Korean Telecom Giant KT to Create Its Own Blockchain

The company claims that by the end of the year it expects to reach 10,000 transactions per second thru its blockchain, and in 2019 - 100,000
24 July 2018   892

One of the two largest telecommunication company in South Korea, KT Corporation has launched its own blockchain, intending to use it in various services, including digital identification, data roaming and energy trading.

According to CoinDesk, the company announced the creation of KT Network Blockchain, reported about a throughput of 2,500 transactions per second, achieved through integration into an existing high-speed commercial network.

The company claims that by the end of the year it expects to reach 10,000 transactions per second, and in 2019 - 100,000.

KT said that after launching its new platform, it intends to use the blockchain to authenticate users' IDs, which may be useful for improving international roaming services. The platform will also allow secure transmission of user data to global partners of KT via a distributed network.

At the first stage of the project, it intends to cooperate with China Mobile and Japanese mobile operator NTT DoCoMo, transferring international data roaming to a distributed network.

The company also expects that KT Network Blockchain will begin to play a role in energy trading in the second half of the year and will be used by corporations wishing to exchange unused energy quotas through a distributed network.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   276

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.