The Blockchain “Highway”
In China, despite placing a ban on cryptocurrencies and private blockchains, more than anywhere else in the world, the public sector is using cryptocurrencies and blockchain as a way of life. To the extend, the government has since established key strategic technology priorities and cited blockchain as a key driver of economic development.
Whereas in Singapore, the government is highly supportive of free public blockchain platforms. In contrast to the China’s de facto ban, Singapore is positioning itself to promote cryptocurrency, moving beyond its traditional regulatory role by announcing its understanding and acceptance of the importance of blockchain to the financial future.
The garden-city is home a healthy blockchain ecosystem comprising of the two biggest crypto exchanges in the world – Binance and Huobi.
With the country’s high level of indigenous talent, entrepreneurial spirit, and fintech development, it is not common to spot new projects involving the talents of Singaporeans.
Herbert Sim, is one good representation of how his enthusiasm and creative works in blockchain, crypto and bitcoin turned him into The BitcoinMan. He is the founder of Crypto Chain Univeristy (CCU), the world’s first repository institute for blockchain and cyptocurrency research, established in February 2010. Yes, shortly after the year Bitcoin came into scene.
Not to confuse him with Satoshi Nakamoto, Herbert is a talent above his peers and currently one of the few verified ‘blue tick’ figures in the cryptocurrency and blockchain industry. He was the CMO of Huobi Global.
Enthusiastis reveal, a highly talented team led by Herbert is storming the blockchain with their proprietary technology.
Known as Legasys SaaS ecosystem, this ground breaking technology aims at targeting the hottest topic in blockchain today – high gas fees.
Having a moment with Herbert, “The ideology of cheaper or even a free ethereum highway has always been on the horizon, and will not be realized until critical infrastructure is built. The issue of congestion which determines the high gas fee is real.”
Many companies and blockchain communities around the world has attempted at solving this gas fee issue. None, however, has managed to overcome these collection of challenges.
“We have managed to bring the “highway” off the chain. It does not require changes to the base level protocol, the answer lies in using the smart contracts on ethereum to interact with the off-chain technology, while keeping the security at the highest level. The blockchain community should see us as mutually beneficial rather than a competitor, because us as a community is here to help them settle the gas issue, while they focus on building the technology part.” further explained by Herbert.
So exactly how this new technology is able to resolve the gas fee issue, how “cheaper” can it be, or could it even be “free”?
When it comes to benefitting the users, you can be sure the blockchain community is having all eyes on Legasys.