[NEWS]Berith is the first successful use of blockchain — based cryptocurrency
[Interview] Jung-Hyuk KIM, Vice-president of Berith and Taek Gyun KIM CTO “make inroads into foreign market after domestic commercialization.”
Blockchain-based decentralized business platform “Berith” is planning on international expansion by starting Berith Maint-Net and Berith Wallet app at the end of February. Releasing practical platform that solved the problem of existing cryptocurrency not applicable in real life.
Berith Wallet is integrated wallet of Berith coin wallet, MyEtherWallet, Bitcoin, and Ethereum wallet. Most of Berith platform service will be achieved in Berith Wallet. QTUM, EOS, and other virtual money will be supported soon.
DailySecu recently interviewed Jung-Hyuk KIM Berith Vice-president and Taek Gyun KIM CTO.
Q. Vice-president Jung-Hyuk KIM has newly joined in Berith. Please give us an introduction of yourself and tell us about the backgrounds of the join.
A. Jung-Hyuk KIM VP = currently a consultant of Korea Block Chain Industry Association and a voluntary restraint committee member, also working as an advisor of Japan EBS and Hanpass, performed a team leader of electronic financial team in the Bank of Korea until last year.
While working in the Bank of Korea, I anticipated decentralized financial system using blockchain technology and cryptocurrency payment service, and often held meetings with financial blockchain developers. I got a job offer from cryptocurrency exchange and several ICO companies, but I saw a possibility of Berith’s commercialization and its clear vision. Although the purpose and function of central back will not change, issuing digital currency, payment settlement, remittance abroad, and certification are already in the phase of decentralization. Blockchain is in charge of electronic finance forum and FinTech information working group, and it is leading future digital finance network and sharing economy infrastructure. I’m very confident that Berith Coin will be an easily accessible cryptocurrency and Berith is planning to enter the Southeast Asia market.
Q. Tell us about the foundation background of Berith
A. Taek Gyun KIM CTO : Ibiz Software, a Berith’s holding company, was established on March 2006, possessing unrivaled technological prowess through web and mobile platform development business and construction of domestic membership system among GS&Point, CJ ONE, Hana Members, Shinhan FANclub, etc. and also of CGV China membership system and Indonesian corporations. Therefore mid-sized enterprises and large-scale franchises asked them for a large membership service construction but with a low budget.
For that reason, they planned SaaS service for medium-sized businesses to use large membership service at a small expense, and more powerful membership can be expected when blockchain is applied to this. Integrated membership needs settlements among individual memberships since a place of point saving and using point are different, so they want a partnership with other corporations to increase their service competitiveness. But the problem is that these settlement alliance costs a lot of development costs and operating expenses. When blockchain is introduced, safety for hacking is ensured by preventing customer ledgers’ forgery and falsification and simplified partnership and settlements can be made.
Unlike existing methods, blockchain service makes settlements among coin users easier by sharing customer ledgers not just locally but also globally. Domestic and overseas franchises can collect users from all over the world through a single membership service. Based on these, blockchain-based Berith platform in the 1st ICO was planned, and was expanded to reach as decentralized business platform.
Q. Second ICO was planned after a long interval since the first ICO on September 2017. Are there any reasons for this?
A. Taek Gyun KIM Berith CTO = Most ICOs open their white papers and websites, receive investment in advance, and then the development is made later. That is, making brochures and conducting marketing without a product. In the 1st ICO, it was hard to conduct marketing by opening our white paper and website, and explain our visions and plans to attract investments.
So our second ICO was planned after a development of major platform without using the first marketing budget. Variety of ICO is coming up right now, but there is no commercialized cryptocurrency useful in real-life. Berith focused on planning Berith platform long before the first ICO, and even after the ICO they aimed for commercializing and continuing on developments and upgrades. Berith is setting a goal to preoccupy the market, to succeed in commercialization, and finally expand our business to overseas market. Berith will be the first successful case of commercializing blockchain-based cryptocurrency.
