KT Corporation, South Korea’s Top Telecom Firm, Chosen To Create Local Crypto Asset “K Token”

2019-2-15 23:17

KT Corporation, Leading Telecom Company In South Korea, Chosen To Create Local Crypto Asset To Be Called “K Token”

Cryptocurrency is often introduced in a few different ways in today’s ecosystem – through a platform that originates in crypto, through a bank-issued asset, and even through the government. Most recently, South Korea made the decision to create a local cryptocurrency in local city Gimpo. However, according to ZDNET Korea’s reports from today, they have employed their leading telecommunications company, KT Corporation, to do the work for them.

The “K token,” as its being called, is not scheduled to be launched until April. However, in preparation, the company plans to run a pilot project for the crypto asset next month, preceding the 11 billion won ($9.7 million) worth of currency that they plan to issue each year. The budget for the launch of the K token will include the needs for development and various social services.

At least for now, the only place that the blockchain-based currency will be made available to consumers is within Gimpo, where merchants will be accepting it. The system will be set up to create payments through QR code. After receiving payment, the merchants can get paid in cash with a request for withdrawal, but there will be no fees charged for the payout.

KT ultimately wants to bring the crypto asset to the local governments after seeing it perform in Gimpo, which would allow multiple areas to contribute to the economic community. Yeong-il Seo, the head of the blockchain center and KT’s senior VP, was quoted in the since-translated local publication, saying, “Based on the differentiated technology and business competitiveness of the KT blockchain local currency platform, we will successfully carry out the local currency business in Gimpo City.” He added that the introduction of cryptocurrency will help revive the economy in the area.

Earlier today, South Korea’s IT sector of Samsung revealed that they had been working to improve the speed of blockchain transactions through their enterprise blockchain platform. In the city of Busan, Hyundai Pay announced that they had signed a memorandum of understanding (MoU) for the further development of fintech infrastructure for the area.

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Contents Protocol ICO

Contents Protocol is a decentralized protocol to revitalize the premium content industry, powered by WATCHA Inc. Through Contents Protocol, content distribution platforms will be able to provide transparency to user data and insight to Content Providers, which will help them create better content in the future and incentivize Users for their activities and contribution, which will encourage them to become more active consumers in the industry.

2018-12-28 06:03


South Korea Is Trialing Blockchain Voting — Here’s What That Means

South Korea will test out a new blockchain voting system this month, sources close to the developments have confirmed to Bitcoin Magazine. Developed by the country’s National Election Commission (NEC) and its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyperledger Fabric and will be used to authenticate voters and save voting results in real time.

2018-12-4 21:41


Ôîòî:

Bithumb and seriesOne Partner to Launch U.S. Securities Token Exchange

Aiming to create an SEC and FINRA-compliant U. S. exchange, blockchain-based crowdfunding firm seriesOne and crypto exchange Bithumb have formed a joint venture. According to an announcement made on November 1, 2018, officials behind the venture look to trade security tokens within a “compliant marketplace” and within the context of “other applicable regulatory approvals.

2018-11-1 19:06


Ôîòî:

New Mining Manufacturer Linzhi Announces Ethereum ASIC Miner

Chen Min, the former chief chip maker at Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul, South Korea, Chen’s new company, Linzhi, will focus on building cryptocurrency mining devices, and its first official products are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic.

2018-9-15 01:22


Ôîòî:

Are Cryptocurrency Research Centers in South Korea the Next Step Towards Mass Adoption?

Industry-specific research centers have begun opening in South Korea, aiming to provide comprehensive analyses of the cryptocurrency market conditions in the country and abroad.   Adoption Through Clarity And Protection Local media Business Korea reports that specialized cryptocurrency research centers have started to launch in South Korea.

2018-7-31 02:00


Ôîòî:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


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