South Korea’s SK Square to Launch Its Own Crypto
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SK Square, the investment arm of South Korea-based giant SK Group, is reportedly working on launching its own cryptocurrency and a blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term service alongside its partners. According to reports from local media, the firm, which is one of the top ten country’s consortiums, the announcement was made on March 23.
The objective of the new blockchain system is to connect to the metaverse, e-commerce, and content at the same time to ‘dominate the market ecosystem.’ SK Square recently launched a blockchain task force (TF) in charge of the cryptocurrency business and started the issuance of cryptocurrency. The goal is to launch its own crypto in the metaverse within the year.
SK Square was launched by SK Telecom late last year, and at the same time invested 87.3 billion won in Korbit to acquire a 35% stake in the blockchain and cryptocurrency market.
How It Works
SK Square’s cryptocurrency will likely be introduced to SK Telecom’s metaverse platform ‘IFLAND.’ With the introduction of SK Square’s cryptocurrency, IFLAND will be equipped with a play-to-one (P2P) and create-to-one (C2O) mechanism, making it possible to enjoy metaverse content or even make money by directly producing content for the platform. SK Telecom’s artificial intelligence (AI) metaverse ‘Iverse’ could be materialized with AI combined with this, the conglomerate noted.
“We will introduce our own blockchain-based economic system to IFLAND,” Yoo Young-sang, SK Telecom CEO, commented.
Nowadays, with its own blockchain technology, SK Telecom offers various distributed identification (DID) services. In addition, blockchain technology can also be applied to various industries such as universities, the financial sector, and telecommunications. Furthermore, a cryptocurrency ecosystem could be built using this technology.
11st (e-commerce), Tmap Mobility (mobility), Content Wave (video content), and SK Planet (points/membership) are some of SK Square’s subsidiaries. In contrast to cryptocurrency based on specific service areas, these platforms are expected to create demand relatively quickly from the beginning than cryptocurrency-based platforms.
SK Square, the investment arm of South Korea-based giant SK Group, is reportedly working on launching its own cryptocurrency and a blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term service alongside its partners. According to reports from local media, the firm, which is one of the top ten country’s consortiums, the announcement was made on March 23.
The objective of the new blockchain system is to connect to the metaverse, e-commerce, and content at the same time to ‘dominate the market ecosystem.’ SK Square recently launched a blockchain task force (TF) in charge of the cryptocurrency business and started the issuance of cryptocurrency. The goal is to launch its own crypto in the metaverse within the year.
SK Square was launched by SK Telecom late last year, and at the same time invested 87.3 billion won in Korbit to acquire a 35% stake in the blockchain and cryptocurrency market.
How It Works
SK Square’s cryptocurrency will likely be introduced to SK Telecom’s metaverse platform ‘IFLAND.’ With the introduction of SK Square’s cryptocurrency, IFLAND will be equipped with a play-to-one (P2P) and create-to-one (C2O) mechanism, making it possible to enjoy metaverse content or even make money by directly producing content for the platform. SK Telecom’s artificial intelligence (AI) metaverse ‘Iverse’ could be materialized with AI combined with this, the conglomerate noted.
“We will introduce our own blockchain-based economic system to IFLAND,” Yoo Young-sang, SK Telecom CEO, commented.
Nowadays, with its own blockchain technology, SK Telecom offers various distributed identification (DID) services. In addition, blockchain technology can also be applied to various industries such as universities, the financial sector, and telecommunications. Furthermore, a cryptocurrency ecosystem could be built using this technology.
11st (e-commerce), Tmap Mobility (mobility), Content Wave (video content), and SK Planet (points/membership) are some of SK Square’s subsidiaries. In contrast to cryptocurrency based on specific service areas, these platforms are expected to create demand relatively quickly from the beginning than cryptocurrency-based platforms.
Cryptocurrency
