Vexanium's Mission to Strengthen Blockchain Ecosystem in Indonesia

Had a chance to take part in the early development of Indonesian startups through Voucher, Danny Baskara--who has a long-standing interest in the world of crypto and blockchain--in 2019 launched Vexanium as a public blockchain local.

Building a blockchain infrastructure, Vexanium provides several blockchain-based technology features that digital entities can take advantage of. They also have their own digital token called Vexanium Coin or Vex.

Vexanium as public blockchain is the first DAO organization in Indonesia. Being under the entity of the Vexanium Teknologi Nusantara Foundation, in 2022 they have several plans to achieve, in accordance with the spirit community decentralization and how users can grow together.

Indonesian blockchain market

The lack of trust and education among Indonesian people regarding crypto and blockchain in 2017 made Danny reluctant to build a blockchain-based business. However, after receiving advice from one of his mentors to start building infrastructure for the crypto community in Indonesia, Danny decided to build a blockchain infrastructure that all local players could use without having to use foreign platforms.

To mature his business idea, Danny studied crypto and blockchain in more depth for 5-6 months in China. Finally he launched Vexanium with the enthusiasm to build blockchain infrastructure in Indonesia.

"For blockchain itself there are two categories, namely business based project base and infrastructure. For infrastructure, it is clear that it is decentralized and no one party owns this entity, because anyone can be miner and participate," said Danny.

Specifically there are three core on the blockchain, namely Bitcoin, Ethereum and EOSIO. To make it easier for businesses to use Vexanium, the technology derivative model used by Vexanium is EOSIO.

In blockchain there are also two types of models, namely Transaction Model and Resource Models. For Transaction Model, like Ethereum or blockchain in general, fee each transaction is charged to the user.

While Resource Models is a business that rents resource to process data (similar to business models hosting). This model is more suitable for centralized businesses or businesses that do not charge transactions to users.

"We believe that in the future there will be two choices in this business, namely paying customers or paying businesses. We believe this concept can be brought to non-decentralized companies. "There are projects under Vexanium that are not completely decentralized," said Danny.

There are several fundamentals that blockchain-based solutions can disrupt. The first is a business related to finance. The second is What used to be centralized can be decentralized using blockchain. The third is related to certification, for example NFTs.

In Indonesia itself, there are currently three categories of popular public networks. They are Binance Smart Chain (BSC), Ethereum and Vexanium. According to Danny, because it is more flexible, BSC is the choice of most communities in Indonesia.

It is recorded that it currently exists 50 business entities using Vexanium, including three startups that presented popular NFT-based solutions this year, viz Collectible, Baliola and Rivernity.

Next year's business plan

In contrast to business models in general which charge fees for utilizing technology and products, Vexanium--because it focuses on a community base--does not implement monetization strategies in general. The uniqueness of the decentralized ecosystem has provided the opportunity for monetization to be distributed accordingly stakeholder. Users can also become part of the community.

"Ideally, users who have Vexanium crypto can enjoy these results too. This way it can make the ecosystem better. When users are satisfied they can build something on Vexanium. That is the advantage of decentralization," said Danny.

There are several targets that the foundation wants to achieve in 2022. After all this year Vexanium's focus was to invite more ecosystems to build on its infrastructure, next year they hope to be able to bridge several blockchain solutions.

According to Danny, this is an advantage of a blockchain-based solution, namely that it can communicate between one another. In the future, it is predicted that there will no longer be any boundaries between one blockchain solution and another.

"In 2022 we also want to invite more users to build Smart contract on top of Ethereum and BSC with an Ethereum Virtual Machine (EVM) base later published on the Vexanium blockchain [infrastructure]. "Technically this can be done," said Danny.