South Korean holding company SK C&C has developed a platform for charitable donations, using a fork off of Ripple’s blockchain.
South Korean holding company SK C&C has unveiled plans for a donation platform that is based on a Ripple blockchain fork. Moreover, the platform will support a stablecoin linked at a 1:1 ratio to the won, as well as a utility token.
South Korean news daily Chosun reported about the company’s initiative on Aug. 9. According to the report, the donation platform is still strictly in the planning phase. SK C&C head Lee Sun-min explained that issues with regulation and infrastructure development present barriers to launching their proposed platform:
"Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not solved, too [...] It's hard to build a platform ecosystem [...] Not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”
As far as the details of the donation system are concerned, the platform — dubbed “ChainZ” — will rely on the won-backed stablecoin Social Value Coin (SVC) for making donations, and employ the utility token Social Value Power (SVP) to reward benefactors.
As per the report, people who donate SVCs to some cause will receive a thousandth of their total in SVPs. As an example, the report says that donating 50,000 SVCs will result in receiving 50 SVPs. SVPs can purportedly be used to buy merchant items.
SK C&C is the holding company of SK Group with services in multiple aspects of industry including IT, logistics, finance and communications and media. The firm has an annual revenue of $53.8 billion according to Owler.
Blockchain for social good
As previously reported by Cointelegraph, the Binance Charity Foundation announced that they had plans to release a token to support women’s health in July. As per the announcement, 46 organizations including Ripple partnered to promote the “Pink Care Token” (PCAT) for supporting women’s health in developing countries. PCAT is issued on Binance Chain as a redemption-only token, which will go towards a year’s supply of sanitary supplies. The first shipment of supplies is scheduled for mid-July and will be sent to an area in Uganda.