Jeth Soetoyo, Rupiah Token CEO, attended a panel discussion at the KuCoin Mega Meetup event held by KuCoin and Tokoin on December 7, 2019, at Century Park Hotel, Senayan, South Jakarta.
Besides Jeth, the panel discussion also presented other prominent figures in the crypto industry such as Top Lan (KuCoin’s co-founder), Lawrence Samantha (founder of Honest Mining), and Ignasius Michael (General Manager of Tokoin).
The event titled How Exchange Contributes to Blockchain and Crypto. It was attended by around 400 people from blockchain enthusiast, Micro Small and Medium Enterprises (MSMEs), and the cryptocurrency community in Indonesia.
“This is the first meetup initiated by KuCoin and Tokoin. We hope that all blockchain and cryptocurrency enthusiast in Indonesia can share their stories and experience in the blockchain world,” said Reiner Rahardja, CEO of Tokoin.
During the panel discussion, Jeth shared his experience of getting in touch with cryptocurrency and blockchain for the first time.
“When I studied in the US, I realized that sending money between countries took a long time and had quite expensive transfer fees. Then after I started using bitcoin, the transfer became faster. Usually, it only took one to two hours with fewer transfer fees,” Jeth said.
“Building transactions on the blockchain provides maximum efficiency,” he added.
In line with Jeth, Top Lan also added that blockchain technology has a better security system. “The blockchain technology provides better security with opportunities for obtaining increased revenue and reductions in cost,” Top Lan said.
There was also a discussion about the differences between crypto mining and crypto staking presented by Lawrence.
“Basically, crypto requires a validator. Crypto mining has a validation mechanism known as Proof-of-Work (POW) where transactions on the blockchain must be validated to be recorded in the public ledger. Validator nodes are known as miners,” Lawrence said.
“On the other hand, crypto staking uses the Proof-of-Stake (POS) consensus mechanism. In the Proof-of-Stake mechanism, people can mine or validate block transactions according to how many coins they hold,” he explained.
At the end of the discussion, Jeth stated that user experience still become one of the challenges that need to be concerned by all blockchain enthusiasts.
“The real challenge is to make things simple and easy for the audience. With better user experience, blockchain can be understood not only by crypto enthusiasts but also by everyone. Going forward, blockchain technology can be applied for daily transactions.”
KuCoin is one of the most popular crypto exchange platforms in the world. Established in 2017, KuCoin now has around 5 million active users from 100 countries and has a global community in more than 14 countries around the world.
Tokoin is a start-up company in e-commerce that applies blockchain technology to accelerate the growth of MSMEs. Currently, there are 10,000 MSMEs that use the Tokoin platform in Indonesia.
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
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