Q. After the first ICO Berith Coin changed its specification and white paper implementing refund policy. What’s the reason for the change and how would it be done?
A. Taek Gyun KIM CTO = For the first ICO, ERC20 token was already issued based on Ethereum. Berith service supports Micro Payment and point saving, but Ethereum charges a remittance fee per transaction. And the speed of transaction was too slow to be applied to real life. After the opening of website and whitepaper, we held a meeting with existing major customers for future partnership and blockchain-based upgrade, but the needs of enterprises cannot be done with blockchain platform. So we decided to construct our own platform and since it is a huge change from a token to a coin, we notified to the first investors and implemented a refund policy for investors who want a refund.
Q. What’s the differentiation and competitiveness of Berith Coin compared to existing cryptocurrency?
A. Jung-Hyuk KIM Vice president = Present cryptocurrenies are not applicable to real life. But Berith platform is a newly developed blockchain platform to put complicated business rules into a blockchain system by solving a problem of transaction delay and its remittance fee.
Berith platform constructed a new hybrid blockchain and solved the problem of confidentialness and expandability. It controls access authority of specific groups or businesses and provides personal information only to authorized person. Also designed a better Smart Contract to hold complex business rules.
For example, Berith Smart Contract can be used when an affiliate wants to make their own token and conduct a various kinds of marketing based on anniversary, time of the payment, payment amount, age, and sex. If a public institution wants to set their youth welfare budget as youth only usage, they make a youth welfare token and restrict them to be used in youth only place. Furthermore, we are going to support Berith Smart Contract service for the public as well so they can also make the smart contract easily whether they are a developer or not.
Q. Explain to us about the progress, future plans and roadmap.
A. Jung-Hyuk KIM Vice president = There were many accomplishment during five months after the first ICO. Development team had a hard time applying for three blockchain-related patents, and identifying the needs of corporations through customer meeting. At the end of January, we opened test net of Berith blockchain platform and Wallet based on POA algorithm. Release of Maint-Net on February 28th is planned, and it will be opened to the first investors in advance to change old ERC20Berith Coin to the new coin. Berith platform will later be developed to POA + POS form supporting POS algorithm, and Berith Smart Contract will be developed until the end of this year and opened at the beginning of next year.
Schedule of Berith Wallet is quite fast. Berith Wallet is an integrated wallet supporting Berith Coin, Bitcoin, and Ethereum, and will be opened at the beginning of March. Various kinds of cryptocurrency will be supported and KYC authentication function will be mounted afterwards. KYC authentication has to be made every time when users or ICO companies participate in ICO, but in Berith Wallet, only one time of KYC authentication is enough. And it is automatically done by identification technology, face perception, and masking personal information, and ICO listing service will be added so if ICO companies upload their ICO information to the Berith Wallet, users can join right away.
At the end of March, a worldwide online and offline Berith Pay will be opened. A global version of online∙offline cryptocurrency service of Bitcoin and Ethereum will also be supported. Once Berith Coin is listed, Berith Coin payment is possible through a linkage of stock exchange. Second ICO is at the end of March along with non-face-to-face order service and membership marketing service on August.
Q. Lastly, please explain about the marketing plans and visions.
A. Taek Gyun KIM CTO = We will conduct a marketing of our service rather than of ICO, and will be focusing on expansion of users and vitalization of franchise service. ICO marketing costs much. In the first ICO, internationally famous magazine gave us a suggestion of an advertisement of a celebrity as an advisor, and it costs a lot. Rather than these kinds of marketing, we will be concentrating on unfailing marketing such as TV CF, and be strengthening promotion for corporations and franchises to use Berith marketing platform at low costs.
Vision of Berith is a successful commercialization in an uncertain cryptocurrency market, and application of our service in real life. Our ultimate goal is to make a global platform for major companies like Salesforce.
And the following is an introduction video of “Berith, a blockchain-based business platform”
