South Korea's SK Group will establish a blockchain-based donation platform to issue two platform tokens

"Korean Daily" technical publication "North Korea Information Technology" reported that C&C, the IT department of South Korea's SK Group, one of South Korea's largest groups, will create a blockchain donation platform and issue two new tokens on the platform.

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The platform will be built using the Ripple Xcurrent solution, a real-time full payment system from Ripple Labs. Once completed, the platform will allow direct, low-cost and peer-to-peer (P2P) foreign currency transactions, and transactions can be settled immediately without the need for an intermediary.

The platform architecture is open source, open to external developers, and the terms of the transaction are set by the trader. It will be centralized and not dependent on mining.

The platform will use two separate tokens. SVC (Social Value Coin) tokens will be exchanged for Korean won at a price of 1:1 for actual donations. The SVP (Social Value Power) token will be distributed as compensation to the person using the platform. When making a donation, the platform will pay SVP at a ratio of 1:1000, that is, one SVP will be awarded for every 1000 SVC donations.

SK said that the project is still under development and there is no clear deadline for launching.

SK has been actively involved in the development of blockchain solutions. At the end of 2018, SK's C&C signed an agreement with the US blockchain company ConsenSys to establish an enterprise blockchain platform. Last month, SK invested in a fund operated by ConsenSys, amounting to 10 billion won ($8.2 million).

SK Telecom is building the enterprise blockchain platform STONledger. At the same time, it also cooperated with Samsung Electronics, LG Electronics and Koscom, the information technology subsidiary of the Korea Stock Exchange, to develop a blockchain-based identification system.

SK is the third largest chaebol in Korea after Samsung and Hyundai, with 218 trillion won (about 1.27 trillion US dollars) of assets. The blockchain donation project is an application of cryptocurrency. Although Korea prohibits ICO, tokens representing the underlying legal currency and tokens used in the targeted award scheme are still in compliance with regulations and can be developed.