On May 23rd, SymVerse hosted its second demo day at the Riverside Hotel in Seocho-gu, Seoul. Other notable mentions at the event included the unveiling of SymWallet and a cloud-based blockchain solution called Blockchain-as-a-Service (Baas).

Choi Soo-hyuk, CEO of SymVerse said, “I made a decision not to launch an ICO or IEO because I did not want people to see it as a scam or a fraud. We will strive to be the blockchain to have the most dApps in Korea.”

Symwallet, which was unveiled at the event, includes various functions such as coupon, payment, and marketplace. It also features a Blockchain-as-a-Service solution that caters to enterprises. It is promised to add a built-in exchange and a messenger platform soon at a later date.

“I have confirmed the listing of SYM Token on Digifinex,” Choi said. “The listing date is yet to be determined.”

Equipped with the option of making the blockchain network public or private, service providers can easily create dApps tailored to their business needs. Moreover, it provides customers and business owners to directly manage their own personal information, using self-sovereign, distributed ID (DID) technology.

Once the user enters his / her personal information for the first time, SymVerse network stores the personal information in a secure repository and issues SymID in return. At the same time, the data gets also recorded on the blockchain. Now, the user can then authenticate the identity with SymID without having the need to provide redundant information when using the dApps on the SymVerse network.

“We packed all the features for dApps to be usable in SymWallet,” said Chee Sun Han, the director of the company. “We have built a ubiquitous environment where users can freely interact, all in the wallet.”

The company has now partnered with more than 30 dApps, including MP Smart Learning, Tongin Express, and Gentle Mars.

The company plans to establish a strategic partnership with Tongin Express to provide a O2O service platform. SymVerse will utilize the data from Tongin for providing delivery, home care, and moving services.

Since acquisition of dApps, as well as activation of dApp usage are vital to the long-term sustainability of the overall network, gas fees will be fixed to the same amount every day, regardless of the coin price.

He said, “We will be able to pay a fixed transaction fee, every day for a year.” He added, “After that, we will apply a 2% inflation rate per annum to make the gas rate rise consecutively for 30 years.”

Reference

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