Dunamu Developing Blockchain Platform Suitable for BaaS 2.0 Era

Dunamu, the operator of the cryptocurrency exchange Upbit, plans to popularize the blockchain technology by developing a platform that turns web-based services into blockchain-based services.

Park Jae-hyeon, the director of Lamda256, the blockchain research institute of Dunamu, hosted a media seminar in Seoul on June 7 to discuss the present and future of blockchain technology.

Park said, “We are developing Dunamu Blockchain Service (DBS) that is a suitable platform for the BaaS (Blockchain as a Service) 2.0 era.”

DBS is a platform that converts existing web-based services into blockchain-based services without the need for any knowledge about blockchain or cryptocurrencies. “The platform allows anyone to create and offer blockchain-based services to users,” Park said.

Lambda256 is a global blockchain research institute established by Dunamu in May, which aims to expand the base of blockchain technology and create an ecosystem. To this end, the institute will focus on popularizing blockchain technology, building the next-generation block-chain platforms, finding and developing blockchain technology companies, supporting token economy models, and developing new models.

Park said he plans to implement these tasks through the DBS.

Park said, "In June, we will release partners program for companies with blockchain related technology, and will announce a developer support program in July. We also plan to have a DBS chain service test net in Q3, open a DBS beta service in Q4, and officially launch the DBS in the first quarter of next year. "

Park said, "When the DBS is established, we will enter an era when companies will jump into blockchain-based applications (DApp). Anybody will have an easy access to improved blockchain technology and various cryptocurrency technology.”

Park predicted that there will be various types of cryptocurrencies with various functions such as local currency tokens, which have been mentioned in the recent local election, commodity tokens, loyalty tokens, social tokens, and security tokens.

Park predicted that the spread of blockchain and cryptocurrency would bring a more transparent and decentralized form of innovation in various fields.

Park diagnosed that the blockchain and cryptocurrency markets are facing several problems. The problem is that big fluctuation of cryptocurrency prices, users having to pay for blockchain, fraudulent initial coin offerings (ICOs), and slow information processing due to the consensus method.

"Several projects are underway to solve the problems of blockchain technology, and all of these problems will be resolved within a year or two. Although not all the blockchains will survive, many will spread with various forms and uses,” said Park.

In order to solve these problems, those on the side of Ethereum are studying decentralized autonomous ICO (DAICO) and plasma technology that reduces the block size.

Park thought the plasma method would be the most realistic. Plasma is a way to use subchain and record transactions on the main chain only when necessary or problematic.