Choi Soo-hyuk, CEO of SymVerse Labs Co., Ltd.

Establishing a new digital ecosystem by expanding unique blockchain technology - Choi Soo-hyuk, CEO of SymVerse Labs Co., Ltd. | Ph.D. in Economics

New technologies and industries are accelerating the digital transformation. Considering the characteristic of modern society where all technologies and digital ecosystems are closely connected, interacting, growing, and evolving, most technologies that are reshaping the world today are sensitively influencing each other and promoting mutual development. Blockchain is no exception. While it was first hailed as a type of highly secure transaction technology, blockchain is now showcasing its presence as a vanguard of cutting-edge technology, with Web3 and AI as its two wings, alongside the metaverse and fintech. Blockchain is no longer a special technology used only in cryptocurrencies or security-related services; it is becoming a familiar and popular technology penetrating our daily lives.

SymVerse Labs is a blockchain technology company that is actively developing a wide range of blockchain services and platforms based on the core values of 'coexistence' and 'practicality.' Choi Soo-hyuk, the CEO of SymVerse Labs is working to make the value of coexistence—where everyone helps each other—a reality in daily life, just as blockchain users voluntarily connect and achieve results for mutual benefit, envisioning a future that fosters a new digital environment.

<WeeklyPeople> sheds light on the digital ecosystem that SymVerse Labs is building.

SymVerse Labs, Born to Overcome the Limitations of Existing Blockchains

Even those with little interest in cutting-edge technology have probably heard the name 'blockchain' at least once. Blockchain is a decentralized system formed by countless small data units linked in a chain-like form, based on distributed computing technology to prevent data forgery and manipulation. This technology, which records and stores information in a distributed data storage environment called a block, has the advantages of being highly secure and transparent compared to the traditional method of centrally storing and managing information. Bitcoin, which first demonstrated blockchain technology in 2008, and Ethereum, which emerged in 2015, began to expand blockchain technology into various fields. Although blockchain was largely evaluated as a revolutionary technology that would completely change our digital environment and internet experience, CEO Choi Soo-hyuk felt many problems and limitations when he directly used the blockchain technologies in the market for his research in the late 2010s.

"At that time, I was researching cryptocurrency whitepapers and program sources to create a cryptocurrency exchange platform. Since cryptocurrency is an inseparable concept from blockchain, I was using the most representative blockchain services on the market at the time. Perhaps because the services were just in their infancy, there were many areas that needed improvement. The most urgent one was the processing speed. The speed of block generation and transaction finalization was too slow. In the cryptocurrency market, where prices change in seconds and new issues arise, this was a fatal flaw."

Having obtained a Ph.D. in economics from Northwestern University in the U.S. and leaving a significant mark in the domestic information and telecommunications field as the inaugural head of the Information and Communication Industry Team at the Korea Information Society Development Institute (KISDI) and an adjunct professor at KAIST and Korea University's Graduate School of Information Security Blockchain Department, CEO Choi realized that there was no proper blockchain platform or service that ordinary people could easily use and access with a light heart. He decided to develop such a service himself. The result is SymVerse, which operates based on 'SymID.'

"SymVerse is an innovative service that allows for block generation and transaction finalization in less than a second, based on a self-sovereign decentralized ID. It is also called a fractal network, a multi-blockchain platform ecosystem. It is a technology that allows independent blockchain platforms to be interconnected based on our unique mainnet technology. We not only support companies in independently building or easily leasing blockchain infrastructure but also provide a variety of solutions and consulting services, including a decentralized wallet, an electronic identification system, and an integrated smart contract development environment."

텍스트, 스크린샷, 운영 체제, 소프트웨어이(가) 표시된 사진

AI 생성 콘텐츠는 정확하지 않을 수 있습니다. — Fractal Mainnet Solution (Build-type)

World-Class Blockchain Technology Achieved with Perseverance

SymVerse Labs' blockchain technology is world-class. It already holds a number of patents related to blockchain and passed the TTA performance test by the Ministry of Science and ICT with outstanding performance. It also had the honor of winning the Grand Prize in the Mainnet category at the 16th World Blockchain Summit MARVELS Awards. Recently, it has begun to supply blockchain solutions tailored for the Web3 era in earnest. Web3 is a comprehensive term for technologies that decentralize data ownership and control on the internet, with key concepts including expanding individual user content ownership, joint participation in decision-making, intelligence, and personalization. It can be called the third generation of the internet, where computers and AI understand the content of a web page and provide personalized information. Although it is not yet a widely known concept to the public, SymVerse Labs is servicing Web3-based customized solutions with the belief that Web3 will be the key to blockchain technology in the future.

