Korea’s SymVerse Looks to Speed Up Blockchains, Enabling Seamless Transactions
When Bitcoin was first introduced as an alternative to the current banking setup, it was understood that many modifications and updates would be needed to make this idea a workable reality. In the decade since its inception, various issues have been identified and worked on. A major stumbling block towards mass adoption has been the relatively slow speed at which blockchain processes transactions. This is primarily due to the need for smart contracts.
Now, SymVerse, a Korean based firm has reported that their blockchain platform does not need smart contracts and thus can facilitate faster transactions.
In a report by a Korean daily, it was stated that SymVerse announced that they had the solution to one of blockchains major issues. They opined that they could potentially revolutionize blockchain technology by introducing a seamless and fast way to carry out transactions. The CEO of SymVerse, Choi Soo-hyuk was clearly excited about the possibilities. He went as far as to call his setup as
“the ideal network to operate decentralized applications. Our network is an all-in-one platform characterized by a multi-blockchain structure, which facilitates higher speeds and functions.”
The South Korean blockchain company came into being in May this year and has only recently published its whitepaper. In an event hosted at the end of November, they held a demonstration of the capabilities of their platform. It says that with a live show of the power and effectiveness of its blockchain technology, it hopes to help bolster the efficiency of the entire industry and also provide a fresh lease to its sagging appeal.
In order to work around the time consuming but essential smart contracts, the platform bypasses it in favor of a unique identification system. This “SymID” is a unique identifier that is to be used to set up a new account. This would then be used to make the seamless balance transfers and cut down on time.
In a decidedly encouraging sign, almost 30 companies have already signed up to launch their applications on the SymVerse network. Amongst those who see promise in this new iteration are notable partners such as Hancon Secure, an IT firm with strong links to a leading Korean office suite and Chainflix, a popular local peer-to-peer video sharing platform.
Along with this, there have been congratulatory notes flooding in from all over. Many foreign investors also took notice of this milestone. To further boost the position of the company, Choi has proudly talked about the advisory team. The company has noted advisory members in its midst; such as Thomas Sargent, the co-recipient of the 2011 Nobel Prize in Economics. In fact, the company says that
“SymVerse is the only blockchain company in the world with a Nobel Prize laureate serving as an advisor. All our advisors are very active in providing us with their input on developing our network.”
After making a splash on the crypto scene, SymVerse is expecting to be in operation by the end of the first quarter of 2019. This is certainly encouraging news for the industry. If the issue of slow transaction processing can be tackled, it will be a major boost for the practicability of moving to this alternate solution.