Presto, a South Korean Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term company, has filed a case in a local court claiming that the country's ban on initial coin offerings is unconstitutional, according to local news source Sedaily.
The action was filed on Friday.
Done nothing for a year
Kang Kyung-won, CEO of Presto, said: “As a blockchain startup, we have been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blanket ban on ICOs. We will ask the court to rule on the ICO ban and the legislature’s nonfeasance.”
An ICO is when a company sells newly-created cryptographic tokens to the general public. This has proved problematic because many people lose money by investing in businesses run by people who are incompetent and/or scammers. Nonetheless, since last year people worldwide have spent billions of dollars on these things.
South Korea banned the practice in September 2017, on pain of "stern penalties". Kim Yong-Bum, vice head of the country's financial watchdog, said at the time: "The financial authorities are banning ICOs. The intention is to prevent consumers from damaging the market because they are overheating due to a surge in demand for speculative receivables, triggered by an increase in ICO fraud."
Presto now claims that this was unconstitutional.
Equal rights for ICOs now
Park Ju-hyun, a constitutional lawyer working for Presto, explained that the ban infringes on freedom of occupation, the right to property, and the right to equality. He cited Article 37 (2) of the constitution. The last is because the ban "arbitrarily discriminates against ICO companies without reason."
Kyung-won said that his company had been considering selling tokens via an overseas entity.
Presto is a company which helps other companies develop and sell tokens, according to its website. It also runs a decentralised exchange that they can trade their tokens on afterwards.
Specifically, it develops a contract called a 'DAICO', which stands for 'decentralised autonomous initial coin offering'. This idea was invented by Vitalik Buterin in January 2018 as a way to counter blockchain companies that sold tokens for millions of dollars and then mismanaged/stole the money.
With a DAICO, the company is not allowed to use all the money at once - it is held in escrow and released according to a Smart Contract
Smart Contract
A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist each time a song is played on the radio. The contract detects when the song is played, and then automatically sends a payout to the artist or artist. All parties involved in a smart contract must agree to the terms of the contract before it can be executed. They must also consent to any changes made to the contract. Transactions made through a smart contract are traceable and irreversible.Smart contracts were first proposed in 1994 by American computer Scientist Nick Szabo. Szabo created a digital currency called “Bit Gold” in 1998, over 10 years before the creation of Bitcoin.Benefits of Smart ContractsMany proponents of smart contracts point to many kinds of contractual clauses that could be made partially or fully self-executing, self-enforcing, or simply both. Conversely, smart contracts can lead to a situation where bugs or including security holes are visible to all yet may not be quickly fixed.The fundamental goal of smart contracts is to provide additional layers of security that are superior to traditional contract law. In doing so, this reduces other transaction costs associated with contracting. Smart contracts appear most prevalently in the cryptocurrency space, having implemented countless instances of smart contracts.
A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist each time a song is played on the radio. The contract detects when the song is played, and then automatically sends a payout to the artist or artist. All parties involved in a smart contract must agree to the terms of the contract before it can be executed. They must also consent to any changes made to the contract. Transactions made through a smart contract are traceable and irreversible.Smart contracts were first proposed in 1994 by American computer Scientist Nick Szabo. Szabo created a digital currency called “Bit Gold” in 1998, over 10 years before the creation of Bitcoin.Benefits of Smart ContractsMany proponents of smart contracts point to many kinds of contractual clauses that could be made partially or fully self-executing, self-enforcing, or simply both. Conversely, smart contracts can lead to a situation where bugs or including security holes are visible to all yet may not be quickly fixed.The fundamental goal of smart contracts is to provide additional layers of security that are superior to traditional contract law. In doing so, this reduces other transaction costs associated with contracting. Smart contracts appear most prevalently in the cryptocurrency space, having implemented countless instances of smart contracts.
Read this Term. Investors control the flow of money by voting, and can also cancel the whole project and get their money back if a consensus is reached.
Presto's address is not listed on its website, but apparently it is a member of the British Blockchain Association, a non-profit advocacy organisation based in London.
“In this era of the Fourth Industrial Revolution and unbounded competition, one year or two in the science and technology community is comparable to 100 years in the past Industrial Revolution. Such unconstitutional and pre-modern measures as the ICO ban should not exist any longer,” said Kyung-won.
In May, a small group of South Korean politicians began campaigning to get the ban partially reversed, albeit only for research centres, not private companies.
