South Korean Conglomerate to Use Ripple Fork for Stablecoin-Powered Donations Platform

The conglomerate has made moves to enter the distributed ledger … to facilitate Korean businesses develop and utilize blockchain-based services …

Major South Korean conglomerate SK Holdings C&C has announced that it has forked Ripple to create a donation platform that supports a stablecoin pegged to the Korean won and a utility token.

The conglomerate announced the platform, called ‘ChainZ’, at the Blockchain for Social Impact Conference in Seoul. The platform is based on Ripple’s real-time gross settlement (RGTS) system, using Ripple Labs’ blockchain-based cross border payment system, ‘Xcurrent’.

Lee Sun-Min, the head of SK Holdings C&C, stated that the company “forked Ripple to create its own main net,” adding: “We also developed features such as smart contracts and node compensation.”

Donations Platform to Support Two Crypto Assets

Donations will be made via the platform using the stablecoin ‘Social Value Coin’ (SVC), while the utility token Social Value Power (SVP) will be distributed to donors – who will receive one-thousandth of the value of their total donation in the form of SVP. According to South Korean media outlet Chosun, SVP can be exchanged to purchase items from merchants.

SVP will not be available for purchase and will be exclusively issued to reward donors using the platform. Lee Sun-Min noted that SVP is “impossible to purchase and transfer.”

“SVP is a vital part of the platform ecosystem. “By granting voting power, the ecosystem participants can continue to use the platform.”

According to Lee Sun-Min, the platform is currently “just a concept” and is not currently being used to accept donations. No deadline has been given for the launch of SK Holdings C&C’s platform.

The conglomerate’s head noted that the technical implementation of the platform poses no difficulties, emphasizing the challenges of regulatory considerations and the task of “build[ing] a platform ecosystem.” “We need someone who can lead this idea, such as stable coin management and regulatory issues. We’re looking for a company to build a platform ecosystem together,” he stated.

Donations Platform Among Moves to Embrace DLT 

The conglomerate has made moves to enter the distributed ledger technology industry in recent years.

During December 2018, SK Holdings C&C signed a memorandum of understanding with ConsenSys to develop “an enterprise blockchain development hub” designed to facilitate Korean businesses develop and utilize blockchain-based services and smart contracts.

Recently, reports have indicated that the conglomerate invested KRW 10 billion (approximately $8.23 million) into a fund managed by ConsenSys.

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Genaro Network (GNX) targets $0.02210250042 while having -6.78% drop in 24 hours

Top Crypto Experts believe that Genaro Network (GNX) is looking for the … Genaro Network (GNX) has 650.00M coins mined with the market cap $13.06 … is an Ethereum-based storage network, providing blockchain developers a …

It was bad day for Genaro Network (GNX), as it declined by $-0.0014606046 or -6.78%, touching $0.0200931822. Top Crypto Experts believe that Genaro Network (GNX) is looking for the $0.02210250042 goal. According to 6 analysts could reach $0.0554892329653164. The highest price was $0.022457344 and lowest of $0.0190273356 for August 8-9. The open was $0.0215537868. It last traded at Bibox exchange.

For a month, Genaro Network (GNX) tokens went down -40.31% from $0.03366 for coin. For 100 days GNX is down -4.68% from $0.02108. It traded at $0.01559 200 days ago. Genaro Network (GNX) has 650.00M coins mined with the market cap $13.06 million. It has 675.00 million coins in circulation. It was founded on 28/09/2017. The Crypto GNX has proof type and operates under algorithm.

Genaro Network is an Ethereum-based storage network, providing blockchain developers a one-stop solution to deploy smart contracts and store data simultaneously.

One of the major components of the Hub is the Genaro Accelerator, a resident incubation and acceleration platform that supports the creation of the DAPPS that utilize the Genaro Network. It provides mentorship, technical expertise, marketing support, and community funding to allow the teams and projects to grow.

GNX is an ERC20 token that powers Genaro Network.

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Ethereum Blockchain Network Crosses More Than 200000 ERC20 Tokens Benchmark

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate …

Regardless of what you think of Ethereum (and altcoins in general), it is a fact that this network has had and had a great impact on the entire industry. While bitcoin is considered primarily as a means of payment, during the huge increases in 2017, the ether was the driving force and the means of payment in many cases.

The Ethereum network was really forced to assume that role: the tokens in the network shot up like mushrooms. Suddenly, everyone wanted to issue the so-called ERC-20 token. Since the launch of the network, more than 200,000 Tokens have been issued on the Ethereum network according to EtherScan.

ERC-20 is a technical standard for implementing tokens in the Ethereum chain. Almost all the coins or tokens issued on this platform belong to this category. The most important example is the ether. That is the fuel of the Ethereum network and it is also an ERC-20 token. With ether, it pays to make transactions, but also to execute smart contracts, for example.

These tokens are issued based on a smart contract. These contracts do not have to be ‘smart’ or super practical, therefore, it is a slightly unfortunate name. However, these smart contracts ensure that the network and tokens must comply with certain rules. Therefore, you can program your tokens in a certain way and give it certain properties.

