A Collaboration to Help Worldwide Businesses Adopt Technologies

With this promising partnership, SotaTek and Wanted aim to deliver clients focused, high-quality services that truly add value, and for a reasonable price.

Specifically, Wanted will refer SotaTek to their extensive network of clients looking for a trusted Tech Partner to develop customized software. SotaTek will support development phases, technical issues and any other problems that may arise.

We are looking forward to bringing innovative solutions for worldwide businesses!

About Wanted Labs 

Wanted is Asia’s first referral-powered recruiting platform. On Wanted, anyone can refer to talent and earn cash rewards upon a successful hire. Using AI, the Wanted platform screens all data to guarantee the quality of applications and referrals made on the platform, which improves a person’s hire success rate by 4X and reduces an employer’s time-to-hire by 70%.

There are currently over 4,000 companies and over half a million users on the Wanted platform. Since 2015, companies such as LINE, Tiktok, Sendbird have been using Wanted to recruit talent in Asia. Wanted also partners with Google, AWS and WeWork.

Founded in Korea, the company has raised over USD$10million in funding and has now expanded to Japan, Taiwan, Hong Kong & Singapore.

About SotaTek

SotaTek is a global Software Development as a Service (SDaaS) corporation, the largest Blockchain consultant and solution provider in South East Asia. With 1000+ in-house employees, over the past 7+ years, SotaTek has successfully implemented 500+ projects for global customers. 

SotaTek’s technical experts support partners in all industries such as Health, Manufacturing, Education, Retail, Logistics, Energy,... We guarantee to have your ideas turned into reality with cost optimization.

For more information:

Email: contact@sotatek.com 

LinkedIn: https://www.linkedin.com/company/sota-tek-.-jsc/

Twitter: https://twitter.com/SotaTek

With the quality network and experience in hosting tech events series, APAC DAO will help Sotatek expand our market in APAC, by connecting us with the most potential blockchain projects. Meanwhile, SotaTek, as a strategic partner, will help APAC DAO members’ projects develop applications more easily, efficiently, and cost-effectively.

About APAC DAO

APAC DAO is a community-based web3 initiative that structures and powers the journey to web3 for members. We are now an ever-growing group of 1200+ members in 15+ APAC countries & 500+ web3 projects & 4M+ blockchain enthusiasts through members’ communities. We aspire to leverage this powerful network to educate, crowdsource, and support high-quality projects in a DAO-governing model - unbiased, transparent, and incentive-based to drive the most values for our community.

About SotaTek

SotaTek is a leading Blockchain Development Company that owns the largest Blockchain resources in APAC. With 1000+ in-house employees, over the past 7+ years, SotaTek has cooperated with 25 countries and successfully implemented 500+ projects for global customers.

We focus on leveraging the latest technologies with cost-optimization to support partners in all industries such as Health, Manufacturing, Education, Retail, Logistics, and Energy,... We believe that, with our technology capabilities, SotaTek will be a reliable companion and a trusted partner to bring the most optimal solutions for your business.

1. What is Zero-Knowledge Proof?

Zero-knowledge proof is a method for a party to prove that they possess knowledge about a piece of information without disclosing the actual information. 

It first appeared in a 1985 MIT paper “The knowledge complexity of interactive proof systems”. In this paper, Shafi Goldwasser and Silvio Micali show the possibility of a “prover” to convince a “verifier” that a statement about a data point is true without revealing any additional information about the data. The prover tries to prove a claim, while the verifier takes responsibility to validate the claim.

Zero-knowledge proof can be interactive, where the prover convinces an individual verifier and needs to repeat the process for each different one, or non - interactive, where the prover shows proof that can be used and verified by anyone.

Zero-knowledge proofs

2. The benefits of Zero-Knowledge Proof

The primary benefit of zero-knowledge proof is to leverage privacy within transparent systems like public blockchain networks. Users using blockchains can see and download all data on the ledger, which makes blockchains to be highly transparent. Zero-knowledge proof adds to this benefit by enabling the execution of smart contracts without revealing private data.

