Third-generation blockchain projects are in hot competition in South Korea’s bustling blockchain and cryptocurrency industries.

The term “Blockchain 3.0” has been cropping up a fair amount in 2018 to a mix of skepticism as to when it will truly arrive, with projects such as EOS and several others supposedly leading this race. In the case of South Korea, there is quite some fanfare as domestic companies begin to pair up with these new technologies.

Third generation

Blockchain 1.0 refers to the first and early technologies which were simply cryptocurrencies; Litecoin and Bitcoin are prime examples of this era. Blockchain 2.0 came about as developers began to understand that the technology could do much more than document transactions.

Ethereum is often touted as the beginning of the 2.0 generation with the introduction of smart contract technology on a blockchain and adoption of blockchain in enterprises. Industries grew given the versatile applications of smart contracts.

This new generation of Blockchain 3.0 is thought to be the catalyst for mainstream adoption. This latest round of solutions and platforms are said to address the issues of their predecessors with higher scalability, interoperability, governance and many others on the list.

As reported by Business Korea on 27 September, there a handful of blockchain enterprises that are becoming well positioned in South Korea’s markets, as well as one of its largest cryptocurrency exchanges, which is preparing a new blockchain platform through its subsidiary. These would all fit into Blockchain 3.0 descriptions.

Enterprise adoption

EOS has found itself being adopted by Neowiz Co, a leading games developer in South Korea who are now developing video games on EOS. The EOS network is pegged by Weiss Ratings Agency as one of the most innovative blockchain projects out there and is becoming increasingly favored by the gaming sector.

Orbs, an “Infrastructure-as-a-Service” (IaaS) platform from Israel, claims to be an improvement upon Ethereum. It uses the network’s best features while being faster, and includes a new transaction fee model among other interesting features.

This project is drawing a great deal of attention now with a strategic partnership in place with Ground X, a blockchain subsidiary of Kakao Corp, who also own one the world’s largest cryptocurrency exchanges, Upbit.

According to the Business Korea report, it is “highly likely” that Orbs will be collaborating with a blockchain payment project named Terra, a South Korean stablecoin project.

Additionally, Kakao is preparing to unveil the testnet for a blockchain platform developed by Ground X. “Clayton” is said to debut in October and is also in direct competition with Naver, South Korea’s largest internet content service company. Naver has produced the Link Chain platform, a payment and compensation method for numerous services including games, commerce, and content.

Blockchain enterprises in South Korea are receiving encouraging levels of support from the government as the nation seeks to formalize regulations and legislation for the industry. Despite being less in place than Malta, South Korea still a thought leader to other nations also seeking to enter the space.

 

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