Alliances are strategies that enable different people or organizations to come together on a single page and support each other. By this, the strengths are combined and weaknesses are covered. Alliances have played major roles at all times. Be it military, strategic, business or commerce related.
Joining of forces is essential and crucial for emerging technologies and startup services to make their mark in the world. As such, the recent startup decentralized service KStarCoin has teamed up with other blockchain organizations to deliver increased quality and quantity of services. The alliance is aptly named the SOciety Of BLOckchain, or SOBLO.
SOBLO is spearheaded by KStarCoin, a multi-service platform and token to facilitate fans of Korean culture around the world by giving them access to various media, fashion and products that have taken the world by storm.
SOBLO allows efficiency and security to its users with its blockchain technology, while also allowing a degree of centralization and control that is necessary for monitoring and security purposes. Furthermore, the consortium has combined power offers the following:
1) Lowering Entrance Cost: With consortium members the sharing costs of entry into the blockchain industry, the alliance enables new members to ease into the decentralization age. When an entrant is granted a membership in the alliance, it shares all of its nodes with the team and other members share their nodes in return. This means exponential growth of nodes and decentralization power to all members, while the computing power is shared too.
2) Reverse ICO: The term has become popular in recent times, where well-established companies outside the blockchain environment launch tokens to raise funds and enter the decentralization market. SOBLO aims to create a blockchain that is ideal for real-world business application. For established businesses with existing services and users, problems prominent in the blockchain world such as transaction cost and transaction speed are major barriers to overcome. For example, with businesses with tens of thousands of existing users and transactions, the fluctuating gas price in Ethereum or the uncertainty in the price and amount of EOS needed are variables that must, but cannot be, managed by the business. With SOBLO, resource sharing would mean no transaction costs as the services in the consortium would form a consensus without the incentivization of wealth. SOBLO believes that the node operators have a much bigger incentive than the typical blockchain platforms as their existing services and businesses would be on the line. For members of SOBLO, a well operating mainnet could be the difference between success or failure in their business. Therefore member firms will be incentivized to operate the nodes in good faith. Moreover, SOBLO will be able to process up to a 1000 transactions possible per second, solving the transaction speed issue for businesses in which speed is crucial. KStarCoin has already benefited from this, where it has been able to push 7 transactions a second to 1000 a second.
3) Unique Governance & Consortium Structure: SOBLO members do not rely on the power of mining to determine the weightage of votes within the consortium. This means a few things. One, the blockchain’s successful adaptation will not have to rely on finding miners. Two, due to SOBLO’s governance structure, every member firm will have a meaningful voice in how the alliance should be run. Third, SOBLO will have the transparent and secure benefits of a decentralized public system due to its unique consortium structure.
About SOBLO Members
There are four founding members of SOBLO:
1) KStarCoin: Promoter of everything Korean, the KStarCoin is a startup backed by KStarLive platform. The organization has stepped into the blockchain world to give its users- and fans generally all over the world, more value for their fandom activity. They will be rewarding users of their news site and community with KStarCoin. With the token, fans will be able to buy tickets to the concerts and shows of their favorite idols, send gifts to favorite stars and buy K-Beauty goods. KStarCoin adds additional value by leveraging the power of blockchain. The black market of reselling tickets for a steep price is also eliminated since the tickets themselves will be bound to the wallet holders who buy them and transferable at a set margin. KStarLive will also create a crowdfunding option that allows fans to raise money to bring their idols and their concerts to their countries.
2) LegalBlock: Everyone knows how the legal system can be confusing and time consuming for an ordinary man. LegalBlock solves the issue by bringing legal services to the public to the blockchain. The platform brings legal benefits and efficiency to both, service providers and users. Smart contracts also mean legal contracts are automatically executed.
3) Doongle: A decentralized platform for pen pal services, Doongle brings the age-long tradition of writing letters to people from different parts of the world to blockchain. Available as an app on both Android and iOS, Doongle has connected more than a million people from 118 countries and 3800 cities. Users can not only make pen pals, but create communities of like-minded people, meet and make new friends, team up for travel and even date.
4) Underpin: Creating a spiritual and economic ecosystem, Underpin lets people of same interest connect, share their information and even collaborate on different projects. The platform is already running two different blockchain ecosystems by the name of Talentchain and Potal. The former allows people to earn through adding value to the system by bringing addition in arts and culture. The latter give rewards based on original contents created in any field. Another blockchain that is an offshoot of Talentchain is Bestar, which supports Korean music through its social media platform.
As more and more members join the consortium, SOBLO will increase its ability to serve and automatically help solve the blockchain scalability issues.