Traditional institutions such as enterprises, companies, or banks need to ensure privacy within their blockchain networks due to competition, trade secrets, and law requirements. They are required to safeguard their clients' information according to various regulations like General Data Protection Regulation (GDPR) or Health Insurance Portability and Accountability Act (HIPAA).

Zero-knowledge proof now opens up a wide range of use cases for institutions to interact with public blockchain networks but still keep their sensitive data safe and under control.

Zero-knowledge proof intuitive example

3. Use case of Zero-Knowledge Proof 

a. Anonymous Payment

Credit card payments are visible to multiple parties like banks, payment providers, and government authorities to limit and identify illegal activities, however, this sometimes violates the privacy of ordinary citizens. Cryptocurrencies are created as a means to conduct private transactions but due to the nature of blockchain, most cryptocurrency transactions are still visible on the public blockchain. 

There is some privacy-focused blockchain, like Monero and ZCash, that protect transaction details, including sender and receiver addresses, asset, quantity, and timeline. This is made possible by implementing zero-knowledge proof technology into the blockchain protocol: they allow nodes to validate the transaction without knowing the transaction data.

b. Identity protection

As current identity management leaves room for information leaks, zero-knowledge proofs can help users validate identity without revealing sensitive details. For example, users can prove their citizenship without providing ID or passport details.

c. Authentication

Users are required to provide their identity to be given access to online services. They need to provide personal information like names, email addresses, birthdays, etc. Zero-knowledge proof can help authenticate both the platforms and users. With the proof users have obtained, they can use it to authenticate their identity to use the services. This will improve customer experience and help organizations free from the need to store large amounts of information.

d. Others

Zero-knowledge proof is able to provide many other use cases, such as storage protection, data sharing, encrypted messaging, file system protection, and many more. All the use cases utilize the privacy-focused nature of the technology to improve current online services and experiences.

4. Challenge and Conclusion

Zero-knowledge proof has improved over the years and is used in different meaningful use cases. However, the drawbacks of this technology are visible and require improvements. Notable is the hardware costs, as generating zero-knowledge proofs involves complex calculations on expensive specialized machines. This can increase the cost for both the organizations and end-users. The proof verification costs now come as a challenge for users, with the increased gas fee to complete the process.

With many challenges to take into account, zero-knowledge proof is undeniably an important and promising technology to be implemented in the blockchain. Blockchain can now be the super protective platform everyone hoped for, and time will tell.

1. What is Web3?

Web 3 is the next step of web development, following Web1 and Web2. It is built using decentralized blockchains — the shared ledger systems used by cryptocurrencies such as Bitcoin and Ether.

If Web 2 has centralized data, which means it is owned and controlled by large corporations, Web 3 is totally different. The decentralized nature of Web3 eliminates the need for such intermediaries. It is a user-centered web architecture in which individuals own and control by themselves.

Web3 also removes the need for “trust” or intermediaries to facilitate virtual transactions, and blockchain technology ensures transaction security and payment reliability. Besides, because it is not dominated by large tech companies that collect potentially sensitive data, it can better protect user privacy.

To conclude, Web 3 characteristics include:

• Open-source information
• Transaction information remains authentic
• Data is controlled by owners
• DeFi Web3 applications replace the centralized monetary system

Related: Can Web 3.0 be the Next Revolution for the Internet?

