Choi Soo-hyuk, CEO of Symverse Labs, was honored with the ‘Top Awards Korean People Award.’
▶ SymVerse Labs solidifies its position as a blockchain mainnet company by succeeding in the world’s first multi-blockchain separation and achieving one-second speed innovation
▶ CEO Choi Soo-hyuk is evaluated as a leading figure in the development of domestic information technology and information communication (ICT).
Co-hosted and supervised by People Knowledge Guide Journal, Weekly People and New Intellectual Social Forum, and sponsored by the Korea Economic Cooperation Association, an incorporated corporation authorized by the Ministry of Trade, Industry and Trade, this year’s ‘Top Awards Grand Prize in the Industry/Blockchain Category’, announced on the 28th that CEO Choi Soo-hyuk was selected.
Regarding the background of the selection, Choi Soo-hyuk, the founder of SymVerse, has been engaged in various activities as an expert in the field of information and communication (ICT) in Korea before starting the blockchain business, and regarded as a key figure in the industry that has developed Korea’s informatization and information communication fields.
Previously, while using the blockchain service ‘Steemit’ (a blockchain-based social network service launched in July 2016), CEO Choi was researching cryptocurrency white papers and program sources to create a cryptocurrency exchange platform. In the process, various problems of the existing blockchain are encountered.
“In order for blockchain to be used well in everyday life, transaction processing must be fast above all else, but block creation and transaction confirmation were slow due to the decentralized consensus process that took a considerable amount of time. Smart contracts were difficult for general users to use easily, and they lacked user convenience, and above all, they needed a distributed network because they had a supplier-oriented ecosystem. In the early days, building a blockchain system required a design that allowed only block creators to excavate value, but now this has changed. We thought we needed a venue for a decentralized network to provide consumers with a distinctly better advantage.” — From the interview with Soo-Hyuk Choi
After confirming the areas to be improved, CEO Choi jumps into the blockchain business in earnest based on the results of his research over the past 30 years. In addition, consensus algorithm based on ‘game theory’ and ‘social selection theory’, automatic coin supply control function, coin distribution that motivates all participants to participate, compression technology to solve the blockchain storage problem, and ID technology that enables account recovery etc., and generate massive innovation. As a result, platform costs are saved, transaction processing speed is improved, and independent blockchain platforms based on the SymVerse platform, which use their own ID system called ‘SymID’, can expand blockchain services as a cooperative ecosystem that interlocks with each other. This is the moment when SymVerse, a multi-blockchain fractal network was born.
The next-generation multi-blockchain platform, SymVerse, is a new word that combines the prefix “Sym” meaning “together” and the suffix “Verse” meaning “interact” meaning symbiosis, “everyone lives helping each other,” and SymVerse seeks to achieve results together through a process in which all blockchain users voluntarily participate for the benefit of each other. In addition, despite presenting a new paradigm for the future Internet that aims for a hyper-connected society, we seek to create an environment where blockchain, which has not yet been practically used in daily transactions, can be used more comfortably, without hesitation, and safely.
The results achieved by Symverse Labs (formerly Symverse) are significant. This is because it succeeded in separating multiple blockchains for the first time in the world in about a year after its establishment in 2018 and achieved a one-second innovation of block creation and confirmation at the same time. Based on these technologies, they are helping companies to easily incorporate blockchain technology by creating various solutions and consulting services such as mainnet, decentralized wallet, DID (electronic identification system), and smart contract integrated development environment (IDE). Performance was also recognized. In addition to holding several patents related to blockchain, it passed the TTA performance test of the Ministry of Science and ICT with high transaction speed, and the blockchain wallet service has also obtained the first-class GS certification in the industry.
Previously, Symverse Labs had the honor of winning the grand prize in the mainnet category at the 16th World Blockchain Summit Marvels ‘NFT META Busan & MARVELS Awards 2022’, and on the 20th launched the content community platform ‘Communy’, a marketplace where content can be created and traded using the SymVerse mainnet, which has a block confirmation speed of 1 second, and is characterized by strengthened community functions, including SNS.
In ‘Communy’ (https://www.communy.io/), which has the characteristic of continuously expanding the community rather than ending with fragmentary content transactions, anyone can create a user profile and communicate by following or commenting on other users. In addition to digital content, each service provider can register and sell content in various fields such as arts/crafts, membership, gift certificates, tickets and is possible to purchase digital content as easily as existing online shopping malls through card payment.
Through ‘Sallt’, a decentralized wallet developed by Symverse Labs, is possible to sign up for the site in just a few seconds, increasing accessibility to users who are not familiar with blockchain technology, as well as content creation and transaction history. It supports the gas fee required when it is recorded on the blockchain and lowers the entry barrier by eliminating purchase fees.
“Communy is a social network-based digital content marketplace that is different from existing NFT markets. It is expected that the service will be used in a variety of ways, as anyone with followers in each field, such as individuals, groups, or social gatherings, can create content and communicate within the community.” — From the interview with Soo-Hyuk Choi
The multi-blockchain technology SymVerse, established in Korea, has a significant impact on the world, and the digital ecosystem that CEO Soo-Hyuk Choi and SymVerse Labs are creating together with the goal of becoming the heart of the blockchain industry is highly anticipated.