In 2017, the initial coin supply trend began. Everything and everyone had to have their own record. Often that was only possible with ETH. Which resulted in prices well above $ 1,000 per ether. Current hodlers can only dream of that. Millions could be collected. And if you could make a good marketing talk, you could charge wonderfully. Because investors were ready to push their ETH earned so hard to another new company.

Billions in investments in projects, most of which have never added anything to the crypto space. On the other hand, there are some outliers. If you look at the top 100, most remain an ERC-20 token. The largest token, after ETH, is currently Binance Coin (BNB). But that currency will eventually move to its own chain. But also other currencies that are popular this year, such as Chainlink (LINK) and Basic Attention Token (BAT) have been issued on the Ethereum network.

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Walter Schulze

Walter Schulze brings all the breaking news stories in the tech and startup world and to ensure that Startup Fortune offers a timely reporting on the trends happen in the industry. He now works on a part time basis for Startup Fortune specializing in covering tech and startup news and he also sheds light on investment opportunities and trends.

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nOS (NOS) fell to $0.029827875 for a day

The NOS Universal Smart Contract (USC) is generally applicable and offers dApp back-end functions such as CRUD and Authentication. Users can …

nOS (NOS) had a bad 24 hours as the crypto declined $-0.005965575 or -16.67% trading at $0.029827875. According to Cryptocoin Experts, nOS (NOS) eyes $0.0328106625 target on the road to $0.0833214641863963. NOS last traded at BitMart exchange. It had high of $0.03579345 and low of $0.029827875 for August 7-8. The open was $0.03579345.

nOS (NOS) is up 323.81% in the last 30 days from $0.007038 per coin. Its up 0.00% in the last 100 days since when traded at $0.00 (non existent) and the annual trend is up. 200 days ago NOS traded at $0.00 (non existent). nOS maximum coins available are 375.00 million. NOS uses algorithm and proof type. It was started on 17/10/2018.

The NOS Universal Smart Contract (USC) is generally applicable and offers dApp back-end functions such as CRUD and Authentication. Users can stake nOS tokens to gain voting power on the nOS platform. High-quality applications get rewarded and become more discoverable, while users are protected from low reputation applications.

Developers who are contributing to nOS, or are building apps on nOS will receive priorities in the whitelisting process.

Websites and apps host their content in an open and decentralized manner using NOS NEO Smart Contracts, giving users insight into what happens with their data. When using multiple dApps, users never have to work with different tokens. End-users only use NEO’s utility token GAS, and nOS automatically converts it to the proper amount of tokens required for a specific transaction or invocation.

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Ethereum Hits Major New Milestone, Now Boasts over 200000 ERC20 Tokens

The blockchain network hit this milestone months after Vitalik Buterin, co-founder of Ethereum, announced that Ethereum 2.0 would fix the platform’s …

Ethereum, the second largest cryptocurrency, has just surpassed 200,000 ERC20 smart contracts deployed on its mainnet as of August 5, 2019. At the time of writing this article, there are 204,303 ERC20 tokens on Ethereum’s network. The blockchain network hit this milestone months after Vitalik Buterin, co-founder of Ethereum, announced that Ethereum 2.0 would fix the platform’s inability to handle increasing transaction volumes.

Ethereum 2.0

Smart Contract Count Hit a New High

The ERC20 token standard utilizes the Ethereum platform’s smart contract capabilities to implement third-party tokens on the blockchain. ERC20 tokens don’t have their own dedicated blockchain, reducing the development overhead and technical complexity for smaller scale businesses and teams. These tokens can then be traded, bought or sold on any cryptocurrency exchange that lists them.

Tokens such as Binance Coin (BNB), Basic Attention Token (BAT), and Maker (MKR) are popular examples of ERC20 tokens that make use of the Ethereum blockchain. BNB has the highest market cap of any ERC20 token at $4.34 billion. ERC20 tokens exploded in popularity alongside Initial Coin Offerings (ICO) as an alternative fundraising method for many blockchain startups. Brave Browser’s BAT, for instance, raised $35 million by issuing a billion tokens on the Ethereum blockchain. Similarly, Binance was able to attract $15 million worth of investor capital in 2017.

Newcastle United FC

Ethereum’s Scalability Issues

In the past, Ethereum has been criticized for its lack of scalability. However, the Ethereum 2.0 release aims to fix these problems by moving to a proof of stake consensus mechanism instead of the current proof of work algorithm. The Ethereum blockchain can currently only support a maximum of 15 transactions per second.

Another problem faced by the Ethereum blockchain relates to the storage requirements for participants. In most blockchain networks, nodes store important data for each and every wallet owner, including transaction history, current state of balances, and contract data. With sharding, however, nodes only need to data for a defined address range instead of every single participant

Ethereum 2.0 will be rolled out in three phases. The proof-of-stake chain called the Beacon Chain will run parallel to Ethereum’s proof-of-work chain in phase 0, while sharding will be implemented in phase 1. eWASM, which is a rebuilt Ethereum virtual machine, will be introduced in phase 2. Ethereum is currently among the biggest blockchain-based platforms used to deploy smart contracts and DApps, with a market cap of over $25 billion.

Do you think Ethereum has cemented itself as the de facto smart contracts platform in the blockchain industry? Let us know your thoughts in the comments below.


Images courtesy of Shutterstock.

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