Cho says, "Internally Ground X defines Klay token rather as digital asset than currency. Big brands like LG, participants of Klaytn council, think drawing attention from consumers is important. Thus, Klaytn asset-ize the time and participation of consumers"

Do Kwon, Co-founder of Terra project, asks what Klay can solve and Cho answers that Blockchain companies usually find it hard to transform traditional services onto Blockchain. Cho says Klaytn is strong on this point because user experience from Kakao can be adapted to Blockchain

Do also asks how it differs to put Kakao UX on ethereum from using Klaytn blockchain. Cho says Kakao, a native mobile app, needs to maintain the speed, but ethereum lacks scalability. He says Klaytn can make 4000tps even without Layer two solution, and also emphisizes that...

Klaytn's approach is user-oriented while many other Blockchain services are protocol-oriented, thus making Klaytn competitive.

Cho says Klaytn is not competing against Libra, as FB put strength on providing benefits to unbanked, but Kakaopay enables no-cash, no-credit-card environment. He thinks that in developing countries, demand of exchange from crypto to fiat would still be huge, but not clear how.

Chaeho Shin, CIO of Blockwater Management, comments that it would be a massive mistake if Kakao doesn't regard Libra as a competitor, as it would lose major opportunity to let people think of Klaytn as digital asset, while Libra is suggesting a successful use case at this stage.

Do Kwon says "Terra supports Libra, especially its vision to change the rules of finances, which have been prevalent like the rule of nature. "Over(excessive) regulations" like government-driven freezing of assets are taken natural now, but they weren't back in 1970s."

Do points out, "Big tech companies like Facebook and Google, usually abide by the "reasonable" rules, but acted on its own when regulators from some Asian countries forced a privacy invasion, e.g. Korean prosecutors can seize data from Kakao, but not from FB. Libra would be...

...regulated by SEC for sure, but overall standard of liberty will be raised. In this regard, we should welcome a good player in the industry."

Cho says, although FB is putting emphasis on supporting 2bn "unbanked", it is not clear how those who don't have evidence of ID would use fulfill KYC and AML requirements to use Libra. "Is Libra really aiming to serve these people?"

Chaeho points that, what is common in the developing countries that Libra is supposed to aim is that it is usually difficult to send money abroad because of regulations. In that case, chances are that central banks will be desperate about Libra. No government will abandon...

...100-year-long system and currency policies, he says. Just like regulating the crypto-exchanges, regulators will hope to pen Libra in their rules, for example, setting limit to the amount of KRW that can be exchanged to Libra, or having Bank of Korea be obliged to...

...be aware of how much Libra is sent abroad.

Cho rebuts that Libra token will be issued from Swiss-based Libra Association, and Korean regulators won't be able to issue regulations. Chaeho says, because it's digital, it's easier to monitor, and it would even enable issue of CBDC to come true. Only if it affects existing...

...currency policy, they will come up with the strong regulations.

Shinjae says, Terra's online payment service Chai has now recorded 240k users within 40 days from launch of service, and he thinks that despite Terra being a stablecoin business, can't help but to begin online payment svc because of regulations. He asks what happened with Terra.

Do, co-founder of Terra, answers, "Chai is also run with Terra blockchain technology, as when a consumer pays, we buy Terra for him and balance out. Chai is watched by Korean regulators, and for the last year when we had discussions with them, we now understand that it is...

...inevitable for Financial authorities to take careful steps. New businesses and communications among regulators and traditional financial industry will help solve the current clogged situation.

Chaeho says Terra has a separate stable token Luna to maintain the value of currency, while Libra consists basket of multiple currencies, and asks how Terra feels. Kwon answers, it would rather be Terra's merit not to have warranty like Libra's basket. Because Libra will also...

...have to pursuit algorithm-based system. Fiat currency was also warranted by gold, but now it's reserve-based. Kwon emphasizes that Terra has long time speculated algorithm-based stable coin. (end of tweets)