The chicken herding project erodes trust in Vietnamese blockchain

 Blockchain can bring many big changes to life, but scam projects make the community have a bad view of technology.


ring the Blockchain Global Day 2022 event taking place on July 29 in Ho Chi Minh City, experts admitted that besides good and world-famous products, many Vietnamese projects were labeled as scams and chickens. This not only affects the image of the Vietnamese blockchain industry but also erodes the community's trust in the technology.


Mr. Thai Thanh Liem, CEO of Topebox, said that chicken-raising projects often call for money from investment funds and blockchain user communities through the sale of tokens at a valuation that is too high compared to reality. These are mainly cake projects and the team is almost incapable of implementing the ideas given.

"When investors encounter too many scam projects, they will no longer be able to keep an objective assessment of the entire industry. But the traditional community and those who do not understand blockchain properly will have a skeptical and cautious view. In addition, these projects also create a bad habit for the community to only focus on looking at the up and down token price chart without paying much attention to the product's information, "Mr. Liem said.

Mr. Thai Thanh Liem, CEO of Topebox.
Mr. Thai Thanh Liem, CEO of Topebox.

Sharing the same opinion, Mr. Tran Toan, CEO of AceStarter, said that a big challenge for the Vietnamese blockchain industry is the large number of users and strong community, but most people talk about cryptocurrencies and tokens, very few people really understand the technology. .

The consequence of not being fully equipped with knowledge but being too deeply involved in the market is that many people lose money on less reliable "carpet withdrawal" projects. When they lose money, they have an unfriendly view of technology as a vicious circle.

In addition to educating and raising public awareness, Mr. Luu Duc, Chairman of Spores Network, said that in order to erase people's bad impressions of technology, projects need to be real and proven to users. existing values ​​of blockchain.

He gave the example of a project Spores is working on with a football team in the US to build a stadium in the metaverse. In the virtual universe, the user holds an NFT and can own the seat position in the real-life stadium. Real-life elements and metaverse are combined to enhance the value of items, not just virtual projects. This is one of many ways to rebuild trust for users.

The speakers discussed the application of blockchain at the Blockchain Global Day event taking place on July 29 in Ho Chi Minh City.
The speakers discussed the application of blockchain at the Blockchain Global Day event taking place on July 29 in Ho Chi Minh City.

According to Cris Duy Tran, Chief Strategy Officer of Huobi Global Vietnam, trust is the core issue of blockchain at this stage. In the future, in order for more people to believe in new technology such as blockchain, the participation of large corporations and the government is required. "When the institutions that lead the economy acknowledge, technology will blossom and have a very good impact on public confidence," he said.

Experts also believe that blockchain technology itself is also proving its value, being able to solve many problems of society, not just around cryptocurrencies or the GameFi project. According to Mr. Tran Toan, CEO of AceStarter, in 2017-2018, when participating in industry conferences, most of them discussed trade and coins. But four years later, things were completely different, the community talked more about the technology, many in-depth topics of blockchain were dissected. It is that change that will help strengthen trust. "This is a challenging period but also an opportunity for blockchain startups. I believe with the current development progress, blockchain will soon enter every home, every corner of life naturally without knowing it. it has a blockchain behind it," Toan said.

He predicts that by 2030, blockchain will change the face of social life in an unimaginable way and 2026 can be a big milestone, marking the explosion of this technology in people's lives.
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