The tech giants of South Korea are moving EN masse to the blockchain 3.0 in the pursuit of speed of transactions, low fees and hype.
Despite the fact that the blockchain is the platform of the second generation, such as Ethereum, first implemented the possibility to create decentralized applications and programmable contracts (smart contracts), they are not perfect and have several drawbacks. For the decision of infrastructural problems of blockchain 2.0 introduced a comprehensive distributed registries of the third generation.
The first generation of the block chain consists of a simple decentralized registries that were supported by digital currencies such as bitcoin. The second generation has focused on trust agreements and assets, which led to the emergence of smart contracts. The purpose of blockchain technology 3.0 is the improved scalability coupled with low speed operations, which is lacking in the previous generation of distributed registries.
Orbs, EOS and Link Chain are Prime examples of popular blockchain for third-generation networks that solve the apparent defects of the scale, high commissions and imperfect system of control, such as Ethereum. Data platform recently received wide popularity in South Korea.
Large Korean FINTECH companies like Kakao Corporation, seeking to take advantage of yet not proved its right to exist blockchain platforms of the third generation. The giants of e-Commerce in South Korea implement the development of Orbs for payment processing. It is known that Kakao and Naver are also adapting EOS and can even apply to become producers of blocks in the network.
Line, popular in Korea app for messaging, has also launched its blockchain-a platform known as Link Chain, as well as its own crypto currency Link Tokenn. The purpose of Link Chain is to use the token as a custom rewards for content creation, purchases, and earning achievements in games. Link Chain is also a bright representative of the blockchain 3.0 and has gradually captures the market of South Korea.
It is also worth noting the fact that the blockchain project ICON last week signed a Memorandum of Understanding with the telecommunication giant of South Korea’s SK Planet. The goal of the collaboration is the integration of technologies for distributed registry in the largest bonus system of South Korea, serving 35 million users that will give a huge impetus to promotion of the blockchain and cryptocurrency in the country.
We will remind, under the Ministry of information and communications Korean service on cyber security (KISA) announced that it will increase the number of blockchain projects and budget for them to double in 2019-th year.
In June, the Ministry of science and computer technology in South Korea presented the strategy of development of blockchain-industry in the country, under which the government has already allocated 200 million dollars.