South Korea’s SK Group Proposes Blockchain-Dependent Donation System and Two Tokens


The SK Group, a person of the premier conglomerates in South Korea, is creating a blockchain-primarily based donation platform, studies IT Chosun, the technological know-how publication of the Chosun Ilbo. The firm also proposed two new tokens have been proposed in the structure of the platform.

In accordance to the report, SK Company C&C, the group’s IT arm, made the announcement these days at a meeting on the blockchain and social influence. Kakao’s Ground X was a person of the sponsors of the meeting, which was held at the Heyground co-functioning room in Seongdong District, Seoul.

The platform will be developed with Ripple, a real-time gross settlement (RTGS) system  from San Francisco-primarily based Ripple Labs, working with the Xcurrent remedy. At the time accomplished, the platform will allow for direct, very low-cost and peer-to-peer (P2P) overseas-forex transactions, quickly settling absolutely free of intermediary institutions.

The architecture will be open up resource and open up to outside the house developers, with transaction conditions customized by the counterparties. It will be centralized and will not depend on mining.

Two independent tokens will be utilized. The Social Price Coin (SVC) will trade 1:1 to the received and be made use of for creating the precise donations. The Social Price Ability (SVP) will be distributed as payment to individuals working with the platform. SVPs will be compensated out at a ratio of 1 to 1000 SVCs when donations are made, meaning the sender gets 1 SVP for each 1,000 SVCs remitted.

SK claimed that the task is however in development with no company deadline for start.

The group has been energetic in the development of blockchain solutions. In late 2018, SK Company C&C signed a deal with New York-primarily based ConsenSys to create an organization blockchain platform. Previous month, it was noted that the SK Holdings invested 10 billion received ($8.2 million) in a fund managed by ConsenSys.

SK Telecom, the telecommunications arm of the group, is setting up the STONledger, an organization blockchain platform. It is also functioning with a amount of other organizations, including Samsung Electronics, LG Electronics and Koscom—the IT subsidiary of the Korea Exchange—to produce a blockchain-primarily based identification program.

SK is the third premier chaebol in the country, right after Samsung and Hyundai Motor, with 218 trillion received in belongings. The modest blockchain-primarily based donation task staying proposed is just about all that is doable at the instant in conditions of cryptocurrencies. With ICOs banned, tokens that signify fundamental fiat currencies and individuals made use of for highly-directed benefits courses are all that can be designed when however remaining in just the regulations.

Picture by way of Shutterstock.