Singapore-headquartered financial technology startup BI FINTECH is all set to issue a cryptocurrency, called BibleCoin, based on the fourth generation of blockchain technology.
However, before releasing BibleCoin to the market, the firm has plans to acquire South Korea-based Korea Framing Institute, which holds a security-related international patent for ‘integrated authentication system for authentication using single-use random numbers’. It is the primary technology on which the 4th generation blockchain of the firm is built.
In 2009, Satoshi Nakamoto first pitched the idea of a digital currency based on decentralized ledger technology. Thus, Bitcoin emerged as a coin based on first blockchain technology. However, in 2014, Vitalik Buterin introduced smart contracts based on the original blockchain technology. This unleashed the true potential of the decentralized technology and thus, it was termed as the second generation of the blockchain.
Despite the massive potential to revolutionize multiple industrial sectors, Ethereum has many technical shortcomings – the massive drawback of scalability for an instance. To overcome the issues with scalability and speed, many blockchain startups evolved the technology to introduce the third generation of the nascent technology.
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However, the increasing number of attacks on the blockchain ecosystem forced the firms to think about upgrading the technology.
Korea Framing Institute’s Head of Research Hwang Soon Young said: “The patent, a 4th-generation crypto-related technology, will allow users to avoid ‘hacking issues,’ which have been troublesome for the distribution process of cryptocurrencies and global crypto-exchanges.”
According to the issuing firm, BibleCoin is hugely backed by churches and Christian-related companies all over the world. The support of a massive following of such devoted group is a huge advantage for any project.
Moreover, BI FINTECH partnered with the global news platform GNN. According to the signed global publishing deal, GNN along with its global branches will promote the coin and its upcoming ICO.