Major South Korean conglomerate SK Holdings C&C has announced that it has forked Ripple to create a donation platform that supports a stablecoin pegged to the Korean won and a utility token.
The conglomerate announced the platform, called ‘ChainZ’, at the Blockchain for Social Impact Conference in Seoul. The platform is based on Ripple’s real-time gross settlement (RGTS) system, using Ripple Labs’ blockchain-based cross border payment system, ‘Xcurrent’.
Lee Sun-Min, the head of SK Holdings C&C, stated that the company “forked Ripple to create its own main net,” adding: “We also developed features such as smart contracts and node compensation.”
Donations Platform to Support Two Crypto Assets
Donations will be made via the platform using the stablecoin ‘Social Value Coin’ (SVC), while the utility token Social Value Power (SVP) will be distributed to donors – who will receive one-thousandth of the value of their total donation in the form of SVP. According to South Korean media outlet Chosun, SVP can be exchanged to purchase items from merchants.
SVP will not be available for purchase and will be exclusively issued to reward donors using the platform. Lee Sun-Min noted that SVP is “impossible to purchase and transfer.”
“SVP is a vital part of the platform ecosystem. “By granting voting power, the ecosystem participants can continue to use the platform.”
According to Lee Sun-Min, the platform is currently “just a concept” and is not currently being used to accept donations. No deadline has been given for the launch of SK Holdings C&C’s platform.
The conglomerate’s head noted that the technical implementation of the platform poses no difficulties, emphasizing the challenges of regulatory considerations and the task of “build[ing] a platform ecosystem.” “We need someone who can lead this idea, such as stable coin management and regulatory issues. We’re looking for a company to build a platform ecosystem together,” he stated.
Donations Platform Among Moves to Embrace DLT
The conglomerate has made moves to enter the distributed ledger technology industry in recent years.
During December 2018, SK Holdings C&C signed a memorandum of understanding with ConsenSys to develop “an enterprise blockchain development hub” designed to facilitate Korean businesses develop and utilize blockchain-based services and smart contracts.
Recently, reports have indicated that the conglomerate invested KRW 10 billion (approximately $8.23 million) into a fund managed by ConsenSys.