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Blockchain Apps are Taking Over the South Korean Market, Cryptocurrency Incentive

Blockchain Apps are Taking Over the South Korean Market, Cryptocurrency Incentive

Reading Time: 2 minutes by on May 24, 2018 Altcoins, Blockchain, Business, Entertainment, News, Tech
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GoCryptobot, Calorie Coin, and many other blockchain and cryptocurrency-based mobile applications have taken over the South Korean app market, competing against traditional applications and conventional platforms.

Blockchain Games

Some of the biggest conglomerates in South Korea such as Kakao and Naver have begun to develop blockchain applications to secure a position at the forefront of blockchain development. LINE is the most widely utilized messaging application in Japan. It owned by  South Korea’s largest search engine Naver, and Kakao, a local internet conglomerate that operates KakaoTalk, KakaoPay, KakaoTaxi, KakaoStory, and KakaoStock, have formed their own blockchain studios called Unblock and Ground X, to focus on the deployment of commercial blockchain-based apps.

The majority of blockchain apps in South Korea that have gained significant popularity over the past five months have one element in common: an incentivization method based on native in-app tokens and cryptocurrencies.

Calorie Coin for instance, which is operated by CLC Foundation, pays out users in calorie coins for working out and engaging in activities. The native in-app coin can then be converted to Ether, the native cryptocurrency of the Ethereum blockchain network.

Acknowledging the success of mobile blockchain apps in South Korea and the global success of simplistic apps like CryptoKitties, local corporations have started to utilize and commercialize the blockchain in the gaming industry, which has millennials as its core consumer base and leverages entertainment to ease the process of using blockchain technology.

In an interview with Business Korea, gaming company Kodebox stated that the most ideal sector that can commercialize the blockchain in a large scale is the gaming industry and many companies are already working on integrating various open-source blockchain networks.

“Our goal has always been to develop a blockchain platform including one that allows users to exchange cryptocurrencies and items in a game. We also have plans to release a new open source-based platform Kodechain,” said the Kodebox team.

Importance of Interchangeability

Primarily, a transaction or a payment settled on a blockchain network like bitcoin and Ethereum is structurally similar to sending a piece of information on any other peer-to-peer network like email. Payment data can be substituted with any other form of information, and due to the immutability of blockchain networks, that data can be processed securely and efficiently.

Buying, storing, and sending a digital kitten, which is a collectible due to its scarcity, is no different than buying, storing, and sending a digital asset. But, because CryptoKitties is an entertaining collectibles-based platform that appeals to millennials and young users, it has been able to demonstrate a consumer use case of blockchain technology at a large scale.

Fred Wilson, a respected venture capitalist at Union Square Ventures, stated:

“At USV, we think digital collectibles is one of many amazing things that blockchains enable that literally could not be done before this technology emerged. We also think digital collectibles and all of the games they enable will be one of the first, if not the first, big consumer use cases for blockchain technologies.”

Multi-billion conglomerates in South Korea such as Kakao, Naver, and Nexon are on a race to deliver a massively successful commercial application based on the blockchain.  The three corporations unanimously agree that the best and most efficient way to increase the adoption of blockchain technology is through the development of the entertaining apps like blockchain-based mobile games.

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