Blockchain and cryptocurrencies are among the few divided subjects in South Korea. Yet there would be hardly any Korean who doesn’t know about these buzzwords. Of course, Korea is one of the hottest crypto-markets responsible for more than 30% of the world’s cryptocurrency trading volume. Buying and selling of Altcoins is bread and butter of many Koreans despite the ban on ICOs back in 2017. However, with the expertise in technology and infrastructure, the crypto scene has skyrocketed making Korea the cryptocurrency hub of the world.
Within the last 2 years, lots of blockchain projects have popped up from various industries ranging from government, finance, banking, health, gaming, gambling, and sports. Here we present you the top 5 promising blockchain projects in South Korea.
ICON is the most valuable blockchain project in South Korea. They were managed to raise 150,000 ETH during the successful ICO last September and by now, with the market cap of around 100,000,000 USD, it is ranked among the top 40 cryptocurrencies in the world and has been the only Korean project to make it to top 100 currencies listed on CoinMarketCap. ICON provides blockchain platform for industries like industries banks, insurance, games, universities, and hospitals.
FANTOM is the world’s first DAG based smart contract platform that solves the issue of scalability and confirmation time of the existing blockchain technology. Their token sale ended in June 2018 and they were able to successfully raised around $39,653,398 of $39,400,000 (101%). They aim to solve existing problems related to supply-chain management, food, telecom, banking, and real estate.
Korbit is the world’s first cryptocurrency exchange offering bitcoin-korean won exchange. Coin holders, (or should we say HODLERS due to current market) can easily exchange the cryptocurrencies on the secured web platform. Since Koreans have invested in altcoins more than anyother nation, this exchange is quite popular among the locals. They were also managed to raise $3.6 million from top investors and crypto-enthusiasts.
Futurepia is a blockchain designed especially for high traffic DApps while solving the problems of security, speed and scalability of existing solutions. Futurepia.io has developed a new DDPoS (Dual Delegated Proof of Stake) algorithm (patent pending) which is a considerable improvement over DPoS (EOS) both in terms of scalability and security. The mainnet has already been released and has demonstrated 300k transactions per second in the test environment (certified by KOLAS).
Recently Futurepia has won the “Blockchain Innovation Award” in Seoul and won the 1st place at “Blockchain Leadership Summit” in Switzerland.
In simple words, Cosmochain can be called as Instagram on blockchain designed especially for cosmetic lovers. Cosmochain took the advantage of massive Korean beauty market and decided to build the DApp connecting customers and industries through a coin ecosystem. Users will be able to gain coins and earn tokens by actively using the DApp, commenting on other users’ pictures and voting for their favorite content. Cosmochain was also able to conduct a successful ICO and few major cryptofunds invested in it including #Hashed.
Let us know if you are aware of any other famous Korean based blockchain startup. Don’t forget to check out our guide on Top cryptocurrency slangs that you need to know in order to call your self as crypto-expert.
Follow FUTUREPIA community to know more about the next big thing.