The development of Web versions

2. Existing Challenges of the eCommerce Industry

Here are the top challenges that eCommerce businesses have to deal with:

• Online identity verification: How does a retailer know if a buyer visiting an e-commerce site is real? Are the details they entered correct? Is it true that they like e-commerce products? How can you move forward if you don't have all of these details? Things can become extremely difficult.
• Cyber and data security: eCommerce industry involves a lot of sensitive data from users (name, address, bank information,...). Therefore, security breaches are one of the greatest challenges. A data-related technical issue can have severe consequences for the brand’s image and daily operations.
• Customer loyalty: Customer loyalty has an important role to play in the eCommerce industry as attracting new customers is often much more expensive than retaining existing ones, given the rising marketing and promotion costs. Besides, the success rate in selling to an existing customer has a higher success rate than selling to a new customer. Therefore, eCommerce businesses always have to think how to keep this customer for the rest of their lives.
• Customer experience: Customers always have high expectations of any brand that they experience. Therefore, it is important to consider the eCommerce website’s navigability, the content flow, segmentation and retail personalization of products based on shoppers’ preferences.
• Growing competitors: The number of eCommerce businesses has been rising dramatically, resulting in a highly competitive market. Therefore, how to stand out from other competitors is a difficult question for any business owner.

3. How can Web3 eCommerce help?

a. Decentralized Finance and Decentralized Marketplace

With Web3 eCommerce, businesses can accept crypto as a payment method besides other traditional ones. Moreover, Web3 will create decentralized markets in which users can choose what they want to be produced. It will be a community-managed market with complete user control and freedom of exchange.

b. A Powerful Authentication Process

eCommerce Web3 will develop a robust customer authentication system. Encrypted digital identities would also improve management and protect them from misuse or theft.

However, the advantages go beyond simple authentication. Warranty information can also be easily stored, accessed, validated, and verified with Web3 in eCommerce.

c. NFT-based Loyalty Rewards Program

NFTs are used in eCommerce and web3 for monetizing loyalty programs. With each purchase, customers will be rewarded some corresponding points, which can then be redeemed for products or discounts. However, instead of random points, companies can now issue NFT-based tokens with a predetermined value.

Related: The Future of NFT Loyalty Program: What can be drawn from Starbucks x Polygon?

d. Customer experience in Metaverse

E-commerce businesses can use web3 to provide their customers with a real-time and unparalleled experience. They will be able to not only scroll through but also visit a virtual store. That is what the metaverse can do in e-commerce.

4. How should Businesses Prepare for Web3 eCommerce Platform?

a. Token Gated Commerce

First, you must pique people's interest in blockchain and NFTs. Token gated commerce connects these technologies and e-commerce by giving customers a reason to purchase your NFTs and invest more loyalty in your brand.

b. Accept Crypto Payment

According to research, 40% of buyers using crypto are making their first purchase from a company, and crypto customers spend twice as much as credit card users. This demonstrates that accepting cryptocurrency payments can result in a high order value.

Businesses need soon accept crypto as a payment method

Therefore, the sooner you begin accepting cryptocurrency as a payment method, the more likely you will be to attract new customers and convert them into loyal fans of your brand, while also increasing the amount customers spend at your store.

c. Metaverse Shopping Experience

The metaverse unlocks endless opportunities for eCommerce businesses to create personalized and engaging shopping experiences.

For instance, with Metaverse, customers can try products on as if they are in your brick-and-mortar stores. From clothes, accessories, to furniture or decor, the AR/ VR glasses can help customers to preview such products before making a purchasing decision. Metaverse experiences will give customers a reason to interact with your Web3 eCommerce presence.

d. Gamify Shopping Experience

Involving a younger audience in the game is as simple as dipping your toes in the water. NFTs can be used to unlock portions of your shopping experience. This makes it more interactive and creates buzz without feeling like traditional advertising.

5. Final Thoughts

To conclude, Web3 in eCommerce is truly a promising future as it will offer customers the best experience. Omnichannel strategies will be even more efficient with Web3, as brands can connect all of their sales channels and operational systems to offer seamless eCommerce experiences for their customers. Web3's inherent quality, decentralization, enables brands to run their apps without a single point of failure and benefit from the robust technology stack of Blockchain.

Want Web3-based solutions to improve user experience and make your e-commerce business stand out? Talk with our experts! 

