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[Interview_Blockchain Today reporter Jang Myung-gwan]
◇You are famous as a composer. How did you get into blockchain?
I first got into stocks in 2001, and at that time, I started stocks with 50 million won money that I received as a fee at the time when I was considered a full-time stock trader if my seed money was 30 million won or more.
I wake up at 6 am every day to check the global economic conditions, and because shipbuilding stocks were so strong at that time, I checked the dry freight rate index called the Baltic Dry Index (BDI), and the price fluctuations of Texas heavy crude oil, Middle East Dubai oil, and British North Sea Brent oil and the Nasdaq , the Dow Jones S&P 500, Nikkei, Shanghai, etc., and then prepare to trade at the same time as the closing price after 8 o’clock.
Calling himself a scalper, he made a profit of 1000% with Lee Myung-bak’s theme stock, Lee Hwa Gongyoung, by catching up to the upper limit in seconds, and once made a profit with Jang Dong-gun’s theme stock called StarM.
While doing stocks, I naturally got close to various stock experts and fund managers, and even participated as an operator, but suddenly one day, I became more sensitive than I was delicate, and I became annoyed to relieve the stress caused by stocks to my friends and family. found
Also, due to the nature of the composer, where day and night are inevitably changed, I stayed up all night and started stocking from dawn, so my health deteriorated and I was exhausted. So, after staying away from stocks for a few years, in 2010, I took over the directorship of JYJ (then Micky Yoochun, Xiah Junsu, and Heroic Jaejoong), participated in music production and performance production, and naturally focused on entertainment and composing.
In 2017, CEO Kim Tae-won, who I was acquainted with, created the mainnet project HYCON in Glosfer, the first generation of blockchain in Korea, and helped to solve problems such as latency between nodes, block throughput, block size and storage capacity, security resource waste, etc. Naturally, I became an advisor in the blockchain music platform ‘UpMusic’.
As a composer but an engineering student who graduated from the Department of Chemical Engineering, I had no objection to the structure of storing assets in blocks and chaining them, and I was familiar with the structure similar to the carbon atom chain dealt with in organic chemistry, so I naturally participated in IOCs and conferences of various coins and participated in the coin ecosystem. I got to know the operating structure of the company and the companies, and gradually participated in various companies as CCO, CMO, and ADVISOR.
◇I heard that you are also doing asset management and trading. What is your current management scale and profit rate?
Currently, we manage the assets of about 7 people. There are still no systems or laws for coins other than the Special Act, so we are carefully managing only our acquaintances, and we are continuing to earn about 80% a month.
The size of the assets under management is about KRW 500 million, and there is a significant amount of additionally reserved funds to be managed. I do not want the size of the managed assets to increase and I am interested in the ecosystem and solutions of block chain coins, so I plan to study more there.
In addition to managed assets, the return on personal assets is about 2500% as of the beginning of the first half of 2020, and the return was maximized by selling all of them and repurchasing them at low prices in 6-7 large corrections.
Coins were bought and sold on various exchanges, Bitcoin, Ethereum and main alts were traded on Bithumb and Upbit, KLAY and its dapps on Coinone, WRX and BNB on Binance, LAYER2 coins on Huobi, and Bitfront traded Naver LN.
Recently, I am interested in the Solana ecosystem, which was created to solve the problem of the slow speed and expensive network cost of Ethereum-based DEX. Being able to process 50,000 transactions per second is just enchanting the ever-expanding and evolving world of coins.
If Ethereum has Uniswap, Solana ecosystem has Radium. Also, Serum, which is listed on the Korea Exchange, has been attracting a lot of attention for a while due to its low fees and fast transaction speed.
The structure of reinvesting in some undervalued coins to make a profit by entering the ecosystem and protocol with potential for development and reinvesting in some undervalued coins when the price rises is an exemplary circular trading technique, and is an investment technique that I would recommend to readers as well.
◇What kind of blockchain-related projects are you currently participating in?
