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According to local news outlet Joongnag Daily, a blockchain company based in Korea believes that it has found what it takes to revolutionize blockchain technology and bring even quicker pace to the way that transactions are being carried out.

SymVerse, a blockchain firm that was established earlier this year, hosted an event and held a demonstration on Wednesday, November 28, 2018.

Choi Soo-hyuk, CEO of SymVerse, calls the company’s platform “the ideal network to operate decentralized applications. Our network is an all-in-one platform characterized by a multi-blockchain structure, which facilitates higher speeds and functions.”

Based on the report, the company’s blockchain platform can facilitate transactions at a much quicker pace, as its implementation doesn’t require smart contacts. The snail speed at which blockchain processes transactions has been seen as one of the major obstacles to its widespread adoption.

However, SymVerse, with its quick and effective version of the blockchain technology, is looking to bring complete revolution to the technology, thereby helping to bolster its effectiveness and appeal.

The platform would also feature a unique identification system which users can use to set new accounts using a unique identification system, known as the ‘SymID,’ thereby making it possible to create seamless transfers of balances between various accounts.

The SymVerse network has already seen signups from about 30 companies that will like to launch their applications on the network. Some notable prospective partners include Hancon Secure, an IT firm that has strong ties with the leading office suite developer in Korea, and Chainflix, a peer-to-peer video sharing platform that provides an opportunity for viewers and video creators to mine and earn crypto tokens.

Some foreign investors in the company also sent videos to congratulate SymVerse on this milestone. The company has employed the services of Thomas Sargent, a co-recipient of the 2011 Nobel Prize in Economics, who will come on an advisor to the project.

A spokesman for the company claimed that “SymVerse is the only blockchain company in the world with a Nobel Prize laureate serving as an advisor. All our advisors are very active in providing us with their input on developing our network.” SymVerse was established back in May, and the company published their whitepaper early this month. It is expected that operations are to begin in the first quarter of 2019.

Featured image from Shutterstock.

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