South Korea Interested In Third Generation Blockchains
Second-generation platforms like Ethereum allow applications to run as programmed whereas third-generation platforms have come out of the blue addressing current issues with second-generation networks, this has grabbed the attention of South Korea.
EOS, Orbs and Link Chain are just a few examples of third-generation blockchain networks which are making waves in the industry. They are also starting to solve the shortcomings of Ethereum such as its commission fees and slow data processing times has started to gain the interest of South Korea.
The third-generation blockchain network came out of the issues from the first two generations. The first generation was a shared public ledger which supported virtual currencies such as Bitcoin. The second generation changed and evolved to include trust agreements and assets which ended up with the creation of smart contracts which can be seen in the Ethereum network.
Despite Ethereum being a huge improvement from the initial first-generation network, the blockchain is still experiencing problems which prevent the mainstream from adopting the technology.
The aim of the third-generation is the fix these problems. The Israeli-based blockchain platform Orbs is gaining much attention in South Korea and has goals to address the speed and scalability issues currently in Ethereum, by using multiple chains.
It should be noted that while many companies are finding ways to overthrow Ethereum, Orbs is keen to succeed and advance the network by Ethereum. Israeli businesses will also team up with Terra and have already partnered with Ground X, a blockchain subsidiary from the Kakao Corporation.
EOS is another example of a third generation network. The blockchain based decentralised system which is a competitor of Ethereum. EOS aims to combat the slow transaction speed by introducing a consensus algorithm process known as DPoS (delegated-proof-of-stake).
The biggest internet companies in South Korea, Naver and Kakao are also in the process of launching their own blockchain platform the masses. Naver is looking into the technology behind blockchain through the Japanese subsidiary, Line.
Line is a messaging app which also launched their blockchain platform known as Link Chain and the Link token. The aim of Line is to use the said tokens as user rewards in the area of commerce and gaming.
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