3rd generation South Korean blockchain platform that can replace Ethereum and EOS is set to be launched soon.
Responsible company is going to launch Mainnet first instead of ICO (Initial Coin Offering) and support development of various applications based on blockchain. It has enhanced transaction processing speed and security by implementing DDPoS (Dual Delegated Proof of Stake) that supplements limitations of current DPoS consensus algorithm.
Sigma Chain announced that it will be finish developing Mainnet of Sigma Chain, which is its own blockchain platform, soon and it is planning to provide wallet that can store relevant coins and tokens sometime this month. By end of this year, it is also going to introduce blockchain-based SNS (Social Network Service) called ‘Futurepia’ that will be applied with Mainnet of Sigma Chain.
Sigma Chain is the name of a blockchain company established by CEO Kwak Jin-young, who used to be a developer for Cyworld, and it is also the name of its own blockchain network. It provides Mainnet to various blockchain-based applications such as Ethereum and EOS.
Unlike current cryptocurrencies that raise funds by issuing coins or tokens first, Sigma Chain focuses on launching Mainnet first.
DDPoS developed by Sigma Chain entrusts few representatives with voting rights, and Sigma Chain has added another verification procedure to DPoS method that gives rights to these representatives with creating blocks. Besides witnesses (master node) that are elected, voluntary nodes (sigma node) that are replaced in real-time depending on algorithms verify formation of blocks back and forth to prevent contamination of witnesses.

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<Sigma Chain’s DDPoS Consensus Algorithm (Reference: Sigma Chain) >

Sigma Chain provides Mainnet to each application in a form of an API (Application Program Interface). There is less worry towards overload unlike current blockchain platforms that share many applications with single Mainnet. Sigma Chain explained that it has raised transaction processing speed up to 100,000 TPS through its method. By having Sigma Chain provide one of sigma nodes consistently, it is possible to interwork different applications with single blockchain network.
Companies that want to develop blockchain-based applications can issue their own coins by utilizing Sigma Chain’s Mainnet. Current businesses can also develop services that are applied with Sigma Chain’s Mainnet rather than expensive private blockchain platforms. It is heard that Large South Korean distributors and e-commerce companies are discussing about development of Sigma Chain-based blockchain services.
Rather than issuing Sigma Chain’s coins, Sigma Chain has consulting on technologies during a process of providing Mainnet and supply of sigma nodes as its major businesses. It also has a mind of interworking applications, coins, and tokens freely when Sigma Chain’s ecosystem expands in the future.
Futurepia was also developed to demonstrate implementing Sigma Chain’s Mainnet DDPoS technology. Futurepia is a SNS that compensates its users with Futurepia Coin for doing various sensible activities such as creation and recommendations of contents.
“Based on Sigma Chain, we will be able to start on our own with our own Mainnet without having to rely on different services or coins with different applications.” said a representative for Sigma Chain. “Our goal is to play a role of an OS (Operating System) so that blockchain ecosystem will be able to expand.
Staff Reporter Park, Jungeun | jepark2@etnews.com