“Do not equate blockchain with crypto, cryptocurrency”

May 17 marked an important milestone for blockchain enthusiasts in Vietnam when the Vietnam Blockchain Union (VBU) officially launched. With this event, Vietnam is one of the first countries in the world to have a legitimate blockchain association.

Not only is it a gathering place for people with the same passion to research and develop this technology in the country, the Association also protects the legitimate rights and interests of its members as well as the Vietnamese blockchain community, contributing to the development of this technology. into economic development.

Do not equate blockchain with cryptocurrency

Although blockchain technology has been around for more than 10 years and has grown in popularity in recent years, there is still a lot of confusion about it when equating this technology with cryptocurrency. In the face of the current decline of the cryptocurrency market – also known as “Crypto Winter” – there are many concerns that the launch of the Vietnam Blockchain Association at this time is unreasonable.

Vice President of Vietnam Blockchain Association:

Mr. Huy Nguyen, CTO KardiaChain and Vice Chairman of Vietnam Blockchain Association.

But according to the assertion of Mr. Huy Nguyen, CTO KardiaChain and Vice President of Vietnam Blockchain Association, it is the confusion when equating blockchain with cryptocurrency that has made many people worry about the future of blockchain technology at the present time. in.

Cryptocurrencies are just one of many applications of blockchain technology.” Mr. Huy Nguyen said. Therefore, applying the concept of “Crypto Winter” to blockchain technology in the current context may no longer be correct.

While the concept talks about the rapid boom and bust of cryptocurrencies in 2017-2018 – the virtually unique application of blockchain at the time – the application of blockchain has now expanded beyond beyond the scope of cryptocurrencies with concepts like DeFi (decentralized financial applications), NFT, metaverse virtual universe, e-commerce, DID, Traceability, etc.

The proliferation of new blockchain-based applications with increasing penetration into today’s lives – instead of just revolving around cryptocurrency projects – shows the “long-term value of applying blockchain to life”. living”. This further confirms the need for a national association for blockchain, to be able to deepen research and develop new applications from this technology.

Rebuilding investor confidence

Not only the quietness of the cryptocurrency market, another issue that also makes people afraid about the current launch date of the Vietnam Blockchain Association is the situation of scams or rug-pulls going on rampant. on the market. Even for serious projects, the sharp drop in the token price due to the impact of the market is confusing users, losing confidence, and investors are afraid to participate.

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But according to Mr. Huy Nguyen, this situation is not unique to Vietnam, but similar problems are happening in many surrounding countries. Blockchain is a new market with many new opportunities, so it will also bring in those who want to take advantage of the opportunity to make quick money.

Besides, the market is in a correction after an explosive rally that lasted for the past 2 years, so a drop in the token price is inevitable. But that doesn’t mean it’s a scam project or a scam. According to Mr. Huy Nguyen, “frankly, the market still has good projects and bad projects. If the project is good, no matter how volatile the market is, they still do it and still build the product. If the project is not good, it may have to be stopped. It is the natural choice of the market when entering the “clearing and clearing” phase.”

Therefore, it is important at this stage so that users do not lose money, but also help blockchain projects survive and develop. This is the time when a formal organization like the Vietnam Blockchain Association is needed to create a strong enough legal framework, manage and protect both parties, the project developer and the project’s users.

In other words, now may not be the best time for the crypto market, but it is the most necessary time for an Association like VBU. In addition to the demand from blockchain project businesses as well as project users, the launch of the Vietnam Blockchain Association at this time is also a time of favorable weather – favorable conditions – when showing the readiness of state in this area.

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