korea

South Korean Beachgoers Can Now Use Bitcoin to Pay for Services

Source Node: https://cointelegraph.com/news/south-korean-beachgoers-can-now-use-bitcoin-to-pay-for-services
Time Stamp: August 8, 2020 9:00 PM - Modified On: May 21, 2021 - Published By:
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A pilot project run by Bitbeat-affiliate company CIC Enterprise wants to provide crypto payment solutions at two of the busiest beaches of the country for tourists to use.According to ZDNet Korea, the firm partnered with card and cash payments provider Innotech for the token-powered payments solution in the Haeundae Beach System on the beaches of Busan in South Korea famous with tourists.The program will allow people to pay for water sports-related activities, life jackets, and even parasol rentals, among others, with Bitcoin (BTC), Ethereum (ETH), along with MCI and WAY

Major South Korean Bank Joins the Crypto Custody Business

Source Node: https://cointelegraph.com/news/major-south-korean-bank-joins-the-crypto-custody-business
Time Stamp: August 7, 2020 10:00 PM - Modified On: May 21, 2021 - Published By:
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KB Kookmin Bank, one of the largest banks in South Korea, has partnered with blockchain venture fund, Hashed, and crypto trading platform, Cumberland Korea, to establish “strategic technology cooperation” on the custody of digital assets.The companies belonging to the partnership state that their inception into the crypto custody business is a response to regulatory changes. These changes encouraged them to look into new business models — specifically ones which rely on blockchain technology.Simon Kim, CEO of the Seoul and San Francisco-based firm, Hashed, stated:"Combining our insight in the blockchain industry

Why Klaytn and Link Will Catalyze Blockchain Adoption in Asia

Source Node: https://bitcoinist.com/why-klaytn-and-link-will-catalyze-blockchain-adoption-in-asia/?utm_source=rss&utm_medium=rss&utm_campaign=why-klaytn-and-link-will-catalyze-blockchain-adoption-in-asia
Time Stamp: August 4, 2020 12:23 PM - Modified On: May 21, 2021 - Published By:
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In the last two years, popular messaging giants in Asia and Europe have announced plans to launch a blockchain-powered cryptocurrency. In Asia, Kakao’s Klaytn and Line’s Link platform have launched and are quickly gaining momentum, but Facebook and Telegram’s cryptocurrencies have not fared so well. Messaging Giants Pushing Blockchain Adoption As it stands, Kakao is by far the most dominant mobile platform in Korea with a market share of 97% in the country. Kakao subsidiary Ground X began development of Klaytn back in 2019, after raising $90 million in both

ChainLink Announces Launch of Community Grant Program

Source Node: https://www.cryptoknowmics.com/news/chainlink-announces-launch-of-community-grant-program
Time Stamp: August 1, 2020 11:31 AM - Modified On: May 21, 2021 - Published By:
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Rate this post ChainLink has recently announced the launch of a community grant program. This has been launched in order to accelerate the development of the platform. It has been specified by a team at ChainLink that their network is growing rapidly. This is the high time when this ecosystem needs support to grow. ChainLink plays a huge role in the DeFi industry As ChainLink has been using the smart contracts because of which it plays quite an important role in the DeFi industry. The firm is also encouraging and

South Korea’s ICON Reveals new Consensus Algorithm

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Time Stamp: April 9, 2020 8:18 AM - Modified On: May 21, 2021 - Published By:
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ICON, the largest public blockchain network of South Korea, has recently announced its new consensus algorithm. On the 8th of April 2020, ICON revealed the Loop Fault Tolerance 2.0, or LFT 2.0, consensus algorithm.A New Innovation For Korea’s Blockchain SpaceIt’s claimed that this new algorithm is capable of improving the network bandwidth and overall scalability of the ever-popular Practical Byzantine Fault Tolerance consensus types, or PBFT. According to ICON, this algorithm can achieve this without compromising the security through doing so.The white paper for LFT 2.0 was published today, having

South Korea’s Largest Crypto Unveils New Consensus Algorithm

Source Node: https://cointelegraph.com/news/south-koreas-largest-crypto-unveils-new-consensus-algorithm
Time Stamp: April 8, 2020 8:02 PM - Modified On: May 21, 2021 - Published By:
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South Korea’s largest public blockchain project, ICON (ICX), announced its new Loop Fault Tolerance 2.0 (LFT 2.0) consensus algorithm on April 8.The new algorithm claims to make performance improvements in scalability and network bandwidth over the popular Practical Byzantine Fault Tolerance (PBFT) consensus types, without compromising security.Innovation reduces network load and improves throughputThe LFT 2.0 white paper was published on today been published on Github, following three years of research and development. It marks the first time that a South Korean team has successfully innovated on this element of blockchain

Deutsche Bank Places Bitcoin (BTC) at the Center of All Currencies 

Source Node: https://coinfomania.com/deutsche-bank-bitcoin-center-of-all-currencies/?utm_source=rss&utm_medium=rss&utm_campaign=deutsche-bank-bitcoin-center-of-all-currencies
Time Stamp: April 7, 2020 8:44 AM - Modified On: May 21, 2021 - Published By:
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As the world records more than one million confirmed cases of the novel Coronavirus, the German multinational investment bank, Deutsche Bank (DB), sees a strong need for a cashless society during this pandemic time. Current Flaws With Physical Money The use of physical cash potentially poses the risk of spreading the virus, especially dirty banknotes, according to the World Health Organization (WHO). In line with the warning, the central bank of South Korea began quarantining banknotes and even went on to destroy some notes to curb the spread of COVID-19

Bank of Korea Launches Experimental Trial for National Cryptocurrency

Source Node: https://coinfomania.com/bank-of-korea-experimenting-cryptocurrency/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-korea-experimenting-cryptocurrency
Time Stamp: April 6, 2020 5:15 AM - Modified On: May 21, 2021 - Published By:
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The central bank of South Korea has announced the launch of its Central Bank Digital Currency (CBDC) pilot project to determine the requirements of issuing a government-backed cryptocurrency in the future.  According to a report by Yonhap today, the trial which commenced last month is a 22-month program focused on the technological and legal provisions needed to launch a CBDC. The Bank of Korea (BoK) believes the possibility of issuing a CBDC in the future is slim because of the increased demand for fiat currencies, the competitive nature of the global

CFTC Requests Default After Failing to Find $147M Bitcoin Ponzi Operator

Source Node: https://cointelegraph.com/news/cftc-requests-default-after-failing-to-find-147m-bitcoin-ponzi-operator
Time Stamp: April 4, 2020 8:55 AM - Modified On: May 21, 2021 - Published By:
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The United States Commodity Futures Trading Commission (CFTC) has requested that the alleged founder of the crypto $147 million Ponzi scheme Control-Finance be declared a default.On April 3, the CFTC filed for a ruling of default after Control-Finance’s alleged founder and director, Benjamin Reynolds, did not respond to the regulator’s complaint.CFTC unable to locate Reynolds after 10 monthsThe CFTC’s complaint was filed during June 2019 — alleging that Reynolds misappropriated at least 22,858 BTC from more than 1,000 customers from May 1, 2017.In January 2020, the SEC requested additional time