ICONLOOP CEO JH Kim on becoming a Web3 business solution provider.
The latest interview between ICONLOOP and Digital Today, part of the D2 People series, is out.
Read it to see how ICONLOOP intends to support and collaborate with Web3 businesses through its own blockchain framework, PARAMETA. :)
ICONLOOP CEO JH Kim
Full-stack Web3 business solutions on blockchain, delivered through PARAMETA
ICONLOOP, which has supported blockchain projects for local governments and large enterprises with services built on decentralized identifiers (DID), is remaking itself as a Web3 business solution provider.
The plan is to offer a tailored package solution, built on its own mainnet PARAMETA, for companies and projects that want to start a blockchain-based Web3 business.
ICONLOOP CEO JH Kim is confident that PARAMETA can be a strong springboard into Web3. We met him at the ICONLOOP office to hear what prompted the new business and where he plans to take it.
We launched PARAMETA because a wide variety of blockchains are inevitably going to appear, and we believe they will end up connected as one chain.
ICONLOOP CEO JH Kim
Previously the company built blockchain solutions for Web2 businesses. Now, he says, virtual assets are demonstrating what blockchain is good for and the opaque parts of the industry are improving, so ICONLOOP decided to expand the business.
According to Kim, PARAMETA is a full-stack package solution for companies entering the blockchain and virtual asset industry for the first time. ICONLOOP works with partners on everything they need — token economy design, mainnet construction, wallet design, multi-chain support, community design — along with technical support and coaching.
It has no plans, however, to issue a PARAMETA token of its own or to build out its own ecosystem.
Another defining feature of PARAMETA is connectivity between heterogeneous blockchains. It lets a company run its business with its own mainnet interoperating with a range of chains such as Ethereum, Polygon, Klaytn and Solana.
Kim points to that connectivity as the biggest difference between PARAMETA and projects like Cosmos and Polkadot, which support compatibility and interoperability with networks built on the same underlying blockchain.
Take HAVAH, the P2E game project ICONLOOP is currently co-developing: it brings NFTs issued on Ethereum, Klaytn, Solana and other chains together in one place so they can be traded. Partnerships around the use of PARAMETA are also under discussion with several companies beyond HAVAH.
On the security risks that come with connecting different chains, Kim explained that ICONLOOP's in-house interchain service BTP addresses the problem.
According to blockchain analytics firm Chainalysis, losses from blockchain bridge hacks passed $2 billion in 2022. Bridge security has long been a headache on exactly that scale.
As Kim put it, conventional bridges take information created on chain A and enter it on chain B with little verification, which made them easy targets — whereas BTP transfers chain A's information to chain B identically, so the risk of hacking and similar attacks is lower.
He also explained that weak global recognition, one of the shortcomings of Korean blockchain projects, can be overcome through that same ability to use heterogeneous blockchains interchangeably. Even overseas, where the blockchain industry is more active than in Korea, there are not many services that make multi-chain and cross-chain use convenient — and Kim is confident PARAMETA can take that spot.
Kim said that while helping established, regulated companies enter the Web3 market, ICONLOOP will also work on usability, widely regarded as Web3's most critical flaw, in order to survive competition with the Web2 market. In his words, users should not have to give up self-sovereignty for the sake of convenience; user experience needs to improve, but only to the extent that it does not undermine the consumer's own control.
In the Web3 market that is coming, I believe blockchain is an indispensable technology. Through PARAMETA, we will help more companies enter the Web3 industry successfully, and we will work to become a company that consumers recognize as well.
ICONLOOP CEO JH Kim
Source: Digital Today, reporter Juhyun Kang (September 23, 2022)
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Life Meets Blockchain, ICONLOOP