The third largest conglomerate in South Korea, SK Group is working on a blockchain-based donation platform. As reported by IT Chosun, the tech side of Chosun IIbo, SK Group proposed two new tokens along with the platform.
As stated in the report, the announcement was made last Friday by SK Corporation C&C – the IT division of the group – as part of a conference on blockchain and social impact. One of the conference’s sponsors was Kakao’s Ground X and the forum happened at the Heyground co-working space in Seongdong District, Seoul.
The new donation platform will be build with xCurrent, which is an RTGS (real-time gross settlement) system from Ripple. The platform will support direct, peer-to-peer (P2P) foreign-currency transactions that will be low in cost.
While digging into the technical side, the platform’s architecture will be open sourced and thus welcoming to developers who want to contribute. SK Group’s creation will be centralized, meaning the transaction terms will be customized by the counterparties and will not depend on mining.
The new tokens
The first of the two new tokens is the Social Value Coin (SVC) which will be used for the actual donations and can be exchanged on a 1:1 rate with a South Korean won. The other – Social Value Power (SVP) coin – will be sent as compensation to the platform’s users who donate. The distribution mechanism is already done – a person who donates will receive one SVP for every 1 000 SVCs. Before anyone gets too exited, SK noted that there is no concrete deadline yet and the project is still in the development stage.
Other SK Group notable projects
SK Group is not new to the blockchain world as they’ve been very involved in developing blockchain solutions for a while now. A good example is when SK Corporation C&C partnered with New York-based ConsenSys to create a blockchain platform suitable for enterprises in 2018. SK Holdings invested $8.2 million (10 billion won) into ChosenSys managed fund during the previous month.
The telecommunications division of SK Group, SK Telecom, is working on STONledger – another enterprise blockchain platform. They are also partnering with LG Electronics, Samsung Electronics and Koscom (the IT part of Korea Exchange) in developing a blockchain-based identification system.
SK Group has 218 trillion won in assets and is only behind Samsung and Hyundai Motor in the country and with their donation project they are just showing the world that everything is possible with cryptocurrencies nowadays.