For learning more about the wild world of crypto and blockchain, Korea IT Times had an interview by email with Uriel Peled, a blockchain expert and the Co-Founder of Israeli blockchain protocol Orbs While he is staying in Seoul this week.
While regulatory uncertainty has many entrepreneurs questioning the future of blockchain, South Korea has set its sights on becoming a hotbed of blockchain development, with the government marking their efforts to import offshore blockchain startups to Seoul. As many third-generation blockchain platforms compete to preempt the Korean market, Orbs is making moves in Seoul, having recently opened a headquarters there and having partnered with Ground X, the blockchain subsidiary of leading internet company Kakao, for research, development, and business cooperation.
Uriel can speak about the current inefficiencies within the blockchain space such as scalability and accessibility, why he believes in the viability of Ethereum, the ins, and outs of mobile dApps, as well as what is needed to ensure the mainstream adoption of blockchain. He can also discuss South Korea’s growing blockchain community and supportive government approach.
The following is an interview with Uriel Peled.
First, can you tell us a bit about Orbs and what problems you are trying to tackle?
Orbs is a universal second-layer public blockchain that provides a decentralized Infrastructure-as-a-Service that brings scalability and real business performance. The key challenge we are helping businesses and developers overcome is the current limitations of blockchain technology that limit the potential growth of a solution. By leveraging technological breakthroughs in virtualization, new consensus algorithms, and more we are creating an environment where the next huge consumer or business application is built on blockchain.
Why do you see Korea as an important market to move in to?
South Korea has a very strong combination of factors that make the market incredibly exciting. There are lots of really strong companies like Ground X and others that are making real progress on blockchain, a positive regulatory environment and an ecosystem that offers access to amazing talent and innovative thinkers.
Orbs has been touted as one of the most successful third-generation blockchain platforms in South Korea. How would you describe its approach to blockchain’s scalability issues?
We approach the scalability issue by taking a very honest look at what businesses needs and how we can address trade offs that are currently limiting the sector. They need high quality performance and customization while still maintaining security, so we leverage RPoS consensus and virtualization as mechanisms to have the best of both worlds. They need a high level of flexibility, so we focus heavily on interoperability, a hybrid solution that can grow with a business and their needs over time, and even the approach to serving as a second layer. Our solution is strong enough to serve as a base layer on its own, yet we use it as a second layer to enable partners to find the perfect mix for them. These, and many other features, are the reasons that businesses in Korea are turning to Orbs. We give them what they need now, and also a solution that can address their needs however they move forward.
What impact do you see your recent partnership with Ground X having on the South Korean cryptocurrency industry? What goals you would like to achieve through your work together?
Any time you have the chance to bring together to leaders in a field, there is the potential to have a huge impact and our partnership with Ground X is a perfect example. We think that a partnership of this caliber has the potential be a massive boon to the sector by increasing blockchain usage and innovation.
What kind of research projects will you be conducting with Ground X? Is there a project you are looking to tackle first? If so, is it specifically focused on the Korean market?
At the moment, we aren’t disclosing details, but it is all focused on helping the project reach its maximum potential.
Do you plan to establish additional partnerships in the region?
Absolutely. We are heavily invested in Korea, and even launched an office there earlier this year. We are very excited to be working with leaders from the business and government sectors to help Korea continue to become a leading global blockchain hub.