Sigmachain Mainnet Selected For
Busan Blockchain Regulation Free Zone
Busan, the second biggest city of South Korea, which gained humongous popularity after the release of ‘Train to Busan’ is now again is the center of attention due to being declared as ‘Blockchain Regulation Free Zone’ by the Korean government.
The President Moon Jae-in said at the meeting held at the southern port city’s Nurimaru APEC House.
“Our goal is to attain the most innovative growth in the world. For that purpose, we have to create an environment where the world’s first new technologies are developed and commercialized,”
Moon’s government has designated 7 of the 17 provinces and metropolitan cities as being free of regulation in as many industrial fields. Under the policy, Gangwon Province was designated as regulation-free for digital health care, Daegu for smart wellness, South Jeolla Province for e-mobility, North Chungcheong Province for smart safety, North Gyeongsang Province for advanced battery recycling, Busan for blockchain technology and Sejong for autonomous driving.
On the other hand, another big achievement in the blockchain sector was that Sigmachain (CEO Kwak Jin-young) is selected to supply mainnet to the marine logistics system.
Sigmachain, a global blockchain technology company established by Kwak Jinyoung the CEO who is also behind the development of SNS platform Cyworld, will play a leading role in Busan’s ‘Blockchain Regulation Free Zone’ with its next generation mainstream mainnet,
The company has independently developed a ‘Sigmachain Mainnet’ that supports both public and private environments, and is able to provide customized blockchain solutions. Sigmachian is planning to grow worldwide by building a unique blockchain ecosystem called ‘Sigma Chain Network Alliance (SNA)’.
Sigmachain Mainnet has been officially certified by the internationally accredited testing institute called KOLAS, in terms of processing speed of 300,000 TPS (transactions per second). It is the fastest among the existing block-mains mainnets, and is about 20,000 times better than Etherium, which is only about 15–20 TPS.
Solving Scalability Issues: Having achieved 300,000 TPS, Sigmachain mainnet has solved the problem of scalability due to low transaction processing speed which is pointed out as the biggest obstacle to the commercialization of blockchain.
Solving Security Issues: The vulnerable security, which is considered to be a weak point of the existing DPoS (Delegated Proof of Stake) algorithm, is also considerably improved by the DDPoS (Dual Delegated Proof of Stake) algorithm, a new technology that has been patented by Sigmachain company.
In March, the Sigmachain Network Alliance (SNA) was officially launched as a blockchain network association consisting of various businesses and enterprises based on the Sigmachain mainnet. Currently, more than 100 domestic and foreign companies are registered as member companies.
As a part of the initiative, South Korea’s government plans to minimize regulatory pressure in the industry and promote technological innovation in the country and Sigmachain is proud to be the blockchain leader in the country.
For Korean Article: http://news.kmib.co.kr/article/view.asp?arcid=0013532029&code=61122019&cp=du
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