South Korea’s SK Group Set To Launch A Donation Blockchain With Two Native Cryptocurrencies
Two tokens set to be launched by the third largest Korean conglomerate, SK Group, after local dailies report the development of a business blockchain. The conglomerate will launch the Social Value Coin (SVC) and the Social Value Power (SVP)
Local reports from South Korea confirm that SK Group, one of the largest conglomerates is planning to launch a new blockchain based platform for donations. The announcement further confirmed the launch of two tokens to facilitate the blockchain in development.
In a blockchain conference held in the country, a spokesperson from the IT subsidiary of the conglomerate, SK Corporation C&C, confirmed the plans to build its blockchain in the coming days. While the release date is yet to be announced, the report states the blockchain will utilize Ripple’s XCurrent solution.
Ripple from Ripple Labs will offer an efficient, instant and cheap system to transact anywhere across the globe. Consumers using the blockchain designed will have a direct, cheap and P2P transaction system for remittances and completely do away with middlemen.
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.
SK Group To Launch Two Donation Stable Tokens
The ‘SK Group’ blockchain will integrate two native token – each with its unique value to the network. The main token on the blockchain, the Social Value Coin (SVC), is a stable coin backed by Korean won in a ratio of 1:1, much like Tether and the dollar. The coin will be used mainly to make donations and make payments across the network.
The spinoff token, Social Value Power (SVP), is an incentive to making donations using the SVC token. The report states the payouts/distribution of SVP will be at a ratio of 1 SPV for every 1000 SVC tokens donated.
Late last year, the SK Group agreed to a deal with ConsenSys to build a business blockchain hub that will further development of blockchains in the company. The partnership is growing strong as reports indicate the conglomerate released $8.2 million USD in a fund managed by the blockchain firm.