South Korean Conglomerate Planning To Use Ripple Fork As Donations Platform

SK Holdings C&C, a major South Korean conglomerate recently made an announcement regardings its move of forking Ripple to create a donation platform that supports a stablecoin pegged to the Korean won as well as a utility token.

The conglomerate announced the platform, called ‘ChainZ’, at the Blockchain for Social Impact Conference in Seoul. The platform is based on Ripple’s real-time gross settlement (RGTS) system, using Ripple Labs’ blockchain-based cross border payment system, ‘Xcurrent’. The head of SK Holdings C&C, Lee Sun-Min, stated that the company

“forked Ripple to create its own main net… We also developed features such as smart contracts and node compensation.”

Donations are to be made via the platform using the stablecoin ‘Social Value Coin’ (SVC). The utility token Social Value Power (SVP) will be distributed to donors who will be receiving one-thousandth of the value of their total donation in the form of SVP. South Korean media outlet Chosun said that SVP can be exchanged to buy items from merchants.

SVP will not be available for purchase and will be exclusively issued as reward to the donors using the platform. Lee Sun-Min said that SVP is “impossible to purchase and transfer.” He added,

“SVP is a vital part of the platform ecosystem. By granting voting power, the ecosystem participants can continue to use the platform.”

As per Lee Sun-Min, the platform is currently “just a concept” and is not yet being used to accept donations. A deadline has also not been fixed for the launch of SK Holdings C&C’s platform.

The conglomerate’s head noted that there is no difficulty in the technical implementation of the platform, emphasising the challenges of regulatory considerations and the task of “build[ing] a platform ecosystem.

“We need someone who can lead this idea, such as stable coin management and regulatory issues. We’re looking for a company to build a platform ecosystem together.