Skip to content

A large Korean blockchain platform joins the Celo Alliance

May 9, 2020

Klaytn, the public blockchain platform developed by Ground X, a subsidiary of the leading South Korean internet company cocoa, On May 8, he joined the Zeal Prosperity Alliance.

Celo, a distributed ledger technology (DLT) based on a decentralized app and stable coin platform, and a prominent rival to Facebook’s Libra project. The company has now won over 80 companies for its alliance. Celo announced more than 20 new members earlier this week.

The main Korean blockchain platform joins the Celo Alliance

According to a press release, Klaytn will investigate the interoperability between the Klaytn and Celo platforms and it will integrate support for its KLAY token into the Zeal ecosystem.

A large Korean blockchain platform joins the Celo AllianceA large Korean blockchain platform joins the Celo Alliance

Chuck Kimble, head of the Celo Alliance for Prosperity, emphasized that Klaytn will understand the first external blockchain to work with Celo.

“By building a bridge between Klaytn and Zeal, Klaytn will expand its own ecosystem and make it easier for people in Korea and across Asia to send and save with Zeal.”Said Kimble.

Sangmin Seo, head of the platform group at Ground X, said the alliance “shares a common vision with Klaytn to make digital assets more accessible and useful in our daily lives.”

Celo is gaining momentum as the scales face regulatory challenges

While regulatory concerns have hampered the Libra, Celo’s increasing decentralization has driven the project significantly since the Alliance was launched a few months ago.

Celos co-founder Sep Kamvar told Cointelegraph that decentralized technologies make this possible “the opportunity for new stories to emerge”.

He acknowledged that “there is some competition among the key players in the burgeoning decentralized economy”, but stressed the possibility for the DLT sector to stand out in the current global recession:

“This is currently our potential as a field for telling beautiful stories and developing technologies that match the stories. The stories that lead to the greatest prosperity for everyone will lead to the most beautiful world for everyone. “

Speaking to Cointelegraph, Andy Ji, co-founder of Ontology, a recently added member of the alliance, described both Zeal and Libra as “excellent partnerships” that “have so far attracted highly qualified members”.

“However, Celo is an open source project operated by a nonprofit organization,” said Ji, predicting that Celo may not face the same regulatory barriers as the Libra due to its decentralized nature.

Receive Breaking News !

Enable Notifications    Ok No thanks