South Korea’s SK Group Announces Plan for Blockchain Donation Platform

Asia Blockchain Review
August 22, 2019

SK Group, South Korea’s third biggest conglomerate, has revealed plans to launch a donation platform based on a fork of the Ripple blockchain through its IT arm, SK Corporation C&C.

As reported by TokenPost, the platform will support both a stablecoin and utility coin. The donation system, dubbed “ChainZ,” will depend on a won-backed stablecoin called Social Value Coin (SVC) for donations while using the utility token Social Value Power (SVP) as compensation for platform users.

Built Using Ripple Labs’ RTGS System

SVPs, which can be used to purchase merchant items, will be paid out at a ratio of 1:1000 SVCs. This means one SVP is equal to 1,000 remitted SVCs. 

Developed with Ripple Labs’ real-time gross settlement (RTGS) system, Ripple, the platform will utilize the Xcurrent solution and allow users to bypass intermediaries for direct, cheaper, peer-to-peer (P2P) foreign currency transactions. 

It will also enable counterparties to customize the terms of the transaction.

Developing a Viable Platform Ecosystem

The platform’s architecture will be open-source, thereby allowing anyone to participate in its development. Notably, it will be based on a centralized model instead of relying on mining.

Still, in the face of regulatory hurdles and infrastructural development issues, the platform currently remains in the planning stage, with no concrete deadline for 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,” said Lee Sun-Min, head of SK C&C.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Silver Technological Bullet For India’s Economy
    If India is to rise from the ashes, she would have to harness the capitalist spirit through being se...

    August 8, 2020

    Improving Food Traceability Using IoT & Blockchain
    In recent times, we have seen use cases of Blockchain & IoT being used together to solve the problem...

    August 8, 2020

    OIO Holdings, Promotes Moonstake’s New Partner, NEO
    OIO Holdings Limited (SGX:OIO)--a Singapore Stock Exchange listed firm, through its existing partner...

    August 7, 2020

    AI-Based Hiring Helps Connect Job Seekers and Recruiters
    Artificial Intelligence (AI)-powered recruitment portals bridge the gap between firing and hiring. A...

    August 7, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us