Exploring Key Issues at GM Vietnam 2024 - Vietnam Blockchain Week
The GM Vietnam 2024 - Vietnam Blockchain Week event concluded successfully and smoothly, with impressive numbers as over 9,000 attendees participated over the two days, June 7th and 8th, 2024.
The event was a pivotal moment for blockchain enthusiasts, industry experts, and policymakers. Held in the vibrant city of Ho Chi Minh, the event attracted a diverse group of attendees, all eager to delve into the transformative potential of blockchain technology.
The discussions were rich and varied, but several prominent issues stood out as focal points of the event GM Vietnam 2024 - Vietnam Blockchain Week.
Regulatory Landscape and Compliance for Blockchain and Web3 Service
One of the central themes of GM Vietnam 2024 was the regulatory landscape surrounding blockchain technology. As blockchain continues to evolve, so does the need for clear and comprehensive regulatory frameworks.
Experts discussed the importance of creating regulations that protect consumers without stifling innovation.
The dialogue included insights from government representatives, legal experts, and industry leaders who emphasized the necessity of international cooperation in establishing these frameworks.
Blockchain in Finance - Addressing Real-World Needs
Revolutionized Traditional Banking Systems
Another critical issue explored was the application of blockchain in the financial sector. With the rise of decentralized finance (DeFi), there is a growing interest in how blockchain can revolutionize traditional banking systems.
Sessions covered the potential for blockchain to improve transaction transparency, reduce costs, and increase the speed of financial services.
Case Studies - Revolutionized Traditional Banking Systems
Coin98
Coin98, an ecosystem of products under Ninety Eight (formerly Coin98 Finance), is driven by a vision of decentralization and DeFi, offering a variety of products to facilitate easy market access for users.
To achieve this goal, Coin98 has developed numerous products to meet users' needs, including a cryptocurrency wallet, cross-chain bridge, lending and borrowing services, staking, on-chain identity solutions, and more.
On November 1, 2023, Coin98 Finance officially rebranded as Ninety Eight, marking a significant milestone for the team in redefining their operational vision.
Beyond just a product ecosystem, Ninety Eight has now evolved into an ecosystem comprising multiple companies sharing a common direction of expanding the Web3 space, while also eliminating the misconception that it is solely a finance-focused company.
Tether
The concept behind Tether is fairly simple. This cryptocurrency is pegged to the value of the US dollar, with each USDT always being equal to one USD. To achieve this, the Tether company holds fiat assets or equivalent assets in reserve and allows users to redeem USDT for USD.
As mentioned in previous articles by FinFan, stablecoins or Central Bank Digital Currencies (CBDCs) can significantly facilitate cross-border remittances since their value is pegged to a specific currency.
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For instance, USDT is always equivalent to 1 USD. Users can use these stablecoins to send money back to their home countries using off-ramp services (where their home country does not yet accept cryptocurrency) without worrying about the total amount sent or the foreign exchange conversion fees.
They only incur a small gas fee, much lower than the amount being transferred. Conversely, as FinFan has previously mentioned, to send money to Vietnam, users typically have to pay a total fee of up to 6 dollars for every 5 dollars sent.
Staking the Real Assets on DeFi Space and Blockchain for Social Impact
When discussing the application of real-world assets in the DeFi space, experts generally agree that the solutions proposed by their applications and projects aim to address a specific real-world need related to asset management.
The potential for blockchain to drive social impact was another key issue at the event. Speakers discussed how blockchain technology can be leveraged to solve real-world problems, particularly in developing countries.
Use cases included improving supply chain transparency, ensuring the authenticity of goods, and facilitating secure, transparent voting systems.
These discussions highlighted the role of blockchain in promoting social good and achieving sustainable development goals.
Case studies - Staking the Real Assets on DeFi Space and Blockchain for Social Impact
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Polkadot
Polkadot facilitates the seamless transfer of assets and data between various DeFi protocols.
Here are some use cases of Polkadot:
Polygon
Polygon (formerly known as Matic Network) is a protocol for building and connecting Ethereum-compatible blockchain networks.
It is designed to provide faster and cheaper transactions on the Ethereum network by using side chains and an adapted version of the Plasma framework.
Here are some use cases of Polygon:
Technological Advancements and Innovations
Technological advancements were a significant focus, with several sessions dedicated to the latest innovations in blockchain technology.
Topics such as scalability, interoperability, and security were at the forefront of these discussions.
Attendees had the chance to learn about new protocols and technologies designed to address some of the current limitations of blockchain, paving the way for broader adoption and more robust applications.
Investment and Market Trends
Investment trends and market dynamics were also prominently featured. Investors and market analysts provided insights into the current state of blockchain investments, trends to watch, and strategies for navigating the volatile landscape.
The sessions emphasized the growing interest from institutional investors and the impact of recent market developments on blockchain-based projects.
Challenges and Future Directions
Finally, the event provided a platform to discuss the challenges facing the blockchain industry and the future directions it might take.
Issues such as energy consumption, regulatory hurdles, and public perception were examined.
The consensus was that while challenges remain, the potential benefits of blockchain far outweigh the obstacles, and continued collaboration and innovation are essential for the technology to reach its full potential.
Conclusion Regarding Key Issues at GM Vietnam 2024 - Vietnam Blockchain Week
The GM Vietnam 2024 - Vietnam Blockchain Week event was a comprehensive exploration of the many facets of blockchain technology.
From regulatory concerns to technological innovations, the event provided valuable insights into the current state and future potential of blockchain.
As the discussions at this event highlighted, the journey of blockchain is just beginning, and its impact on various sectors promises to be profound.
The issues explored at GM Vietnam 2024 will undoubtedly shape the direction of blockchain development in the years to come.
This article was curated and authored by FinFan's market research and development team, alongside our marketing department.
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