The latest news around blockchain on our DC Forecasts crypto news site show that a blockchain company based in Korea believes that it has found what it takes to revolutionize the technology behind blockchain – and introduce even quicker paces to the way that transactions are being carried out.
First reported by the local news outlet Joongnag Daily, the blockchain firm SymVerse was established in Korea earlier this year and even hosted an event and held a demonstration on Wednesday, November 28th 2018. The CEO of the company labels its platform as:
“the ideal network to operate decentralized applications. Our network is an all-in-one platform characterized by a multi-blockchain structure, which facilitates higher speeds and functions.”
Based on the report, the company’s blockchain platform can take care of transactions in a quicker way as it does not require smart contracts. The snail-slow speed at which blockchain processes transaction is currently seen as one of the major obstacles to its widespread adoption.
This is why SymVerse is seen as the new revolutionary, effective version of the blockchain technology that is looking to bring complete revolution to the technology, helping to bolster its effectiveness and appeal.
With signups from about 30 companies that will like to launch their applications on the network, the SymVerse network is already getting popular. Its unique identification system known as the ‘SymID’ as well as the potential improvements in speed have attracted many foreign investors.
According to a spokesman for the company:
“SymVerse is the only blockchain company in the world with a Nobel Prize laureate serving as an advisor. All our advisors are very active in providing us with their input on developing our network.”
It is expected that SymVerse’s operations will begin in the first quarter of 2019.
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“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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