We are participating in marketing, content matching, and production for a new coin company that has built an NFT system for real pictures rather than digital pictures. We are also preparing for a real estate NFT in LitecoinS and a metaverse based virtual reality exhibition based on AR VR. In addition, he was appointed as the CCO of Flexcoco, which will be listed on the Australian International Exchange next week, and is focusing on ecosystem composition, platformization research and solution development, and content marketing.
◇Please briefly introduce Litecoin S, where the CEO is the CMO.
Litecoin S, where I am the CMO, is a mining type coin, unlike many issued coins, it is a coin project that maximizes the original nature of the block chain by restoring the rights of individual node participants.
Recently, the biggest issue, Metaverse service, is being launched and commercialized, and as part of the profit-type real estate business using block chain technology, tokenization of real estate and NFT technology have been introduced to provide another scalability to the inefficient real estate market. shows.
In addition, in Jeju, Korea’s representative tourist destination and special block chain zone, with tourism as the keyword, Litecoin S is used as a payment method, providing a safe transaction environment and discount benefits, and a payment solution environment where merchants can expect lower fees and promotional effects than existing payment systems. is also under construction.
◇There is a lot of interest in NFT these days. How do you view NFT in the field of music and copyright?
As an incumbent composer, I am very interested in NFT of art and music creations, and I have many doubts about the method of settlement for YouTube content copyright owners, and AI classifies works to determine whether or not copyright infringement occurs, and works in the blind spot are not protected. I am very interested in building a platform that will solve the problems of the improvement plan in the unstructured system.
Also, apart from NFT of digital painting, which is a combination of 0 and 1, I am very interested in the working time, huge amount of data, and storage storage when NFT of a real painting by a famous artist. We are also deeply involved in the company’s business of NFT-related coins to be newly listed.
Currently, when a composer makes a song, music distributors such as Melon and Genie that have nothing to do with creation take 35% of the sale price because they have a sales platform. Sam takes an additional 20-30% from the remaining 65% just by sending an email from the secondary distributor to the primary distributor about the music and jacket images.
If a song is 7 won per month on a monthly flat rate, the producer takes 2.7 won, the songwriter gets 0.35 won, and the singer gets about 0.4 won. Fortunately, the Copyright Association deducts a 9% fee and 0.6 won is distributed to the artist, but this distribution is also not transparent. In 2019, Loen Entertainment (predecessor to Melon) illegally extorted 18.2 billion won from the music fee to be distributed.
BTS made a big contribution to promoting Korean brands to the world and raising national competitiveness, and the artists who make those music, except for a few 0.1%, stay up all night and live their lives with ramen as poor artists in the basement. In a world where the price of artistic activity is 0.6 won per song, the government only pays taxes on sales, and there is no system to protect vulnerable artists. However, the recipients of the cultural support funds are those with more wealth, such as Moon Jun-yong, the son of the current president, who received 14 million won after spending only 4 lines. They are famous singers. With a thick form and curriculum already prepared, it is to win the grant every time.
An alternative to this is the NFT platform. NFT means a non-fungible token. By grafting blockchain technology that cannot be copied to sound sources, a separate unique recognition value is given to digital assets, and related information such as ownership and sales history is stored in the blockchain and cannot be forged. In the future blockchain digital currency ecosystem, music creations made by me are directly traded with the public who want to listen to music without going through middlemen. There is no over-the-top rights of the Copyright Association. Consumers also do not have to pay unnecessary and excessive distribution fees in addition to the amount returned to the creator.
It costs 7 won per song, and instead of the complicated membership registration and bank account linkage, you can buy music by simply sending a coin equivalent to 3 won, and you have a variety of options to purchase music for free with coins mined through watching advertisements or recommended rewards. This is the virtual payment world you will enjoy in the future.
Recently, Soribada listed an NFT coin called Sobacoin and had high expectations, but it was very disappointing as the coin issuance seemed to be only used to secure company operating funds.
