Something to share about Korea! - dongwonkwak

How To Use Blockchain in Korea for Pandemic Era

12/23/2020

Blockchain is designed so that one data is simultaneously recorded on multiple distributed servers, and can only be accessed and entered through a verification and consensus system between them. Through this, it is possible to prevent thorough activation and manipulation of records by linking all vaccine-related data to the blockchain from the beginning of production and distribution.

In addition, in the case of vaccines, as many people as possible must be vaccinated normally, the effect of collective immunity can be expected, so transparency in distribution management should be guaranteed more than ever. Incidentally, the introduction of blockchain into the distribution network allows multiple verification procedures to be handled by software. This also has the advantage of preventing mistakes caused by direct human verification and saving related labor costs.

In addition to distribution, blockchain can help manage and track vaccination records. Experts predict that in 2021, as the distribution of the Covid19 vaccine will accelerate, proving 'whether or not you have been vaccinated' can be a social issue.

Even at this time, if a public system that can be easily carried by mobile than a simple paper certificate that can be forged and can transparently prove identity authentication and vaccination record management through a block chain is implemented, problems arising from such disputes can be minimized.

Also, unlike in the past, even if it is assumed that there is a problem in the future with a vaccine that has started distribution without going through sufficient procedures, using the smart contract system of the blockchain will find the vaccine inoculum in the most accurate and quickest time and notify the problem Will be possible. As such, blockchain is expected to become a technology that contributes to reducing unnecessary social costs in each field in the post-pandemic era beyond the with pandemic era.

Will DEX (Decentralized Exchange) be introduced in Korea?

12/17/2020

Unlike centralized exchanges where hacking situations still occur, it is an exchange that allows users to directly trade without intermediaries. It is a long-established DeFi (Decentralized Finance) model that extends from Etherdelta or IDEX, which was the cradle of ICOs at the time of the 2017 ICO craze, to XX Swap (xxSWAP), which heated up 2020. In particular, UniSwap has grown so rapidly that it surpassed Coinbase, the largest virtual asset exchange in the U.S. by volume. The characteristics of decentralized exchanges that have appeared recently are that they all use an Automated Market Maker (AMM) based on a liquidity pool.

Serum (SRM), a decentralized virtual asset exchange with its strengths in fast transaction processing speed and low commissions, launched its official service in 2020, pointing to Korea as a major service area to secure domestic users.

While interest in Decentralized Financial (DeFi) is rapidly increasing, it is noteworthy whether serum that emphasizes convenient usability can expand virtual asset trading services in the domestic market.

Filecoin (FIL), which had a lot of talk and a lot of deception, listed on Korean virtual asset exchanges one after another

12/16/2020

Filecoin (FIL), which has been controversial over various suspicions such as multi-level sale of miners and dumping, is listed one after another by Korean virtual asset exchanges. It is pointed out that rather than investing intently to see the effect of a new listing, related issues should also be identified.

◆Filecoin, how much talk was there?

Filecoin is a project to implement a decentralized file sharing system using IPFS technology. IPFS is a protocol for storing data in a distributed file system and sharing it over the Internet. Virtual asset FIL is a token used within the file sharing platform.

Filecoin, which conducted an ICO (Virtual Asset Disclosure) in 2017, raised an investment of over $275 million (about 280 billion Korean won) in one month. After that, a project that raised a larger amount came out, but at the time of the ICO, Filecoin was the ICO project with the most funds in the world. As a result, Filecoin is expected to speed up its business.

Nevertheless, the launch of Filecoin's mainnet was delayed several times. The mainnet, which was originally scheduled to be released in mid-2019, was released last October after several delays. In the meantime, complaints from investors steadily came out, and suspicion of scam (fraud) was raised.

Controversy arose in Korea as well. This is because a multi-stage mining machine sold long before the mainnet launch. Domestic multi-tier companies have been selling Filecoin miners through YouTube and online communities, claiming that they can recover their investment within a few months by buying a miner. Some of them have also spread multi-level sales that pay more rewards for recommending the sale of miners.

