The area of crypto industry is increasing in the gradual process by extending its wings in different segments. Banks, companies and other groups are interfering into the sector with their new thoughts, ideas along with its implementation. An initiative just recently taken by SK group which is South Korea based. SK Group, having more than 70,000 employees working from 113 offices worldwide, has taken an initiative to launch blockchain-based donation platform along with two new tokens in the design of the platform.
In a conference, one of its sponsor was Kakao’s group X and was held at the Heyground co-working space in Seongdong District, SWeoul, the initiative was disclosed by the company’s C&C which is its IT arm.
The platform, centralized and independent of mining, will be devoid of instantly setting free of intermediary institutions. Utilizing the Xcurrent solution the platform will be built with Ripple which will ensure the facility of direct, low-cost, peer-to-peer foreign-currency transaction. Also the platform will be followed by RTGS or real-time gross settlement system which is from San Francisco and based on Ripple Labs. Transaction terms will be open to outside developers and open source too.
SVC or the Social Value Coin will exchange 1:1 to the won and be utilized for making the authentic donation. On the in spite of that SVP or the Social Value Power will be appropriated as remuneration to those utilizing the platform. SVPs will be paid out at a proportion of 1 to 1000 SVCs when donations are made. The project is under development.
With a view to building an enterprise blockchain platform, an agreement was signed between SK group and ConsenSys, which is New York based,. By the group, 10 million won was invested into consenSys managed fund. STONIedger is an enterprise blockchain platform is on building process by SK Telecom. With a view to fabricate a blockchain-based identification system, it is also working with other companies. SK is a chaebol with 218 trillion won in assets.