The digital currency space has actually come a long way from 2009. The year it all began. The goal has always been to create a faster and more secure means of conducting transactions. It was to serve as a legal tender like fiat. Global adoption of virtual currencies and their Blockchain network is the sole ambition of every platform. Now the technology behind crypto is being used for the management of digital currencies, monitoring of supply chains and in the healthcare as well as administrative uses.
Now a South Korean conglomerate has decided to use the underlying technology for charity purposes. Per the report, one of the largest conglomerates in South Korea called the SK Group is believed to be developing a donation platform that will be based on Ripple’s Blockchain network. The conglomerate has proposed multiple tokens in the cause of the design of its platform. The Tycoon SK Group is eyeing plans to build a Blockchain that will host two tokens for charity purposes in the country.
Tycoon SK Group Working with Ripple Labs for the Project
It is understood that the network will be created in collaboration with Ripple labs via a real-time gross settlement. The SK Group proposed network will offer peer-to-peer solutions which will be faster and more efficient. It will make charges for payments of foreign currencies low. The network is going to be an open-sourced accessible network. It is going to be accessible to outside developers. On the new Blockchain, payment principles will be laid down by all parties involved in the initiative. The platform will be a centralized one. It will not be open to mining.
The Social Value Power (SVP)
The tokens used for the project include SVP (The Social Value Power). The SVP will be used as a means to compensate people who are using the network. The second option known as SVC (Social Value Coin) will be traded equally to the won which is going to be used for all charitable donations. The Senders will reportedly receive one SVP for any thousand SVCs they end up donating. Despite the fact that the conglomerate said that the project is still in the development stage, they didn’t announce or schedule a date for the launch. At press time, there hasn’t been any deadline set for the launch of the initiative.
SK Group Has Worked with Blockchain Technology in the Past
This isn’t the first time that the SK Group has worked with Blockchain technology. The South Korean conglomerate has worked with the technology in the past on a number of occasions. They include SK Group’s collaboration with ConsenSys. The goal was to build an organization Blockchain network. The company is also believed to have invested about $8,000000 in a fund that is owned by ConsenSys.
South Korea based SK Group is reportedly the third-biggest conglomerate in the Asian country behind Samsung and Hyundai Motor. SK Group holds assets worth at least two hundred trillion won. Because the country has placed a ban on ICO’s, a Blockchain-based donation network will be regarded as the best they can go with crypto. Whether this will directly help the cause of XRP remains to be seen.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.