Over the past few weeks, Ethereum has experienced exponential growth, with a total market capitalization of $ 4.37 billion. According to current market data, South Korea is the world’s second largest market for ethereals at 17%.
Blockchain companies and companies from the digital currency sector have devoted themselves to expanding the user base and convincing potential customers of their products. Interestingly, many startups are made up of government-sponsored organizations, financial institutions and multi-billion dollar businesses.
The South Korean co-operation and financial institutions regard the Bitcoin and Ethereum networks as an essential technology for a new infrastructure and its future business processes.
Essentially, they want an autonomous, secure, transparent, and efficient infrastructure that can handle transactions, process complex records, and process sensitive information in a single network.
Recently, the South Korean Financial Commission (FSC) announced plans for a completely block-based project. The project is to be implemented within a year. Jeong Eun-bo, Deputy Chairman of the Financial Services Commission says that with the introduction of a state-funded blockchain project, the country wants to lead the blockchain sector and the Fintech market on a global scale.
Jeong: “The blockchain has a great potential in the financial sector to be used in various fields. South Korea owns the world’s best ICT technology. If the government, industry and industry experts work closely together, South Korea could become the trendsetter and pioneer of block-based financial applications.”
Links between Ethereum and the growing popularity of Blockchain technology
Ethereum is known to be the largest blockchain network that focuses on the development of decentralized applications and intelligent smart-contract platforms. In contrast to the Bitcoin network, which was developed primarily as a digital cash system and as a digital currency, the Ethereum network was created for a wide range of decentralized applications. In addition, the community room provides a flexible and functional developer network.
On March 24, for example, the well-known and decentralized storage provider Storj switched to the Ethereum network. The reason for this was the rising and high transaction costs on the bitcoin blockchain. In addition, the interest in Ethereum has continued to be strongly fueled by the current Blocksize debate between Bitcoin Core and Bitcoin Unlimited and the danger of a 51% attack by Chinese miners on the Bitcoin network.
Shawn Wilkinson, CEO / CTO Storj Labs Inc., said: “Due to the high transaction backlog on the bitcoin blockchain, our users were exposed to long transaction times of several hours or even days.”
South Korea sees itself as an innovation leader, both on the Asian market and on a global scale. Regulators and collaborators are open to innovative technologies such as Ethereum, especially when they provide solutions for the financial and technology sectors.
At present, a hype among the government, the banks and cooperations for research on the Ethereum network is emerging. Consequently, the Ethereum trade volume and the price per ether also rose exponentially.
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