SotaTek is the largest Web3 Solution Provider and Software Development House in Vietnam. Besides the 6 head offices in Vietnam, we also own 4 offices in Japan, the US, and Australia to offer seamless services worldwide. Apart from web3 eCommerce, our technical experts can help leverage Web3 solutions in Education, Healthcare, Retail, Finance, Entertainment,... We are ready to give you out-of-the-box solutions and help you materialize your vision!

1. What is Metaverse Healthcare?

The fact that both adults and adolescents cannot access enough treatment results from the lack of insurance, professionals, and inefficient mental health system. Since people migrate from their current telehealth platforms to a real-time virtual environment, they will be satisfied thanks to no more phone lines, individualized services, or being ignored at hospitals even in emergencies. 

To exactly detail the definition of Metaverse Healthcare, we can associate it with a combination of AR and VR glasses facilitated by the medical Internet of Things. AR utilizes visual elements and graphical characters to morph the real world by enabling users to view their surroundings through other digital visuals. VR creates a complete computer-generated digital world that users can explore using VR headsets, gloves, and digital sensors. AR and VR have produced much hype that has encouraged big tech giants to invest in equipment development to accommodate futuristic Metaverse projects.

Metaverse is a combination of AR and VR glasses facilitated by the Internet of Things

Since health records are at high risk of being stolen due to being stored on centralized servers, doctors and nurses realized that they have to be far more effectively diagnose minor conditions which stand a chance of making up a majority of their daily caseload. What’s more? The Mateverse is already showing signs in digital therapeutics that VR and AR technologies provide medical applications with the support of haptic sensor support.

VR is applied by professionals to execute internal training and create new channels for high-quality caring and improve patient outcomes. Meanwhile, surgical procedures are now using AR for efficient diagnosis rather than robotics or manual processes as normal. In other words, the metaverse is one of the most effective tools that perform complicated surgical procedures and considerably enhance patient care.

2. Benefits of Metaverse Healthcare

a. Medical Training and Education

In terms of mental health, the metaverse, which illustrates the significant effectiveness of doctor-patient experience over the past decade, has the ability to avert a serious crisis. Especially, cognitive therapy and rehabilitation have now taken place in the materverse. Now, not only Web3 but also all the monikered technologies have back up the medical capacity, particularly in delivering care for patients.

The mateverse ushers a new age for the healthcare industry, where prodivers can efficiently interact with patients, stimulate effects of a proposed treatment, and experience more personalized technologies for better diagnosis.

Within the metaverse, medical students can be provided a profound understanding about “interactive holographic projections” combined with “human physiology”. All of this work, as a consequence, gets people used to the application of both VR and AR.

Read more: The Promising Adoption Of AI In Healthcare Industry

b. Change people lifestyle

According to Medical Device Network, the metaverse is expected to transform the way people work, shop, daily communicate and consume content on social media. A digital platform based on metaverse allows users to have an immersive experience by enticing a feeling of presence among them.  

One outstanding among others long term effects of the metaverse is on mental health. Psychiatrists and psychotherapists could use the immersive experiences in the metaverse to treat issues like: PTS, anxiety disorders, delusions, psychosis, hallucinations, eating disorders, etc

Moreover, gamification and personalization in the metaverse can change the current lifestyle of people. It empowers both professionals and patients to adopt a healthy lifestyle and get incentives in the form of tokens or rewards. Especially, people who have more control and ownership of their own health data can power their NFTs and exchange values with others. Therefore, metaverse healthcare has delivered unique user experiences via healthy applications and daily rewards for boosting users’ energy.

The applications of metaverse healthcare can change people's lifestyles

c. Connected community

Last but not least, this new age of the health industry is expected to be an ideal place for people to socialize in a more and more digitized community. This, for sure, can allow those who have the same health issues or needed sense to share, emphasize, and support others for the better in the long run. 

