• Days
  • Hours
  • Mins
  • Secs
  • Sat, 19 Oct 2019, 03:33 PM
  • All times are UTC
  • Edition:
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) $8,054.17 (+1.25%)
  • Ethereum (ETH) $174.77 (+0.98%)
  • XRP (XRP) $0.295000 (+1.55%)
  • Bitcoin Cash (BCH) $215.39 (+0.90%)
  • Litecoin (LTC) $54.04 (+1.05%)
  • Bitcoin (BTC) $8,054.17 (+1.25%)
Oct 18, 2019 (Friday)
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.