Kakao establishes its blockchain branch

Along with the blockchain solution South Korean messenger prepares ICO launch
05 March 2018   364

Today, on March 5 Kakao announced its subsidiary with a premature brand Kakao Blockchain. Along with such establishment service provider for KakaoTalk eyes an ICO launch. As running ICOs is illegal in Korea, experts suggest it'll be held either in Singapore or Hong Kong.

Most likely with the launch of the ICO, a native token will be introduced as well - Kakao Coin. As a token for the whole platform, it will be used as a native currency in a number of Kakao apps like KakaoTalk, Kakao Drive, Kakao Games, etc. The representative of the new organization appointed to the CEO of a tech startup incubator Future Play - Jae-sun Han.

The rate pf penetration of Kakao apps and the whole ecosystem is astonishing in South Korea: specific markets like messaging and fintech have almost 90% of Kakao involvement. Thus, today's move to establish own blockchain platform should be not only successful, but almost surely solidify even more the strong positions of Kakao services.

Kakao, which operates KakaoTalk and KakaoPay that have 90% penetration in messaging and fintech markets in South Korea, created a blockchain company, first reported by @CryptoKorean

Several major media outlets hint Kakao launching its own cryptocurrency


Joseph Young‏ @iamjosephyoung


To remind the readers, South Korea has confirmed at the end of January that iit has intention to ban cryptocurrencies.

7 Accounts blocked by EOS BP without Going an Arbitration

EOS is facing another issue just days after its mainnet activation, as the newly elected block producers have frozen 7 EOS accounts on suspicion of being stolen
19 June 2018   49

The backlash began as the block producers did go over arbitration, an integral part of the EOS’s governance system. The critics are certainly questioning the credibility of the project. Jackson Palmer, the creator of Dogecoin and a well-known person in the blockchain industry, questioned the very governance process constructed by EOS and the role of EOS Core Arbitration Forum (ECAF).

The structure of EOS’s governance has been parted into 3 distinct groups - block producers, arbiters, and token holders. This separation resembles the executive, constituency, and judicial, of any governed system respectively. 

On 17 June 2018, the top 21 Block Producers unanimously agreed to protect property that may have been compromised through phishing attacks or other scams where member’s private keys were compromised. The EOS911 initiative was created by EOS42 as a way to prevent victims of private key theft from having their tokens lost once the 72-hour unstacking period ended following the EOS Mainnet Launch. Once that period ended, the thieves would be free to transfer the tokens wherever they’d like, rendering futile any recourse available to the community at this time.
EOS New York, in their recent post

So, in this case, the block producers did not go with the arbitration, rather they only conferred with them. Then the post added:

Foreseeing the process that would be required to act, EOS New York, on a call with BPs and BPCs, requested an expedited review of the merits of the case from ECAF (EOS Core Arbitration Forum) who was also on the call. The idea was that if ECAF found merit in the evidence provided, a formal ruling from ECAF would ask the BPs to “freeze” the accounts in question until such time that a thorough and formal review of the claims could be completed.
EOS New York, in their recent post

This is not the first problem EOS is facing amid its mainnet activation, as within 48 hours of that, the network suspended because of some bug. Though the error only led to a 5-hour network blackout, that is surely not something the team would have expected.