"If you have data, you can create your own Web3 site and application. For example, what if we implemented 'WeeklyPeople' on Web3? Since we already have a lot of content, a Web3-based site can be created much faster and easier than you might think. This would create a unique, personalized site that reflects the characteristics of WeeklyPeople, unlike a typical site. Considering the features of WeeklyPeople, a site or application that compiles a collection of biographical stories of people in various fields would be created."

The driving force behind SymVerse Labs' ability to service Web3-based blockchain technology is its focus on a single technology—blockchain—and the diverse experience, know-how, technology, and infrastructure it has built. In fact, since its establishment in 2018, SymVerse Labs has focused solely on advancing a single technology, blockchain, for a period of seven years. While many companies have challenged blockchain and disappeared because the concept itself was so unfamiliar and difficult to commercialize, SymVerse Labs persevered through hardships and adversity by continuously advancing its technology. Thanks to this, SymVerse Labs is receiving positive evaluations in the industry as a company that holds all the technologies and tools related to blockchain infrastructure in Korea. CEO Choi showed a satisfied smile, saying that the data and technologies they have accumulated are now coming to light.

"Since last year, our infrastructure and equipment have been replaced one by one. Last year, we unveiled Scan V2.0 to establish a service infrastructure that can be shared with the Web3 platform. The block finalization speed of globally renowned blockchains is typically around 4 seconds. But our service has a block generation and finalization speed of 1.39 seconds. The number of blocks, at about 130 million, is also at the highest level in Korea. In addition, by upgrading to a PoS method, we have evolved to a performance level comparable to that of leading global blockchains."

텍스트, 의류, 벽, 사람이(가) 표시된 사진

AI 생성 콘텐츠는 정확하지 않을 수 있습니다.

Blockchain Expanding into Various Fields, a Sustainable Future Digital Ecosystem

SymVerse Labs is gradually expanding its business based on its excellent blockchain technology and infrastructure. It is planning to launch a new version of its wallet that can operate in a Web3 environment and is also preparing a site for distributing product certificates, coupons, and tickets in NFT form. All these products were created with ideas derived from core blockchain technology. Recently, focusing on deep learning, which has brought about the rapid development of AI, it has also conducted work to overall manage applications used in the medical field.

"The strongest player in the domestic cervical cancer diagnosis market is the Korea Clinical Medical Research Institute of the KCL Medical Foundation. We recently collaborated with this institution to develop an application and software that can diagnose cervical cancer with AI. It is a system where a patient who has been diagnosed once can get a follow-up test and know the cervical cancer diagnosis process and status by simply scanning their ID at any hospital. It is a project targeting the entire world and is attracting attention in Indonesia and the Philippines."

It has expanded its blockchain technology and customized solutions used in the marketing field to the medical field. In addition to the medical field, it is also preparing a service that guarantees the identity of delivery riders and issues certificates by leveraging the safety and security of blockchain technology. To this end, CEO Choi also pursued an MOU with the Korea Delivery Riders Association and SymVerse Labs. In July, it made headlines by signing an MOU with Kospi-listed company Inscobee to build a next-generation financial platform, with the goal of jointly building a blockchain-based next-generation financial platform.

"We are at the forefront of expanding blockchain technology in various ways. Many of these projects do not generate immediate profit. We sometimes launch services with a long-term view or, in cases where all rights belong to a collaborating company that commissioned the development, we only receive the development fee. Of course, even then, we demand a partial stake in the service or system for future sustainability. Nevertheless, there are some who question why we are doing work that does not generate immediate profit. But I believe that we learn more about ecosystem creation and expansion in the process of building a wide range of services and platforms based on blockchain technology."

텍스트, 사람, 프레젠테이션, 의류이(가) 표시된 사진

AI 생성 콘텐츠는 정확하지 않을 수 있습니다.

