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South Korean Crypto Projects

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Sep 23, 2022
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4 min read
south-korean-crypto-projects

This blog post will cover:

  • Projects born in South Korea
  • Klaytn
  • ICON Foundation
  • Aergo
  • Fantom
  • Kodebox
  • Conclusion

Projects born in South Korea

Being one of the most technologically advanced nations on Earth, it’s no wonder that South Korea has some of the most interesting crypto startup projects and is crypto-friendly in general. While major cryptocurrencies have taken a serious hit during the past 12 months, the development of most DAO and blockchain related projects continues as if nothing had happened. High volatility has always been a trademark of cryptocurrencies, hence most of the old-school fans and investors leading the crypto revolution remain completely unfazed by the recent events that have caused panic among so many newcomers. Let’s discuss 6 exciting blockchain- and crypto-related projects from South Korea.

Klaytn

It looks like the metaverse is the new thing everyone wants to get into and Klaytn is no different. They have positioned themselves explicitly as a blockchain ecosystem solely designed for metaverse use. This makes them one of the “foreign” companies among the otherwise very heavily US dominated metaverse market. The Klaytn network has a native token under the ticker KLAY and offers blockchain and layer 2 solutions. It currently has around 40 main partner companies that have a very diverse background from healthcare services to finance and entertainment. The Klaytn blockchain is highly sustainable, having the ability to process up to 4000 transactions every second with transaction fees that are up to ten times lower than those of the Ethereum network.

ICON Foundation

ICON is the biggest blockchain project ever that has a fully South Korean background. The company has already collaborated with notable local institutions, such as the Seoul Metropolitan Government and Kyobo Life Insurance. The company offers shared ledger technologies that can be used best for educational, financial and security purposes. This shared blockchain solution, however, also has various other general uses as well, for example in the field of healthcare. The native cryptocurrency of this project is ICX. The company also has a non-profit branch called ICONLOOP, which operates from Europe and is responsible for maintaining and developing the technological background of the platform.

Aergo

Aergo is supported by the global tech giant Samsung. The company provides cloud-based IT solutions using various blockchain and crypto technologies. The Aergo ecosystem is designed in a way so that it is as easy to implement and manage as possible, making it accessible to people without a deep understanding of programming or computer science in general. The native currency is called AERGO. The project aims to deliver a blockchain based framework for companies to automatize certain manual processes. This not only improves efficiency, but also reduces potential errors. Companies that use the service include Korea Exchange, Shinhan Bank and Hyundai. 

Fantom

Fantom (FTM) is an odd one-out on this list, since speaking from a technical point of view, it actually does not quite use blockchain technology. The technology this project relies on is called the DAG (directed acyclic graph) method. Without getting too deep into explanations , this is a technology that offers distributed ledger solutions to securely and very efficiently manage smart contracts. So, despite technically not being a usual blockchain, it offers the same DAO and crypto perspective as well as similar functions as any usual blockchain. The company is non-profit and is essentially a DeFi service provider, with its main focus being on security and scalability.

Kodebox

This is a blockchain startup focusing on the gaming industry, allowing developers to easily integrate blockchain solutions into their games. Kodebox’s main service is a very secure, efficient and easy-to-use and -integrate mobile crypto wallet. You can already see where it’s going. Despite being quite controversial, there is without a doubt a lot of money in mobile gaming and more specifically, in mobile games that generate profit through microtransactions. As such, it is a lot easier for Kodebox to be profitable than it is for most other blockchain projects, and their mobile blockchain gaming wallet has immense growth potential.

Conclusion

South Korea is ahead of the crowd in innovation when it comes to technology and that manifests in mostly high-quality crypto projects that are well worth looking into. We will keep an eye on South Korean cryptocurrency and blockchain projects to share the updates with you. Stay tuned!

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