Translation (preserving HTML format, one-line result, standard decode applied): NEM co-founder: "The token economy of blockchain is more attractive than cryptocurrencies"
Use Cases Beyond Cryptocurrency
Long Vuong, the CEO of TomoChain (TOMO), a blockchain network that uses “150 Masternode Proof of Stake consensus,” recently stated that distributed ledger technology (DLT) has the potential not only to transform the financial industry but also to streamline various business processes across the high-tech sector.
Vuong first learned about blockchain technology (DLT) in 2013 while pursuing a PhD in economics at the University of Massachusetts. In 2014, he co-founded the NEM blockchain project and contributed to building the NEM team. He eventually left NEM at the end of that year to pursue his PhD. However, he was fascinated by creating blockchain platforms for DApp developers and founded TomoChain at the end of 2016.
Vuong believes there are potentially numerous applications or use cases beyond cryptocurrencies within DLT. He explains how tokens can help deploy useful applications on blockchain platforms as follows;
“I have a very different perspective on blockchain and cryptocurrencies. In my view, you can build applications on the blockchain using tokens. It’s more interesting than simply owning a cryptocurrency like Bitcoin. ...We support a world economy where everyone can participate and have a fair playing field. So now, people not only in Silicon Valley but also in Asia, Southeast Asia, and Vietnam are building something for the global market.”
Vuong criticized the Ethereum network for slow transaction processing times and relatively high fees, stating:
“The execution of transactions should feel like sending a message. It needs to be extremely fast and very low-cost. Ethereum did not have that capacity in 2017. And it still does not.”
