The Man Behind Sigmachain
Kwak Jin-young, CEO of Sigmachain has is one of the founding members of Cyworld, the Korea’s first and leading social networking services. Later on, he entered the blockchain industry by establishing Sigmachain, a blockchain platform that uses DSPoS (DDPoS) consensus algorithm providing higher speed and more scalability than any other existing blockchains. He has been regarded as a Social Media information technical expert in solution(DB) Analysis & Design and the field of consulting.
Establishment of ‘Sigmachain’ — A milestone in IT industry
While working on distributed networks in 2015, Kwak established the company what currently known as Sigmachain by discovering the distributed and decentralized features of blockchain network. He explained,
“In 2015, we were developing a new concept of a mobile application that can allow users to send and receive movies and large amounts of data unlimitedly by using individual servers instead of a central server through the distributed network. The advantage of using a distributed network is that the excessive network traffic can be split and the cost of server expansion was significantly reduced. It was that time when we found the relationship between distributed networks and block-chain technology, and we established the Sigmachain with a philosophy to be the pioneer in bringing the great uses of this technology in everyday life.”
While talking about the adoption of blockchain and acceptance of it by general public in their every day life, Kwak says that in order for blockchain to be part of our normal lives, the technology should be fast and secure enough so that all the existing internet services can easy go to that blockchain. He said,
“In order for the blockchain ecosystem to expand, existing Internet services must be able to move into the blockchain. In the case of Etherium, the second-generation blockchain platform, it is difficult to commercialize real service due to data processing speed. In the case of EOS, the third generation blockchain platform that improves the speed of the Etherium, the speed is much improved compared to Etherium, but security vulnerability has been revealed in the witness exposure problem. In other words, a real mainnet did not exist in the meantime. The Sigma chain has improved transaction rates per second to 300,000 TPS and has developed its own secure DDPoS (Dual Delegated Proof of Stake) algorithm. This way, we’ve solved a major challenge for the Internet ecosystem to move into the blockchain ecosystem.”
Sigmachain — The Fastest Certified Blockchain with 300,000 TPS
The Sigmachain is a blockchain platform that uses DDPoS (Double Delegated Proof of Stake) algorithm. The DDPoS algorithm is a consensus algorithm that adds a verification procedure to the DPoS method and making the nodes more secure and less prone to network attacks.
“There is a problem with Steemit and EOS that the DPOS method adopted is vulnerable to attack because the BP (Block Producer) selected by the coin holders is exposed. Sigmachain has developed its own algorithm, DDPoS, to improve this. Dual Delegated Proof of Stake (DDPoS) is a consensus algorithm that adds one more step to the verification procedure for DPOS. The DDPoS agreement algorithm consists of 17 selected BP (master node) and 4 randomly selected BOs (random nodes) selected randomly to maintain the integrity of the entire block chain. You can prevent security threats in advance. In this way, we are certified to have the fastest mainnet speed of 300,000 TPS in the existing blockchains.”
The whole story was published at ‘Startup4’ tech blog in Korean. You can find and read the original story at: http://www.startup4.co.kr/news/articleView.html?idxno=11752
About Author: Majid Mushtaq did his Masters in Industrial and Management Engineering from Hankuk University of Foreign Studies (KGSP Scholarship 2015). He codes in Python, C++, Matlab and expert at social media marketing tools like Hootsuite, Hubspot, Shortstack, WordPress and Mailchimp. In the past, he has worked with Korea.net and Korea Tourism Organization as a blogger and has represented Pakistan at 18 countries. He is currently owner of Korea Diaries — an all in one guide for expats in Korea blog through which he shares his love for Korea and Korean culture.