Asia Crypto Today 2019.11.05
PBoC and Huawei’s Partnership on Digital Asset Issuance, Samsung Blockchain, NexLedger’s Enhancement Plan, Yes24.com’s Mainnet Launching in Korea
Samsung SDS is planning to upgrade its blockchain platform ‘Nexledger’
Samsung SDS has unveiled the enhancement plan of its blockchain platform ‘Nexledger’. It is a strategy to increase market share by increasing NexLedger’s rate of transactions per second through blockchain network convergence between various industries.
According to a senior Samsung SDS official’s interview with Korean media on Nov 5th, a blockchain technology company called ‘Medium’ will be applied to ‘NExLedger Universal’ very soon. These two companies are planning to form a technology partnership in November.
Medium is a 4th generation blockchain platform company of Korea that implements a hardware-based blockchain platform. It opened the testnet last August and attracted the attention of the industry by implementing more than 100,000 TPS per second based on the Hyperledger Caliper.
Medium has revolutionized blockchain processing speed with dedicated hardware and aims to achieve 1 million TPS by the end of the year.
Generally, Bitcoin averages 7 TPS per second, Ethereum 20 TPS, and EOS only 3000 TPS. The blockchain open-source project Hyperledger Fabric provided by Samsung SDS NExLedger Universal also has a speed of 1000 TPS per second.
Samsung SDS is planning to expand its business in the fields of finance, logistics, manufacturing by combining Medium’s high-speed blockchain technology with NexLeder. Give a simple example, if Samsung introduces the Nexledger into logistics such as the world’s sixth-largest port, Busan port which has 170k TEU container volume and requires 10kTPS per second of performance, in the current situation of Samsung’s Nexledger, it is very difficult to handle the massive volume of TPS.
Samsung SDS officials mentioned if the partnership with Medium, its average TPS speed will be hyped up and can solve most of the problems in the industry.
PBoC Partners with Huawei for Researching Digital Asset in China
The digital currency development organization of the People’s Bank, the central bank of China, has partnered with Huawei to research and develop the issuance of national digital currency.
According to the Chinese media and the Chinese economic network on Nov 4th, People’s Bank Digital Currency Research Institute and Huawei signed a memorandum of understanding (MOU) agreement on Fintech research.
It is reported that Panyifei, a senior member and vice president of the PBoC met with Huawei’s Shenzhen headquarters and research institute to discuss strategic cooperation.
Huawei promised close cooperation for the financial system by forming a strategic cooperation MOU with the Chongqing General Center of the People’s Bank of China as well as the Digital Money Research Institute.
Huawei’s software, hardware, and mobile technology will be linked to various cooperation with PBoC. At the ‘China International Finance Exhibition’ held this morning, Huawei revealed that it is strengthening its cooperation model with institutions and companies in the financial sector by unveiling its own server CPU ‘Kunfeng’, distributed database-related solutions, and its own chips and network facilities.
The cooperation between PBoC and Huawei is expected to have a significant impact on China’s overall digital currency and system development.
The People’s Bank of Digital Money Research Center announced the hiring announcement in 2020 in mid-month, attracting public attention to recruit the legal money development staff.
Korea E-Commerce Platform, Yes24 Released its Mainnet “Sey”
Yes24 has announced on Nov 5th that it has started running its own blockchain platform ‘Seychain’ mainnet.
Yes24 has been developing a Seychain aimed at building its own blockchain ecosystem since issuing Ethereum (ERC-20 standard) based its own cryptocurrency Seytoken in August 2019. The mainnet was completed in cooperation with OBS, an Israeli blockchain technology company that signed a business agreement last December.
According to Yes24, the Seychain is a consortium that can be operated with partners. The company plans to acquire partners in e-learning, e-commerce, and data and security technologies.