Interview with team

TrustVerse’s CEO and Founder, Michael Kiook Jeoung in an Exclusive Interview with CryptoNewsZ

Today at CryptoNewsZ, we are joined by a dynamic and respected entrepreneur, Michael Kiook Jeoung. He is the CEO and founder of TrustVerse and the Co-founder of Cointelegraph Korea.

CryptoNewsZ: Welcome to CryptoNewsZ Michael. Seeing how you’re a graduate in Computer Science & Management Economics and hold an MBA from the University of Chicago, Booth School of Business, it would be insightful if you could begin by sharing your journey into the blockchain and crypto space, and the inception of TrustVerse?

This was a consequence of my passion for finance and IT synergizing to become just more than fintech. I had a computer science major for B.A. at this stage, yet I started my career early on with ontological engineering and ubiquitous computing. From there I worked with sensor networks and in software engineering, primarily project management of high-tech firms.

Most of my professional experience was accrued at Duzon IT group, where I was MD of the computing lab for Ministry of Land and Transport focusing on smart city policy and an urban integrated operations platform for 63 districts in South Korea. I then joined OECD (international organization) and worked as a consultant to the secretariat focusing on high tech implementation for international organizations, mostly focused on business intelligence and mobile technology. Finally, I joined Cisco systems where I was in charge of the go-to-market strategy for cloud services and architecture partnering with global service providers such as AT&T, BT, Orange, and Telstra in APAC and the European region working within the corporate team.

My last role involved delving into the inter-cloud fabric and open-stack strategy for global services. Then I enrolled with the University of Chicago Booth School of Business, where finance and economics were totally new areas for me. Chicago is a world-prestigious school for advancing modern economic and finance theories. Many Nobel laureates are from Chicago and it is a center of innovative education. Corporate finance and financial strategy totally transformed how I see the world and how I see corporates leading technology innovation. All of this knowledge was leveraged within my professional domain, and after graduating from MBA, launching a startup was the only credible choice. Thanks to this grounding in the core tenets of business and economics, I am very confident in blockchain technology and what it all means for the future of decentralized finance.
Michael Kiook Jeoung

 

CryptoNewsZ: What distinguishes TrustVerse from the other trading platforms on the market?

TurstVerse is one of only a few companies out there that holds numerous patents for blockchain-related technologies and that has actually built multiple services within the past year. It focuses on building trust mechanisms or so-called smart ledgers and finance AI building blocks for defi (decentralized finance). We offer multiple services related to managing digital assets, understanding them better, and providing analytical insights and multiple-data sets to help traders get a better grasp of the market. Furthermore, we also provide a few smart contract-based payments, bidding and transaction platforms for high-value assets.

Though we mostly work with ERC20 projects, we also work with Hyperledger for government-related projects. Therefore, TrustVerse is not a trading platform yet – it is an analytical Dapp that provides AI-neural based prediction models for major tokens, as well as indexes (sentiment, etc.) so that even newcomers can understand the markets. Very soon we will launch a new defi advisory service that uses powerful technology. We have already partnered with Samsung Electronics, Microsoft, and KOSCOM (Korean exchange) to bring such technology to market.
Michael Kiook Jeoung

 

CryptoNewsZ: TrustVerse has an upcoming launch of two platforms, TrustVerse Nova and The Neptune. Could you please educate our readers about both these platforms and their unique features?

Both are decentralized applications that are powered by Microsoft Azure for security reasons and scalability:

– Nova is a “Lost-Proof and Assurance Service.” It protects your digital assets from losing private keys or even from physically losing your device. For instance, the Samsung wallet. It’s designed to hold precious digital assets, e.g. bitcoin and top 10 market cap tokens. We basically provide a one-stop function to set up a mechanism to “Activate” your token holds. It activates each token according to each wallet we provide. This is integrated into Mars, the multi-functional wallet we offer within the Samsung Blockchain wallet. Furthermore, we foresee TrustVerse providing similar services to major cold wallets. What’s special about this is that we are integrating a public authentication system to securely identify the token owner; OTP is another security feature set.

– Neptune is a digital multi-asset management and transfer platform which can be used to manage multi-tokens with multiple smart contracts in any given business contract situation. Examples include insurance policies, inheritance & legacy and even tokenization of certain high-value assets that require proof of ownership, and legal documents. It is built on the ERC20 standard and powered by Microsoft Azure using private and public Ethereum architecture.
Michael Kiook Jeoung

 

CryptoNewsZ: This year, TrustVerse entered into a partnership with the Korean giant Samsung. What was your objective behind this partnership and how will it benefit TrustVerse’s ecosystem?

