EDRA Korea Commercializes Hybrid Blockchain Technology

Jun 13, 2018

EDRA Korea (President Kwak Joon-kyu) made an announcement that it applied ‘hybrid blockchain’ technology, which is comprised of strengths of public and private blockchain technologies, instead of current public blockchain technology to its mobile platform called EDRA and that it has drastically enhanced safety, speed, and security of financial transactions.
Public blockchain, which allows anyone to create a block candidate and forms single block through distributed consensus, is seen as a main blockchain technology for cryptocurrencies. However, its processing speed is slow as it creates a block every 10 minutes and its security on personal information is also vulnerable as it is made public.
Because public blockchain uses either PoW (Proof of Work) or PoS (Proof of Stake) method through a distributed consensus algorithm, it is a blockchain method that is needed for internal currencies. One of the disadvantages of PoS method is that it focuses only on few as it creates a new block depending on amount (stake) of coins possessed.
Although private blockchain is good for keeping its internal information private while exchanging information or data, it focuses information only on few. Hybrid blockchain method, which supplements disadvantages of these two methods and carries on advantages of them, has recently emerged as the method that is preferred by many agencies and organizations.

EDRA Korea Commercializes Hybrid Blockchain Technology

EDRA Korea’s hybrid blockchain solution is a blockchain with strengths of public and private blockchains and it has an electronic wallet act as a node. It creates blocks by having transaction information and mining information go through an unique algorithm called triple verification.
Because mining is only available through mobile devices, its hybrid blockchain solution is designed so that every transaction that is not processed through mobile devices creates blocks from super nodes that have entire block data.
EDRA Korea’s hybrid blockchain solution issues about 100 million coins and has information in genesis blocks and it also enhances stability of coin transactions so that issued amount cannot be adjusted in the future.
“Because remittance time of financial transaction for Bitcoin and Ethereum is about 50 minutes and between 5 and 10 minutes respectively, it is difficult for them to act as currencies.” said President Kwak Joon-kyu of EDRA Korea. “Because EDRA blockchain completes wire transfer in just 10 seconds, it can be utilized as a practical financial transaction-based blockchain.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com

Interpretation & Translation_Service Center

Refund Help Center