South Korea will see its first virtual currency based on blockchain system by February next year. BlockChain OS said Tuesday it will officially launch digital currency BOScoin, an improved version of existing virtual currencies such as Bitcoin and Ethereum.
Blockchain is a decentralized digital ledger in which all participants in a network can jointly verify and record information on financial transactions and is considered an essential technology for the fourth industrial revolution. This is the first time that a digital currency applying blockchain system is launched in Korea. The company claims it has fixed the shortcomings of existing digital currencies. It has accelerated transaction speed to the level of credit cards to enable BOScoin to deal with 1,000 transactions per second.
BOScoin which is now on pre-sale for domestic investors will be ready to test the global market next year. BlockChain OS will also release applications through which Boscoin can be used as real currency. Domestic blockchain technology has made significant advances in recent years, said Blockchain OS CEO Park Chang-ki.
By Chung Ji-sung
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