A clear example can be seen as remote doctor visits can be improved in order to drive a highly immersive experience within a virtualized provider space. And hospital staff can resolve problems by keeping track of the time and workload via a virtual space. In other words, the metaverse evolves the next generation of facilities, wellness spaces and hospitals, which all are housed in just a metaverse.

3. Final thoughts

Though the road to metaverse healthcare is paved with positive intentions, the healthcare industry has to face significant headwinds as a metamorphosis. Ubiquitous economic inequities can translate into a lot of convenient technologies which are inaccessible to the majority of people around the world. Yet we need to understand how healthcare consumers are attracted to the metaverse, and how it interacts with patients’ needs under any circumstance. 

However, we, as adopters in a technological age, should consider this new type of healthcare delivery as an innovative and revolutionary milestone that is fulfilled with excitement and potential opportunities. As anything can possibly break the barriers of geographic restriction, improve care for both providers and consumers, and remarkably move humanity forward. 

Are you ready to join the metaverse market to apply effectively in the healthcare industry? SotaTek will support your business to successfully apply this new technology and save maximum costs for far better services/products. With 1000+ experienced developers and 10 global offices, SotaTek’s Blockchain skills and expertise have been demonstrated through over 500+ successful projects, and a strong network with Tech giants (Cardano, Casper, Klaytn, Dvision network, Xeno Holdings,...).

Don’t hesitate to leave a contact and join us now!

1. What's Causing the Urgent Need for AI in Manufacturing?

AI technology (Artificial Intelligence) refers to machines or systems that can mimic human intelligence in order to perform complex tasks based on data. It is easier to maintain and can be adapted quickly when management changes the manufacturing strategy and production plans.

AI-based technology can help manufacturing firms speed up the digital transformation process with various huge benefits. 

a. Reduces costs

AI is considered a powerful tool when it comes to predictive maintenance. It can identify issues in manufacturing processes before they occur, such as detecting misaligned parts or finding potential problems. Then, businesses can avoid risks and cut operating costs by using a proper predictive maintenance strategy and precise AI-based analytic algorithms.

b. Decreases production errors

Production companies can save time by using AI technology to identify and correct manufacturing process errors quickly. Manufacturers have to gather data from prior production cycles so that AI models can use that information to identify problems and suggest production procedures with drastically lower mistake rates.

c. Lowers labor costs 

AI-powered solutions can replace many manufacturing jobs, and workers can be trained for higher-level positions like machine control instead of manual work that demands exceptional physical strength and accuracy.

Furthermore, it is predicted that collaboration between humans and machines will increase productivity in labor-intensive areas by 20%. Long-term labor cost savings come from investing in AI, which also gives your staff the opportunity to gain new skills for your business.

2. Key Uses for AI in Manufacturing

a. Quality Assurance

Every step of the manufacturing process must be 100% accurate. Therefore, highly accurate electronic devices driven by AI are the best fit for this sector. Prior to now, quality control has always been a manual procedure carried out by craftsmen who could guarantee that electronics and microprocessors were being built correctly.

With high accuracy, AI can now replace humans in manual quality assurance

A product's flawless production can now be automatically verified by image processing algorithms. This sorting can be executed automatically and in real-time by placing cameras at strategic locations on the production floor.

b. Assembly Line Integration

One could say that industrial processes generate a tremendous amount of data. Presently, equipment in manufacturing companies sends massive amounts of data to the cloud, but sadly, this information isn’t utilized well.

Therefore, it is essential to have a system that enables organizations to store and categorize information in several dashboards for better management. Firms can make sure that they're getting a full perspective of the operation by developing an integrated app that draws data from the range of IoT-connected equipment. 

c. Supply chain and logistics management

Logistics management: Automation of logistical processes is possible with AI-based image processing, which has an impact on the management and flow of goods. Machine learning algorithms can help manufacturers create the best supply chain for all of their products. This allows for the identification of components and the appropriate delivery route.