A short edited video of NBA famous players’ highlights, a 10-second video clip by a digital artist called Beeple sold for 7.4 billion won, and 10 digital paintings of Elon Musk’s wife and singer Grimes sold for 6.5 billion won in 20 minutes. Things are happening in the ecosystem of NFTs. It is time to recognize and study the flow of money moving to digital.
◇How do you expect blockchain technology to contribute to the arts and culture in the future?
As I said above, a world where a platform where my work that I have dedicated my life is recognized is created and both sellers and buyers of works can be satisfied through transparent transactions is the era of the block chain.
In the virtual reality of Metaverse, my personal office and my computer, meeting space, shopping mall, real estate purchase, concert viewing, exhibition hall, group lessons, and video lessons without restrictions have already been implemented in my personal office and virtual reality. Only the base enlargement remains. In the US, AR and VR metaverse environments have already developed, increasing telecommuting, and convenient ecosystems and scientific advances are helping people to do things faster and more comfortably.
You will live in a world where you can access a virtual space, visit a Hawaiian beach house in VR, check an NFT registered copy that cannot be forged, purchase the ownership with coins, and share the rights with tens of thousands of buyers. I will live in a wonderful world where my unconventional and carelessly created music is sold for tens of millions of won on the NFT auction platform.
◇Finally, thank you for your kind words to the monthly Blockchain Today readers.
The position of the dollar, which has been established as the world’s reserve currency, is being shaken by Bitcoin. After the Knicks Doctrine, the US maintained the status of the dollar by abolition of the gold standard, and is standing at the center of the global economy with the petro dollar, which is the petro-dollar system, after trading with OPEC.
However, there are countries in which the value of money is falling due to excessive issuance of currency and the economy is collapsing due to inflation. The need for alternative assets is emerging, and the background of the birth of new capital is expected in the asset storage means called coins.
In Canada, Singapore, and Brazil, exchange-traded fund ETFs for virtual currencies have been approved, and Bitcoin-funded products are increasing, and only remembering the great decline of 2018, when Grayscale Asset Management and MicroStrategy bought more than 10 trillion virtual currencies. There are still many people who have the view that a coin is not reliable even though it has neither manufactured goods nor sales nor substance. However, it is necessary to carefully consider what new alternative assets are in the saturated global economic ecosystem where value can no longer be created.
Over 80% of Cambodians, 71% of Filipinos, 60% of Indonesians and 70% of Asians do not have a bank account. The stock prices of Google, Apple, Tesla, Netflix, Amazon, etc. are a pre-reflection of future sales expectations, and unless sales increase in the future, the future of the company cannot be guaranteed.
People who are marginalized from the central financial system, do not have bank accounts, but can have coin wallets, and the coins they own can lead to purchases on Google Play, Apple, Netflix, PayPal, and Facebook. There is. Corporate growth leads to job creation and economic development.
Not only these top IT-based companies in the world, but also Samsung Electronics in Korea prepared blockchain-based payment solutions and platforms early on, and the invisible currency war has already begun as China issues and preoccupies CBDCs in preparation for the upcoming global capital movement. It is time to understand the ecosystem of the blockchain and research and understand it as an alternative asset and a means of asset storage before the recognition that coins are money like stocks.
Composing and arranging F.K.L’s ‘Time to Mask’ (No. 1 on the chart)
Baek Ji-young’s ‘Choice’ arrangement (No. 1 on the chart)
Composed and arranged by Jung In-soo, ‘What doesn’t change’ (No. 4 on the chart)
Arranged by Zaza ‘2006 In the Bus’
Kara, Cool, Jewelry, Gangster wife, JYJ
◇Coin company executive history
ODC Coin Advisors – CoinBene Listing
Hipay CCO – Listed in IDCM Asia
GONE Chain CCO – Listed in Digifinex Korea
Hycon Advisors – Listed on Bithumb
LitecoinS CMO – Listed on CoinBene
EZW CCO – Listed on Flexcoco