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.
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.
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:
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