AI is a powerful technology for managing logistics and supply chains in manufacturing processes

Supply chain: As large manufacturers have massive supply chains with millions of orders, materials, or ingredients to process, an AI-driven system will be a game-changer for them. With AI technology, processes are handled automatically to assist businesses in managing with less time and staff.

3. Challenges of adopting AI in Manufacturing

a. Integration

One of the biggest challenges with AI implementation in the manufacturing industry now is integration. AI integration into the existing systems is more complex than installing a browser plugin. It's actually about collecting, categorizing, and labeling a huge amount of previous data into the new system. Imagining an organization with thousands of employees, complex producing processes, and lots of data through the years, switching to an AI system is not an easy task.

b. High implementation costs

Implementing AI is costly, especially when developing a customized solution. This includes money as well as time, talent, and tools. AI specialists, such as data scientists, software engineers, and developers while AI manpower is now in short supply. Thus, this scarcity of human resources increases the financial budget for implementation. That's why AI is better suited to large-scale corporations with the solid financial ability to adopt and maintain.

4. Conclusion 

AI and Machine Learning must start employing innovative manufacturing technology right away if they want to remain competitive in the future. By significantly reducing operating costs, speeding up time to market, and enhancing performance, surely that early adopters will have a huge competitive advantage. 

If you are overwhelmed and don't know how to start, just contact us now for a free consultation. SotaTek with 1000+ staff and various AI projects that have received countless positive feedback from users will have you evaluate your readiness for AI implementation.

Aptos was created with the goal of providing a high-quality security and scalability Blockchain Layer-1 platform. It was created by a former Meta employee who had previously worked on the Diem project. With Move - a new safe and reliable programming language, Aptos is considered as one of the “Solana killers".

To help SotaTekers gain a thorough understanding of Aptos and Move language, Tech Talk #8 is back with a special host, Mr, Hoang Phuc - SotaTek's developers.

We hope that this Tech Talk session will provide you with the most up-to-date information about blockchain and the Aptos platform!

Các nhà phát triển hiện nay phải đối mặt với nhiều thách thức khi cố gắng đạt được sự bảo mật, phi tập trung và khả năng mở rộng trong cùng một mạng lưới Blockchain. Để giải quyết vấn đề này, các Layer Blockchain đã xuất hiện liên tục, và Aptos là một dự án mới như thế. 

Aptos được thiết kế với trọng tâm là sự an toàn tuyệt đối, khả năng mở rộng quy mô và tính trung lập đáng tin cậy. Aptos cũng được coi như một sự kế thừa từ dự án Diem của Meta và đang sử dụng Move, ngôn ngữ an toàn và đáng tin cậy. Nó thậm chí còn được đánh giá đối thủ đáng gờm của Solana.

Để giúp các SotaTekers hiểu hơn về Aptos Network và ngôn ngữ Move, số Tech Talk #8 đã trở lại với diễn giả Tạ Bá Hoàng Phúc - developer của Sota Labs. Anh Phúc đã chia sẻ nhiều điều thú vị về công nghệ Blockchain truyền thống, Aptos và ngôn ngữ Move.

Hi vọng buổi Tech Talk 8 sẽ trang bị cho các anh chị em những kiến thức mới nhất về công nghệ Blockchain nói chung và Aptos nói riêng.

1. What is Crypto Winter?

Michael Anderson, a financial advisor at Maranatha Financial in Ventura, Calif claimed that “When cryptocurrency prices are down, it’s hard to decide if you should sell before additional losses or hold on waiting for a hopeful rebound”. She added, “Cryptocurrencies are a risky asset that could eventually fall to zero value. While I don’t think all cryptocurrencies will fail, a good number may ultimately bite the dust.”

Therefore, to literally define the term Crypto Winter, it is crucial to note that since November 2021, the crypto market has experienced a significant decrease by 60%, drastically falling from $3 trillion to less than $1 trillion.