Afterwards, Chinese miners expressed dissatisfaction as Filecoin applied a ‘advance collateral system’ to mining prior to the launch of the mainnet. Due to the policy put forward by Filecoin, miners had to prepare 350 FIL as collateral in advance, but it was virtually impossible to obtain the amount.

As a result, FIL unlocked 1.5 million coins, much more than the 500,000 planned to be distributed on the first day when FIL launched the mainnet last October. This is the reason for the dumping controversy.

At the time, CEO Justin Sun Tron said, “1.5 million FIL was dumped without the consent of the community.” “All executives and employees of FIL, miners, investors, and everyone must follow the stated rules. Do you really think it's okay to dump like this?”

◆Listed on Korean virtual asset exchanges such as Upbit and Korbit… Need to review when investing

Despite a number of controversies, the popularity of FIL has increased since the mainnet launch. Accordingly, large domestic exchanges such as Upbit and Korbit also listed FIL one after another. It is pointed out that when investing, both the prospects and controversies of the stock should be reviewed.

Upbit listed FIL around 9 pm on the 9th. Until now, most of Upbit's listing took place during the daytime, so it was raised that upbit was pushing for a late listing with Coinbase's Filecoin listing in mind. It is expected to pump prices by listing several hours ahead. Coinbase announced the listing of FIL on the 9th and then proceeded to list at around 2 am on the 10th in Korea time.

Regarding this, an official of Upbit said, “We didn't have Coinbase listing in mind,” and “We prepared for listing on the afternoon of the day, but it took an unexpectedly long time in the process of communicating with the project regarding the integration of the FIL mainnet. It will be listed at 21:00 immediately after completing all the processes.”

When asked if the controversy was reviewed at the time of listing, he replied, "It was listed according to the same general listing screening criteria as other stocks."

Korbit listed Filecoin for the first time in Korea on the 19th of last month. In addition, he said that he would encourage file coin transactions by linking with Korbit's quiz reward program, 'Piggy Bank'.

At the time, Sejin Oh, CEO of Korbit, revealed the background of the listing, saying, "The fact that data can be efficiently stored and publicly verified using Filecoin will help the development of blockchain technology."

Korean Blockchain technology development has become easier and use cases have increased.

12/16/2020

In 2020, the Korean blockchain industry had a year to lower the barriers to entry. This is the impact of the release of several blockchain clouds and development tools.

As development became easier and the industry matured, many practical use cases appeared. In Korea, blockchain-based decentralized identity authentication (DID) has greatly expanded its use, and DApps (Decentralized Applications) with a large increase in the number of users have also appeared.

◆ Introducing Blockchain Without Experts = Blockchain is a technology that can be introduced in an infinite number of fields. Blockchain technology can be used by all companies that want to prevent forgery or alteration of data and secure service transparency. However, there have been barriers to entry. As it is a new technology, it is not easy to find specialized block chain developers.

This year, blockchain technology companies have focused on lowering this barrier to entry. Blockchain services have been increased by allowing technology to be introduced using cloud and development tools, even without blockchain experts.

In particular, companies that developed blockchain platforms stood out. A blockchain platform can be marketable only when there are many services developed based on the platform. If companies release their own development tools, it helps to gather services.

Ground X, a blockchain technology subsidiary of Kakao, launched a cloud-based service-type blockchain (BaaS, Blockchain-as-a-Service) 'KAS (Klaytn API Service)' in October. The intention is to allow anyone to develop services based on Ground X's blockchain platform, Clayton. Companies that want to develop services can use KAS to provide functions on the blockchain in the form of APIs.

Lambda 256's Luniverse, the original BaaS, also focused on lowering the barriers to entry. By providing a sidechain connected to the Luniverse blockchain, customers can create services independently while using the sidechain in the form of a private blockchain. In July, Luniverse also launched a shared blockchain that allows multiple companies to share this sidechain. The intention is to further reduce development costs. In this way, Luniverse attracted more than 1,200 corporate customers as of October.