TrustVerse deployed the world’s first fintech (defi) Dapps in the Samsung Blockchain wallet as well as the TRV token which is preloaded on the Samsung wallet. As of now, through Samsung’s newest carriers such as the Galaxy S10, Note 10 and foldable, we provision our services to more than 10 countries, with the majority of our users by language comprising German, French, and Koreans. Jupiter, our digital analytics Dapp, provides analyst reports, forecast (AI-finance neural network powered) on selected cryptos, and top media newsfeed. Very soon it will have more powerful digital finance-related capabilities. Mars is a wallet specifically intended to connect to TrustVerse’s blockchain commerce platform related to high-value assets and tokenization of assets. We will soon deploy Lost Proof as a new capability to Mars. This will be another world first.
Michael Kiook Jeoung

 

CryptoNewsZ: How does TrustVerse solve the problem of low-trust environments within the field of cryptocurrency?

We provide a lost-proof mechanism to prevent people from losing their digital currencies. It is well known that more than 20% of bitcoin has been lost (locked) by behavioral mistakes and hacking.

We provide analytics, analyst reports, and standardized indexes which help people to understand the volatility of bitcoin and other digital currencies. For example, our tools can identify instances of price manipulation and fake volume trading.

We work with smart contracts to authenticate transactions and ensure the genuineness of high-value assets, which is closely related to cryptocurrency payments with KYC/AML.
Michael Kiook Jeoung

 

CryptoNewsZ: What are your views on the current crypto market, especially in Korea?

Sooner or later, there will be regulations and FAFT cooperation in regards to bitcoin and other cryptocurrencies. KYC/AML is a must and as blockchain’s vision is transparency and democracy, we hope to see a structured framework and practical use cases.

The Busan Metropolitan government has just been selected as the testbed for blockchain as well as a regulated sandbox, and we hope to see interesting projects from this innovative city.
Michael Kiook Jeoung

 

CryptoNewsZ: Since its launch in 2018, what have been the major challenges faced by TrustVerse and what steps has your team taken to overcome them?

I came from traditional business and have a government background. It was quite challenging trying to discern who were the right people and companies to legitimately work with. However, after a rigorous process of developing multiple services that actually work and add significant value for our partners, we have been offered to partner with global multinational tech companies to build a healthier ecosystem and much more.

Technology development was the first priority, followed by business development and building the right go-to-market strategy with our trusted partners. As of just now, we work with traditional corporations, but we hope to partner with legitimate blockchain companies around the world.
Michael Kiook Jeoung

 

CryptoNewsZ: Michael, you are an inspiration for many young entrepreneurs, having had an expansive career spanning 25 years. You’ve worked in several countries and written for publications on ubiquitous computing and sensor networks. What or who inspires you the most in life?

When I was a research assistant at junior year at college, my leading professor, Dr. Eulyong Park, engaged me in cluster innovation projects with Nokia and Finland universities, which really gave me a macro understanding of what an innovation framework can bring for the world. In addition, he rigorously grilled me about my objectives after graduation. This allowed me to reaffirm what I was passionate about and what I would pursue. Dr. Park passed away due to cancer when I was in the second year at college, sadly. He was a formal advisor to Kofi Annan and economics professor at Harvard and worked at the UNDP and World Bank.

My passion for ubiquitous computing started from a mindset of sharing my knowledge freely and also manifested in forming Korea’s first and the largest ubiquitous computing & network community. This gave me many opportunities to engage in government projects and later helped me to build a professional career at an earlier age.
Michael Kiook Jeoung

 

CryptoNewsZ: What parting advice would you like to give novices wanting to step into the blockchain and AI space?

Blockchain technology can be complicated since it encompasses financial and economic understanding as well. Therefore, focus on what distributed ledger means and how it is useful for process innovation in various verticals.

Start with real use case understanding, then a concept or even POC.

In terms of cryptocurrency, I’d recommend focusing on the major tokens, and to read their whitepapers as well as important data correlated with those assets.

For AI finance, it is not only about data or the AI engine, but an architectural approach is a key as well as the components and feature set that can improve the performance/accuracy of the AI engine.
Michael Kiook Jeoung

It was a pleasure speaking with you, Michael. We at CryptoNewsZ thank you for your valuable time and wish you success in all your future ventures.

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Vishal Parmar

A realist, self-driven and persistent entrepreneur, Vishal Parmar is the CEO of VAP Group and the founder of CryptoNewsZ. At the helm of operations at one of the fastest-growing Blockchain and crypto websites in the world, Vishal found his first technology firm at the age of 19. Born with strong business acumen, he entered the blockchain and crypto space in 2015, when Bitcoin was estimated around $400. Apart from managing his various teams, the multifaceted Vishal likes to travel the world and explore various cuisines. He is available on LinkedIn, Twitter and Facebook. He can also be reached on [email protected] for all matters, published content or feedbacks related to CryptoNewsZ.
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