Presto, a South Korean Blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term company, has filed a case in a local court claiming that the country's ban on initial coin offerings is unconstitutional, according to local news source Sedaily.
The action was filed on Friday.
Done nothing for a year
Kang Kyung-won, CEO of Presto, said: “As a blockchain startup, we have been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blanket ban on ICOs. We will ask the court to rule on the ICO ban and the legislature’s nonfeasance.”
An ICO is when a company sells newly-created cryptographic tokens to the general public. This has proved problematic because many people lose money by investing in businesses run by people who are incompetent and/or scammers. Nonetheless, since last year people worldwide have spent billions of dollars on these things.
South Korea banned the practice in September 2017, on pain of "stern penalties". Kim Yong-Bum, vice head of the country's financial watchdog, said at the time: "The financial authorities are banning ICOs. The intention is to prevent consumers from damaging the market because they are overheating due to a surge in demand for speculative receivables, triggered by an increase in ICO fraud."
Presto now claims that this was unconstitutional.
Equal rights for ICOs now
Park Ju-hyun, a constitutional lawyer working for Presto, explained that the ban infringes on freedom of occupation, the right to property, and the right to equality. He cited Article 37 (2) of the constitution. The last is because the ban "arbitrarily discriminates against ICO companies without reason."
Kyung-won said that his company had been considering selling tokens via an overseas entity.
Presto is a company which helps other companies develop and sell tokens, according to its website. It also runs a decentralised exchange that they can trade their tokens on afterwards.
Specifically, it develops a contract called a 'DAICO', which stands for 'decentralised autonomous initial coin offering'. This idea was invented by Vitalik Buterin in January 2018 as a way to counter blockchain companies that sold tokens for millions of dollars and then mismanaged/stole the money.
With a DAICO, the company is not allowed to use all the money at once - it is held in escrow and released according to a Smart Contract
Smart Contract
A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist each time a song is played on the radio. The contract detects when the song is played, and then automatically sends a payout to the artist or artist. All parties involved in a smart contract must agree to the terms of the contract before it can be executed. They must also consent to any changes made to the contract. Transactions made through a smart contract are traceable and irreversible.Smart contracts were first proposed in 1994 by American computer Scientist Nick Szabo. Szabo created a digital currency called “Bit Gold” in 1998, over 10 years before the creation of Bitcoin.Benefits of Smart ContractsMany proponents of smart contracts point to many kinds of contractual clauses that could be made partially or fully self-executing, self-enforcing, or simply both. Conversely, smart contracts can lead to a situation where bugs or including security holes are visible to all yet may not be quickly fixed.The fundamental goal of smart contracts is to provide additional layers of security that are superior to traditional contract law. In doing so, this reduces other transaction costs associated with contracting. Smart contracts appear most prevalently in the cryptocurrency space, having implemented countless instances of smart contracts.
A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist each time a song is played on the radio. The contract detects when the song is played, and then automatically sends a payout to the artist or artist. All parties involved in a smart contract must agree to the terms of the contract before it can be executed. They must also consent to any changes made to the contract. Transactions made through a smart contract are traceable and irreversible.Smart contracts were first proposed in 1994 by American computer Scientist Nick Szabo. Szabo created a digital currency called “Bit Gold” in 1998, over 10 years before the creation of Bitcoin.Benefits of Smart ContractsMany proponents of smart contracts point to many kinds of contractual clauses that could be made partially or fully self-executing, self-enforcing, or simply both. Conversely, smart contracts can lead to a situation where bugs or including security holes are visible to all yet may not be quickly fixed.The fundamental goal of smart contracts is to provide additional layers of security that are superior to traditional contract law. In doing so, this reduces other transaction costs associated with contracting. Smart contracts appear most prevalently in the cryptocurrency space, having implemented countless instances of smart contracts.
Read this Term. Investors control the flow of money by voting, and can also cancel the whole project and get their money back if a consensus is reached.
Presto's address is not listed on its website, but apparently it is a member of the British Blockchain Association, a non-profit advocacy organisation based in London.
“In this era of the Fourth Industrial Revolution and unbounded competition, one year or two in the science and technology community is comparable to 100 years in the past Industrial Revolution. Such unconstitutional and pre-modern measures as the ICO ban should not exist any longer,” said Kyung-won.
In May, a small group of South Korean politicians began campaigning to get the ban partially reversed, albeit only for research centres, not private companies.