Korea-Based Blockchain Projects Moving Past Ethereum

Blockchain projects in Korea are starting to move away from the Ethereum platform as they mature and seek platforms with different capabilities or launch their own mainnet services. Projects such as Moviebloc and GDAC are good examples of Korean projects that started off on Ethereum for its benefits, but have since moved to other platforms to meet their unique service characteristics.

Moviebloc has moved to Ontology, which requires a token swap. Users may find such a move confusing since there will be some actions mandatory for them to get their tokens swapped. The leaders of the project think that this move will benefit the project and the community in the long run.

Although the platform conversation has already happened, users still have tokens that aren’t able to be used on the new platform. The net benefits of such a move in the long term are highlighted by this self-imposed inconvenience. The new platform is expected to attract new users after the token swap is completed.

One of the new capabilities of the new token will be listing on Ontology’s decentralized exchange SEED. It is still unknown whether the move to Ontology will have a net benefit for the company, but there is a tremendous amount of hype about the switch.

Next is Kakao’s enterprise offering Klaytn which has the KLAY token. Korea-based exchange Llamda256 joined Klaytn and is supporting token conversation for all Klaytn-based blockchain projects that require a token swap to switch to the Klaytn platform. There is some speculation or expectation that more Korea projects will jump onto the Klaytn platform in the coming years.

No one is worried whether the platform can stay afloat with the backing of Kakao Group which has developed an impressive suite of services over the past decade in Korea, but its globally utility may become an issue if non-Korean companies have little incentive to go onto the platform.

GDAC also jumped onto the Klaytn platform recently. They are moving from Cosmos, which is an Ethereum-based platform. According to the official announcement, users need to make no changes as their tokens will be automatically swapped and Cosmos tokens will still be supported. This conflicts with another announcement which states that users will need to be issued new Klaytn wallets which can cause some frustration among users.

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