Vietnamese Tiếng Việt | Tuesday, August 21, 2018 | Advertise with Us
Text Size

VN Blockchain Developers’ founder: Vietnamese crazy about ICO

(0 votes, average 0 out of 5)

“Many Vietnamese people don’t know anything about blockchain, but are still willing to pour millions of dollars into ICO (initial coin offering) ,” the founder of Vietnam Blockchain Developers Nguyen Sy Thanh Son said recently.

vietnam economy, business news, vn news, vietnamnet bridge, english news, Vietnam news, news Vietnam, vietnamnet news, vn news, Vietnam net news, Vietnam latest news, Vietnam breaking news, Nguyen Sy Thanh Son, blockchain, bitcoin

Mr Nguyen Sy Thanh Son


Son is Chief Technology Officer (CTO)  of Tomo and the founder of the first and biggest Vietnamese community of blockchain developers.

Son is also among one of the first Vietnamese who are teaching Smart Contract, the technology used in startups’ ICO projects in which many Vietnamese have invested. 

Son said ‘fashionable’ and ‘technological’ word ICO is being used by many swindlers in Vietnam to disguise their behaviors of cheating unknowledgeable people.

“They even cannot understand contracts, but decide to pour money into ICOs,” he said.

Cryptocurrencies have seen prices skyrocketing in the market.

According to Son, only one percent of investors in ICOs in Vietnam have knowledge about business and technology. 

Commenting about ICO projects, Son said there is a mixture of ‘dirty sand’ and ‘diamonds’.

Diamond refers to ICOs with long-term vision and the tokens they sell must be used in their products.  ‘Dirty sand’ refers to selling tokens just for money, but tokens don’t represent their products and communities. 

It appears to be easy to create an ICO or Smart Contract on Ethereum platform, which explains why so many ICOs have launched.

Son said that a qualified developer can create many tokens every day.

However, he is optimistic about ICO and blockchain, believing there are startups “serious with tokens (while companies issue shares at IPO, startups sell tokens at ICO) and kind to investors”. 

They are using blockchain to make big leaps to create new value for the society.

Son said that what is behind cryptocurrencies and ICOs is blockchain technology.

“A flat world, democracy, justice and transparency are what people lust for. And these are all matters which blockchain can bring,” he said, adding that the era of Internet of Value is coming, in which blockchain exists. 

People trust blockchain and are willing to store their value on the internet.

Tran Huu Duc, director of FPT Ventures and  Vietnam Innovative Startup Accelerator company and a board member of Fintech Vietnam Club, said on Dau Tu that blockchain technology is one of the most viral trends of the internet era. It has brought a considerable amount of opportunity to Vietnam, enabling it to grow into one of Southeast Asia’s blockchain hubs.


Source: VietNamNet

Maybe You Also Interesting :

» Blockchain may help prevent exam cheating in VN?

After a series of exam cheating scandals in northern provinces were discovered, some university lecturers suggested using blockchain technology to prevent...

» Việt Nam stops bitcoin mining imports

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment to the country since the beginning of July, according to the HCM City...

» Cryptocurrency scams offer false promises

The common characteristic of all the scams was that the heads of the cryptocurrency mining firms’ all promised sky-high interest rates for short-term...

Hi-Tech Latest

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7

Our Latest Posts

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7