Crypto Winter is coming as cryptocurrency prices witness a downturn period

Generally speaking, Crypto Winter, which represents a downturn period in terms of cryptocurrency prices, widely varies from Bitcoin or Ethereum to less-known crypto coins and tokens like non-fungible tokens which cannot be copied, substituted, or subdivided while being recorded in a blockchain.

“The crypto market was already feeling the effect of world events, especially the Russia-Ukraine conflict that caused turmoil in global finance,” says Igor Zakharov, CEO of DBX Digital Ecosystem.

Importantly, Zakharov noted that “By the time TerraUSD and Luna collapsed and set in motion a domino effect in the crypto world, crypto winter had already begun”.

2. The Crypto Winter 2022 

a. The Advantages of Crypto Winter

Undeniably, the year 2022 is not the first time a crypto winter has settled over the market. Two years ago, crypto winter lasted from January 2018 to December 2020 when Bitcoin price, unfortunately, lost more than 50% of its existing market cap, whilst Ethereum and Litecoin (LTC) dropped sharply during that period.

Crypto winter, in some ways, is considered to be similar to a conventional bear market, though,  the results are not unlike bear markets in other asset classes. Not to mention, in the long-term, crypto winters not only weed out young startups but also enable top companies to nurture, develop their products and build sustainable relationships with their stakeholders.

The more challenging it gets to compete for venture capitalist dollars, the more crypto companies will be forced to cut budgets. Or in the worst scenario, some firms are likely to lay off staff as the most optimal solution at the time.

b. This crypto winter is different than the previous one

When the last crypto winter came to the market in 2018, the price of Bitcoin considerably dropped by more than 50% from its all-time high in traditional finance.

However, in the 2022 crypto winter, we have been witnessing a totally different situation. Joel Kruger, a market strategist at LMAX Group, which specializes in cryptocurrency services for institutional investors claimed that was the very first time they had seen a crypto trading lower than before in a traditional bear market. 

With the appearance of the bear market, a crypto recovery is getting far more challenging. Specifically, crypto-specific issues started to emerge, the collapse of the algorithmic stablecoin TerraUSD and Terra known by the ticker LUNA, its sister coin. 

c. Frozen customer accounts and sudden bankruptcies

It is the fact that if a customer borrows an amount of money from a bank to make investment bets that don’t pan out, he is much more likely to cope with further trouble repaying that original loan.

Crypto Winter is forecast to result in frozen customer accounts and sudden bankruptcies

The stories below highlight how quickly the fortunes changed for companies that, only months before, were seemingly swimming in success.

• Celsius Network opened in 2017 and operated much like a bank. Users could deposit crypto and earn interest — up to 17%, according to the company’s website — and Celsius would issue loans against those deposits. (Last year, regulators in multiple states questioned the legality of Celsius products.) In June 2022, the company barred its 1.7 million users from withdrawing or transferring funds — valued at $20 billion at its peak. In July, the company filed for bankruptcy. In a court filing, the company stated that its assets had plummeted by 80% between March 30 and July 14, 2022.
• Three Arrows Capital, a crypto hedge fund, managed about $10 billion in assets at its peak before crypto price declines left the company unable to repay loans worth billions. Its founders went into hiding after filing for bankruptcy and their whereabouts are still unknown.
• Voyager Digital, a crypto brokerage service, filed for bankruptcy in July. Prior to this filing, it paused customer withdrawals. The company cited Three Arrows Capital’s failure to make a $350 million loan payment as a primary reason for its financial troubles.

But these events do relieve the fact that some consumer safeguards found in traditional financial products — such as FDIC insurance, which protects savers in the event their bank goes under — are absent in crypto.

d. What does the future hold?

So what is the future set for crypto, right after this cold winter? Let us drawdowns happen about every four years. For some, that regularity is cause for optimism.

There will be a lot of potential opportunities for investors who might have already foreseen them at the moment. Although the shock of the initial price drops might have worn off, winter has not yet thawed into spring. Many professionals pointed to a Grayscale white paper released in July that states Bitcoin, a proxy for the crypto market, could “see another five to six months of downward or sideways price movement.”

