Cryptocurrency News

South Korea’s SK Group Proposes Blockchain-Based Donation Platform and Two Tokens

The SK Group, one of the largest conglomerates in South Korea, is creating a blockchain-based donation platform, reports IT Chosun, the technology publication of the Chosun Ilbo. The company also proposed two new tokens have been proposed in the design of the platform.

According to the report, SK Corporation C&C, the group’s IT arm, made the announcement today at a conference on the blockchain and social impact. Kakao’s Ground X was one of the sponsors of the conference, which was held at the Heyground co-working space in Seongdong District, Seoul.

The platform will be built with Ripple, a real-time gross settlement (RTGS) system  from San Francisco-based Ripple Labs, using the Xcurrent solution. Once completed, the platform will allow for direct, low-cost and peer-to-peer (P2P) foreign-currency transactions, instantly settling free of intermediary institutions.

The architecture will be open source and open to outside developers, with transaction terms customized by the counterparties. It will be centralized and will not depend on mining.

Two separate tokens will be utilized. The Social Value Coin (SVC) will trade 1:1 to the won and be used for making the actual donations. The Social Value Power (SVP) will be distributed as compensation to those using the platform. SVPs will be paid out at a ratio of 1 to 1000 SVCs when donations are made, meaning the sender receives 1 SVP for every 1,000 SVCs remitted.

SK said that the project is still in development with no firm deadline for launch.

The group has been active in the development of blockchain solutions. In late 2018, SK Corporation C&C signed a deal with New York-based ConsenSys to build an enterprise blockchain platform. Last month, it was reported that the SK Holdings invested 10 billion won ($8.2 million) in a fund managed by ConsenSys.

SK Telecom, the telecommunications arm of the group, is building the STONledger, an enterprise blockchain platform. It is also working with a number of other companies, including Samsung Electronics, LG Electronics and Koscom—the IT subsidiary of the Korea Exchange—to develop a blockchain-based identification system.

SK is the third largest chaebol in the country, after Samsung and Hyundai Motor, with 218 trillion won in assets. The modest blockchain-based donation project being proposed is just about all that is possible at the moment in terms of cryptocurrencies. With ICOs banned, tokens that represent underlying fiat currencies and those used for highly-directed rewards programs are all that can be developed while still remaining within the regulations.

Image via Shutterstock.

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