Luu The Loi, the first and only Vietnamese PhD in blockchain technology, predicts that 2018 will be a big year for cryptocurrency.
Loi is founder and CEO of Kyber Network, a company with capitalization value of $523 million.
Kyber Network develops safe and quick transactions on the basis of blockchain technology. It was one of the most outstanding startups in the country last year, raising $52 million investment capital.
Also, Loi was included among Forbes’ “30 Under 30” in Vietnam.
According to Loi, Bitconnect and MLM coins don’t represent cryptocurrency.
He said “Bitconnect exploits the success of bitcoin and other cryptocurrencies to attract people to its network. By nature, Bitconnect is not the currency which can bring any value.”
He also explains the new variant of multi-level model of Bitconnect.
“Bitconnect is a new variant of the multi-level model. However, the way it works is a bit different. People who purchase Bitconnect, a coin of no value, will receive more Bitconnect every day as income. Those behind this network can print a series of new Bitconnects to pay to people (since Bitconnect has no value at all, the printing cost is zero),” Loi explained.
“Bitconnect does not create real value and does not have any assets behind to ensure its operation. Bitconnect promises to pay the interest up to 1 per day based on the investment from the property you provide to the people in the network,” he added.
Loi believed that breakdown of Bitconnect is a good sign for the cryptocurrency world.
“2018 will witness big steps forward by cryptocurrency in Vietnam and the world. There’s good news as technology companies such as Kodak, Telegram and Facebook have begun learning about cryptocurrency,” he predicted.