Blockchain is one of the promising technologies of this decade and people are calling it a 'game changer' just like the way the internet transformed the lives back in the 90s. Even though South Korea is the hub of the blockchain technology and cryptocurrencies, accounting for 30% of total cryptocurrency trading worldwide, a handful of astounding projects were launched from Korea. Having the 'Most Innovative Blockchain Award' Sigmachain is one of those projects.
Let's meet Jinyoung Kwak, one of the founding members of Korea's largest blockchain alliance (Sigmachain Network Alliance), who is also currently serving as the CEO & CTO of Sigmachain - the fastest 'certified' mainnet.
Early Life and Career:
Mr. Kwak had his Masters degree in Computer Sciences from Griffith University, Australia. After coming back, he worked as a software engineer and with the help of other developers, founded the Cyrword. He has also worked as CTO in Saycupid. Later on, he was appointed an Adjunct Professor in the Department of Game Technology at the Korea Polytechnic University. He is regarded as a social network IT expert in solution (DB) Analysis & Design. Since 2015, he has been developing technologies related to SNS service based on distributed network and blockchain.
Establishment of 'Sigmachain' - A milestone in IT industry
While working on distributed and decentralized networks in 2015, Mr. Kwak started developing interests in blockchain technology and formed a company which is currently known as Sigmachain. In an interview given to Startup4, Mr. Kwak said,
"In 2015, we were developing a new concept of a mobile application that can allow users to send and receive movies and large amounts of data unlimitedly by using individual servers instead of a central server through the distributed network. The advantage of using a distributed network is that the excessive network traffic can be split and the cost of server expansion was significantly reduced. It was that time when we found the relationship between distributed networks and block-chain technology, and we established the Sigmachain with a philosophy to be the pioneer in bringing the great uses of this technology in everyday life."
Sigmachain - The Fastest 'Certified' Blockchain with 300,000 TPS
Even though there are a few blockchains claiming to have achieved more than 100k TPS, but there are a handful of those companies who got their results certified, and Sigmachain is one of them. Sigmachain mainnet uses in-house built DDPOS consensus algorithm that is an upgrade of EOS's DPoS solving the security and speed issues. Sigmachain is the only blockchain in SouthKorea that has got the certification by KOLAS (Korea Laboratory Accreditation Scheme) and have successfully filed the patent for its algorithm.
While talking about the DDPoS algorithm and why its better than its competitions, Jinyoung Kwak further added,
"There is a problem with Steemit and EOS that the DPOS method adopted is vulnerable to attack because the BP (Block Producer) selected by the coin holders is exposed. Sigmachain has developed its own algorithm, DDPoS, to improve this. Dual Delegated Proof of Stake (DDPoS) is a consensus algorithm that adds one more step to the verification procedure for DPOS. The DDPoS agreement algorithm consists of 17 selected BP (master node) and 4 randomly selected BOs (random nodes) selected randomly to maintain the integrity of the entire block chain. You can prevent security threats in advance. In this way, we are certified to have the fastest mainnet speed of 300,000 TPS in the existing blockchains."
Adoption of blockchain services by the public:
The co-founder of Ethereum once said, "There are always problems with early technology. It takes time." That's exactly what CEO Sigmachain has to say while talking about the adoption of blockchain technologies by the general public. In his interview, he said,
"In order for the blockchain ecosystem to expand, existing Internet services must be able to move into the blockchain. In the case of Etherium, the second-generation blockchain platform, it is difficult to commercialize real service due to data processing speed. In the case of EOS, the third generation blockchain platform that improves the speed of the Etherium, the speed is much improved compared to Etherium, but security vulnerability has been revealed in the witness exposure problem. In other words, a real mainnet did not exist in the meantime. The Sigma chain has improved transaction rates per second to 300,000 TPS and has developed its own secure DDPoS (Dual Delegated Proof of Stake) algorithm. This way, we've solved a major challenge for the Internet ecosystem to move into the blockchain ecosystem."
Winning The Blockchain Innovation Award 2018
Owing to the hard work and dedication towards creating a blockchain ecosystem that coexists with the users, Jinyoung Kwak has been awarded the "Blockchain Innovation Award" at the Global Economic and Cultural Development Forum, Korea in 2018.
Launch of Sigmachain Network Alliance (SNA)
On March 7th, Sigmachain launched its "Sigmachain Network Alliance" project to expand its services to various fields in the society, to sell their mainnet services to others and to expand blockchain ecosystem in not only Korea but all over the world. Almost 100 companies from various sectors of the blockchain - media, AI, Fashion, Healthcare etc attended the event, congratulating Sigmachain for the amazing work they are doing to revolutionize blockchain technology. The event was attended by more than 300 people making it by far, one of the biggest blockchain events in Korea of this year. While delivering the opening speech, he said,
"Amid fierce competition for platforms to take the lead in blockchain market, attention is focusing on the emergence of blockchain alliance that is oriented toward global standards based on domestic native mainframe technology."
The same day, Sigmachain also launched their first-ever social media dapp "SNAC" that is a reward sharing platform designed to compensate the content creators for the quality content they create.
Over the last few years, Sigmachain has recognized itself as the blockchain leader in South Korea and have started to expand its services and partnerships across different parts of the world. Sigmachain has also won "Most Innovative Blockchain Award" at the Leadership Blockchain Summit in Switzerland.
Thanks to the hard work, dedication, and commitment that Mr. Jinyoung Kwak has put in to take Simgachain to the moon. It wouldn't have been possible without him.