In the meantime, news about some firms freezing customer accounts is, for sure, a good reminder when selecting companies to partner with, rather than a reason to write off the sector altogether. 

3. Final Thoughts: How long does crypto winter last? 

After each dropping period, crypto winters leave the market chances to leverage the whole system and exacerbate losses. It also reinforces to firms the importance of diversification which plays such an essential role in the product mix of businesses.

Are you ready to join the crypto market right after winter ends? SotaTek will help you. With 1000+ experienced developers and 10 global offices, SotaTek’s Blockchain skills and expertise have been demonstrated through over 500+ successful projects, and a strong network with Tech giants (Cardano, Casper, Klaytn, Dvision network, Xeno Holdings,...).

Don’t hesitate to leave a contact and join us now!

The Collaboration between SotaTek and Bibox Exchange

We met Bibox’s representative at Vietnam Blockchain Summit 2022 and had the golden chance to connect, share, and introduce our services. 

SotaTek and Bibox representatives at Vietnam Blockchain Summit 2022

After exchanging discussions, SotaTek and Bibox reached a strategic agreement to support each other in the future. SotaTek will act as a reliable Tech Partner, upgrading existing Bibox trading platforms with cutting-edge technology and assisting them with other Blockchain & Custom Software Development projects!

We are looking forward to an effective partnership and long-term commitment!

About Bibox

Bibox Exchange is one of the leading global digital asset trading platforms with offices in Singapore, Japan, Korea, Vietnam, India, Dubai, Indonesia, and Estonia.

Launched in November 2017, Bibox is widely recognized as the world’s first artificial intelligence digital asset trading platform. Bibox offers support for 150+ coins and 250+ various trading pairs and has more than 3 million registered users worldwide. The exchange’s services include super star, stacking, sale campaign, spot trading, margin trading, contract trading, asset custody, quantitative trading, grid trading, and more.

About SotaTek

SotaTek is a Top Blockchain Development Company that owns the largest Blockchain resources in APAC. With 1000+ in-house employees, over the past 7+ years, SotaTek has cooperated with 25 countries and successfully implemented 500+ projects for global customers.

We focus on leveraging the latest technologies with cost-optimization to support partners in all industries such as Health, Manufacturing, Education, Retail, Logistics, Energy,... We believe that, with our technology capabilities, SotaTek will be a reliable companion and a trusted partner to bring the most optimal solutions for your business.

“As Bitcoin.com moves into a new era with VERSE, we’ll be expanding our reach into Vietnam and the surrounding region to ensure we can maximize the utility and value the token brings to our ecosystem,” said Bitcoin.com Director of Operations Jason Sheman. “We are excited to have SotaTek as a partner!”

Bitcoin.com’s Head of Financial Services Corbin Fraser and Director of Operations Jason Sheman with SotaTek’s Business Development Manager Angela Nguyen and Account Manager Helen Nguyen at the Vietnam Blockchain Summit 2022, held in Hanoi between Oct 19-20

About Bitcoin.com

Bitcoin.com has been a global leader in introducing newcomers to crypto since 2015. They make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. 

VERSE is the rewards and utility token for the Bitcoin.com ecosystem, and the world’s gateway to DeFi. Strategic buyers purchased $33.6 million in a private sale of VERSE tokens in May. Registrations for the public sale, which goes live on November 1, are now underway at getverse.com.

About SotaTek

SotaTek is the largest Web3 Solution Provider and Software Development House in Vietnam. Besides the 6 head offices in Vietnam, we also own 4 offices in Japan, the US, and Australia to offer seamless services worldwide. 

Our IT experts bring data-driven and innovative digital transformation approaches to global clients. With 1000+ minds, we reach across the technology & business sectors and harness our various talents into one goal – to help Clients adapt to State-of-the-art Technology.

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