Line Blockchain of NAVER (www.naver.com)'s subsidiary Line also reinforced its progress as a platform by releasing the development tool 'Line Blockchain Developer'. In October, it announced eight companies that introduced LINE Blockchain using development tools.

◆ Increasing use cases centered on DID… Blockchain that has become commonplace = As more and more companies introduce blockchain to services, practical use cases have also increased. For example, the karaoke DApp “Something” surpassed 500,000 downloads and 330,000 users as of November, as more users visited “home karaoke” due to the spread of Corona 19. Something, developed based on Clayton, recently decided to develop a DApp version of the LINE Blockchain. The intention is to target the Japanese market established by Line.

The increase in use cases was even more pronounced in the DID field. DID means verifying one's identity without a central authority through blockchain technology. Users can directly store the issued DID authentication in their own device rather than other organizations. After that, whenever authentication is required, it only needs to provide the necessary information to prove your identity.

In Korea, an alliance has been established in the form of blockchain companies creating DID platforms, and member companies seeking to introduce them to participate. Currently, the domestic DID alliance is ▲'My ID Alliance' led by Blockchain technology company Iconloop ▲'Initial DID Alliance' led by SK Telecom and joined by the rest of the telecommunication companies ▲'MyKeypin Alliance' led by Blockchain Technology Company Coinplug ▲ There are four such as 'DID Alliance', which is centered on security company Raon Secure.

From the end of last year to the first half of this year, the alliances focused on attracting member companies, but from the second half of this year, they focused on creating practical use cases. ICONLOOP applied MyID to check visitors for the prevention of Corona 19 in Jeju Island. While introducing MyID to Shinhan Bank's mobile application SOL, DID technology was applied to banknotes, and MyID was also introduced to the certification service of people in the recruitment platform.

The coin plug of the MyKeepin Alliance also applied DID technology to the pass of the Busan Startup Support Center. In addition, in cooperation with HP Retail, an unmanned convenience store company, DID was also used for access to unmanned convenience stores.

Raon Secure introduced its own DID platform 'OmniOne' to the Ministry of Public Administration and Security's mobile civil service card. In addition, the DID-based civil petition system of the Military Manpower Administration and the DID-based Domin card issuance project of the Gyeongnam Provincial Office are being conducted based on OmniOne.

With the spread of Corona 19, non-face-to-face authentication and the abolition of public certificates, DID is expected to gain more attention. Jin-young Oh, head of the KISA Blockchain Promotion Team, who recently held the DID standardization forum, said, "As the non-face-to-face society has expanded recently with Corona 19, securing the reliability of data has become important, and DID is a customized technology optimized for this."

South Korean Real estate prices are also in the blockchain.

12/8/2020

Elysia (https://elysia.land) announced on the 7th that it has signed a technology agreement with Chainlink (Oracle solution) to provide real estate prices.

Elysia is a blockchain-based real estate investment platform. When real estate tokens representing real estate ownership are purchased, real estate revenue is automatically distributed to token holders through smart contracts on the blockchain.

Chainlink is an Oracle solution that allows data outside the blockchain to be safely imported onto the blockchain network. The Oracle problem is a reliability problem that occurs when external data is brought into the blockchain, and Chainlink provides a function to solve this problem.

Through this agreement, Elysia will be able to import external data faster and more accurately into the blockchain network. First, it will use Chainlink's solution to call the quotes to distribute the monthly rental income of real estate.

In addition, Elysia will provide the price data of residential and commercial real estate in Seoul, which was collected with the Korean Real Estate Development Consortium, to Chainlink's blockchain network.

Jeong-Geon Lim, CEO of Elysia said, "It is very important for Elysia to minimize the risks that may occur between stakeholders during real estate transactions and to create an investment environment based on objective data. From the introduction of this solution, we will research various ways to use internally.”.