Copy link
Increase text size
Decrease text size
Link copied

South Korea's SK group considers developing blockchain-based donation platform and two utility tokens

Mon, 12 Aug 2019, 09:37 am UTC

SK Corporation C&C, the IT arm of South Korea’s SK Group, has revealed its plan to establish a donation platform based on a fork of the Ripple blockchain. The platform will support a stablecoin and utility coin, CoinDesk reported citing local media outlet Chosun.

Dubbed as “ChainZ,” the donation system will depend on a won-backed stablecoin known as Social Value Coin (SVC) for donations and use the utility token Social Value Power (SVP) to compensate platform users.

SVPs will be paid out at a ratio of 1 to 1000 SVCs, which means 1 SVP is equivalent to 1,000 remitted SVCs. SVPs can be utilized to pay for merchant items.

The platform will be built with Ripple Labs' real-time gross settlement (RTGS) system, Ripple, and will be using the Xcurrent solution. Once launched, the platform will enable direct, cheaper, and peer-to-peer (P2P) foreign currency transactions, bypassing intermediaries.

In addition, it will allow counterparties to customize the terms of the transaction.

The platform's architecture will be open-sourced, allowing anyone to participate in the development. Importantly, the platform will be based on a "centralized" model and would not rely on mining.

The report said the donation platform is still currently in the planning phase, as it faces regulatory hurdles and infrastructure development issues. No absolute deadline has been decided for the launch.

Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not solved, too… It’s hard to build a platform ecosystem… Not just a single economy can do it. We are currently looking for a company to build a platform ecosystem,” SK C&C head Lee Sun-Min was quoted saying.

Meanwhile, Seoul is also set to launch a point system that will reward its citizens with S-coins for using public services, such as paying taxes and participating in polls. The coins can be used to pay for goods and services using their smartphones, and no merchants’ commissions will be charged.

The capital and largest city in South Korea will also implement a blockchain service for submitting qualifications without paper documents, in a bid to enhance the Seoul Citizens Cards to enable digital authentication for public service use.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,419.57 (-0.39%)
  • Ethereum (ETH) $219.39 (+1.88%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.61 (+0.06%)
  • Bitcoin SV (BSV) $190.00 (-0.70%)
  • Bitcoin (BTC) $9,419.57 (-0.39%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.