders to make sure that Ikon Foundation and icx use case is properly established and representing more and more elements to use icx and I think that’s probably the best way forward and guys that’s it for my two-part special on what’s happening in South Korea actually really like the discussion of Richard because there was a lot of discussion about how we should view these projects how we should assess projects and to me I actually found it’s actually really dangerous that for a certain period of time everyone was just looking at elevator pitches and throwing money into crypto right now we’re moving away from that so that’s a good sign that there is healthy development and in terms of what the Korean government is doing setting up regulation-free zones like Busan and slowly pushing forward crypto adoption that’s the important part obviously I want to make sure that expectations are managed because it does take time for something like this to happen and we need to follow up with Korea not like instantly and say it’s a hype nation but rather it’s a mature nation understanding where crypto is going and they have a much better understanding now in 2019 guys I hope this video was really helpful if you guys liked it make sure you smash up that’s like button and the subscribe button as well and guys hey guys so much for watching see you in the next video