A Korean private company has just launched an online peer-to-peer cryptocurrency exchange — Bittop, with no fences exist in it.
Crypto industry and blockchain technology are boosting day by day causes the consequence of crypto exchanges’ launches. As long as the internet exists, users can trade easily and freely, but surrounded by dangerous hackers. Last year, Coincheck exchange in Japan was stolen nearly 565,9 billion WON by hacker. Another crypto exchange from Italia is Bitgrail also lost 180 billion WON. Should we deposit our assets to those kind of exchange?
Now the main point is users need to find out a safety exchange before their participations in crypto ecosystem. JoongAng, a reporter of Life Trend Daly, had an appointment with blockchain and cryptocurrency industry experts to annalyse the present and future the industry.
In this event, JoongAng met Jang Hong Seok, the leader of Bittop security exchange who owns bachelor from Seoul university of Korea and master in business administration of Finland, now is CEO and CTO of Blockchain Seekers.
Below is the content of the appointment:
Question: In your opinion, why there are too many exchanges attacked by hackers?
Answer: “Online exchanges are always objects for hackers. Typically, almost crypto exchanges use cloud storage technology AWS (a web service of Amazon)”, which equals to get risk of losing information archived online.
Last year, the Financial Services Agency issued their “Using Cloud computing service if finance guide”. Policies for this field were loosen and with its wide application cause users a high risk of being hacked. Which means cryto exchanges are basing on cloud computing must improve their security system to a new better level.
Question: How can user recognize an exchange is trustable or not?
Answer: Recently, the easiest way is choose an exchange that has government’s permit. Not like other countries which just ask for global certify in information security, Korea is special due to its disciplinal requirement for national information security certification. Since that, while choosing an exchange, users should keep an eye on the one that have both international and domestic certifications.
Domestic certification is ISMS by KISA. International one is ISO 27001. To can be granted those, the cost is billions WON pay for professional security consultants and auditors.
If your asset is big enough to ensure the safe of the exchange, it means your exchange isn’t easily closed or has short live-term. Our Bittop crypto exchange, operated by Blockchain Seekers, is under processing to granted ISMI and ISO 27001 certifications.
Question: How do you do to ensure the value of investors’ investments?
Answer: In crypto market, there always be active fluctuations in value, from that we have developed plans to ensure our investors won’t loss their money. Beside, only Bittop has the leverage up to 500% which brings holders interests.
Question: Can I use Frogcoin in real life?
Answer: Frogcoin is applied for real payment through Taba payment system, a common method to pay for restaurants, rentals, tourism, buying goods, official opening is on June in expectation.
Seekers company uses Taba as a leverage to push cryptocurrency into daily life using. More than 10.000 rental cars are used in Jeju island, with its own positioning system. When users rent cars and use Frogcoin for payments, they will receive discounts which reduces touring costs and makes tourists enjoy their trips better.
Question: Do stores in Jeju care about crypto payment system?
Answer: Because the currency using is crypto so maybe stores will halt at first. But, this problem is easy solved since this coin is used along with credit cards. Tourists purchase by Bittop’s coin, if the store doesn’t accept Frogcoin then they will get cash instead. This affects current business model a lot.
Due to the fluctuation of Frogcoin, customers could buy it in the early stage and use it when the value increases to improve your trips’ qualities.
For example: You buy a coin by 1 million WON when it fresh launched and after its valuation, you could go for a tour that deserves even a double price than the amount you sent for the coin. This is the first “business island” organized by Seekers and we are heading to make the same thing in other international islands.
Question: What does the exchange aim to?
Answer: Transparency operation for sure. There is an opinion that supposes crypto exchanges are money laundering places or just systems that run without any standard. To can overcome those thoughts, the technology has to be set firmly and operated transparently.
At Bittop, we tried all our best to choose and list trustable and tradable coins. According to that, we are making an internal index of crypto registration. After it finishes, the result will be announced on Bittop’s homepage so users could check it. To sum up, we hope the exchange will be operated transparently, systematic regulation, nationwide recognition, and be a new economic motivation.
Biên tập: Ngoc nguyen