Next-generation-blockchain-coming-to-town
Bloom Technology CEO Lee Sang-youn says that the company plans to start an open test early July to demonstrate how its Locus Chain deals with the time-honored dilemma between decentralization and scalability of blockchain technology. Photo courtesy of Bloom Technology

Korean start-up will launch open test of new technology

A South Korean startup plans to enable people to check out the so-called “next-generation blockchain” based on unprecedented technologies in a public test early next month.

Bloom Technology, which has developed Locus Chain, said Wednesday that not only experts but also the general public from across the world will be able to take part in the open trial.

The company claimed that Locus Chain is a next-generation blockchain because it solved the time-honored dilemma between the two conflicting issues of perfect decentralization and scalability.

Blockchain has realized decentralization and security, but at the cost of scalability. In other words, blockchain has failed to support a large number of users because of the low processing speed,” Bloom Technology CEO Lee Sang-youn told UPI News Korea.

Developers who tried to resolve the scalability problem ended up sacrificing decentralization. It has been a tall task to deal with the dilemma before we came up with Locus Chain. We will let people try our next-generation blockchain in person,” he said.

Indeed, most public blockchain technologies languished due to the painfully slow speed in confirming transactions. Balancing the trade-offs between security and speed has been an elusive mission.

Observers pointed out that the trade-offs are the prime reason why blockchain has not become mainstream, yet.

It would be very difficult to explain our source technology, which enables security and speed at the same time, in layman’s terms. But everybody can check how fast and securely it works through the open test,” Lee said.

The transaction speed would be less than a second. In most cases, the speed would be between 0.1~0.2 seconds. Everybody can just log on to our website early July to partake in our test, which will be done online.”

Lee expected that an increasing number of developers will adopt Locus Chain after verifying its commercial viability through the open test.

Bloom has already persuaded some corporations to embrace Locus Chain.

Last December, it announced a partnership with Arms & McGregor International Reality to allow the purchase of real estate in Dubai using cryptocurrency.

Early in 2020, it teamed up with a South Korean game developer to use its blockchain platform to a new game called Kingdom Under Fire 2.

 

UPI News Korea provides this article. _ ED.