CEO Choi and SymVerse Labs have persistently delved into the potential of blockchain, from medicine and distribution to finance and national defense, and have made it their own competitive edge. He also provides management consulting to client companies, leveraging his over 30 years of experience in the field, meeting companies and empathizing with their difficulties. In this process, new possibilities are born, and a deep relationship of trust is built with clients.

So, what are the organizational culture and values of SymVerse Labs, which has emerged as a leader in the domestic blockchain market in just seven years?

A Unique and Passionate Company, Aiming to Be the No. 1 Global Blockchain Company

The organizational culture that represents SymVerse Labs is Agile. Agile, a term that means 'nimble' and 'agile,' emerged as a software development methodology in the mid-1990s. It also refers to an organizational culture that breaks away from heavy and normative methodologies, breaking down departmental boundaries in the office environment and eliminating the hierarchical system to give individual team members great autonomy. It is an organizational model in which a small team continuously incorporates external feedback to create a final result. It is known that famous big tech companies today, such as Apple, Google, and Microsoft, also maintain this Agile organizational culture.

"Although each employee at SymVerse Labs has different roles and assigned tasks, the content itself is shared by everyone. Everything that happens in our company is documented, and the data remains. From me, the CEO, to the youngest employee, anyone can see who is doing what without any restrictions. An open organizational culture that allows for organic communication between teams has been systematized. Because we work this way, unnecessary misunderstandings do not accumulate between us. A culture of processing customer feedback as quickly as possible in real-time has been established, so there are not many accumulated problems."

CEO Choi, who has focused on a single field for more than seven years since founding SymVerse Labs, advises his junior colleagues and young people who dream of starting a new technology company to persevere and concentrate on one field. While innovative technologies are emerging in various fields such as AI, IoT, and quantum computing, he says that to succeed in that field, one must at least be prepared to become an expert in that field. He says that if you decide to challenge the AI industry, you must read at least three or four significant papers a month and strategically approach a specific area within AI.

텍스트, 스크린샷, 그래픽 디자인, 멀티미디어 소프트웨어이(가) 표시된 사진

AI 생성 콘텐츠는 정확하지 않을 수 있습니다. — SALLT V2.0 Key Features

"Above all, you must cultivate your own expertise. Even if you get an opportunity by chance, you cannot be recognized for your potential in the long run if you are not prepared. Rather than just chasing immediate profits, think about what kind of career this work, and experience will build for you and what kind of skills it will develop. In the same context, when choosing a company, you should choose a company that can help you grow and that shares your values and vision, rather than just following the money."

CEO Choi expressed his ambition to grow SymVerse Labs into a global company with various application technologies and platforms based on blockchain technology. He also added that he does not intend to grow SymVerse Labs into a model company loved by everyone like Google or Apple. He said that he hopes SymVerse Labs will be remembered as a 'unique company' and a 'passionate company that takes on various challenges and attempts based on its unique blockchain technology.'

<WeeklyPeople> is paying attention to the next steps of SymVerse Labs, a company that has exceptional expertise in blockchain technology and is creating a new blockchain ecosystem by making contact points with the public. Photo provided by SymVerse Labs.

Profile

* Current CEO of SymVerse Labs

* Former President of the Korea Blockchain Startup Association

* Former Adjunct Professor, Graduate School of Information Security, Korea University

* Former Adjunct Professor, Graduate School of Culture Technology, KAIST

* Former Advisor, Arthur D. Little

* Former Senior Research Fellow / Inaugural Head of Information and Communication Industry Team, Korea Information Society Development Institute (KISDI)

* Ph.D. in Economics (Industrial Organization/Game Theory) from Northwestern University, USA

SymVerse

* 2023 Top Awards Korean Figure Grand Prize

* 2022 Grand Prize in Leading Company of Korea's 4th Industrial Revolution

* 2022 Grand Prize in Mainnet Category at MARVELS Awards

* 2019 Grand Prize at the 3rd Seoul Innovation Challenge

* 2019 Grand Prize for Sustainable Innovation Leader of Korea

* Holds multiple blockchain-related patents

* Passed the TTA performance test by the Ministry of Science and ICT

* Obtained GS Certification Grade 1 for a blockchain wallet, the first in the industry

* Launched a total blockchain solution [Mainnet (Fractal / Virtual), Custom Blockchain Wallet, DID Solution, Integrated Token Management Platform (BBP), Smart Contract Integrated Development Environment (SymPose IDE), DApp Service Consulting]

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