Tycoon eyeing Ripple-based blockchain, tokens for charity in South Korea

The South Korean tycoon SK Group is reportedly eyeing plans for a Ripple-based blockchain with two tokens for charity in South Korea.

Cryptocurrencies have come a long way from where they started back in 2009. Global adoption of cryptocurrencies and their host network: the blockchain is on the peak, and now the technology is being used from managing cryptocurrencies to monitoring supply chains and even in healthcare and administration.

Now the South Korean conglomerate is reportedly planning to utilize the technology for charity purposes. One of South Korea’s largest conglomerates, the SK Group is developing a donation platform based on the blockchain network. The company has proposed multiple other tokens for the design of the platform.

The network will allegedly be made in collaboration with Ripple labs through a real-time gross settlement (RTGS). This proposed network will provide peer-to-peer solutions that will be fast and efficiently allow payments of foreign currencies at a low cost.

The network will be open-sourced and accessible to outside developers. The payment principles can be laid down by parties on both sides. The platform is going to be centralized and not open to mining.

Tokens for charity in South Korea

The tokens utilized for the project will be as such: The Social Value Power (SVP) which will be used to compensate people using the network while the Social Value Coin (SVC) trading equally to the won that shall be used for the donations. The Senders shall receive one SVP for every thousand SVCs they donate.

Although the conglomerate stated that the project is still being developed, they did not announce a date for its launch or a deadline.

The conglomerate has previously worked with blockchain technology on several occasions, including their collaboration with ConsenSys to create an organization blockchain platform. The company also invested around eight million dollars ($8M) in a fund owned by ConsenSys.

SK Group is the third-largest conglomerate in the country after Samsung and Hyundai Motor with assets worth over two hundred trillion won. As the country bans ICO, a blockchain-based donation platform is as far as they can go with cryptocurrencies.