Singapore-based blockchain startup IOS has chosen South Korea as its next destination to carry out a joint project to build a new blockchain ecosystem with local developers.

The company said on Wednesday it is forming a Korean team responsible for app development and marketing with an aim to launch collaboration with several Korean blockchain companies in the first half of this year.

IOS already expanded its reach to New York, San Francisco, Beijing and Tokyo. Singapore is one of the global hotbeds for initial coin offerings (ICO). Although virtual coin creation is banned in South Korea, the country remains heated in cryptocurrency trade.

“Korea has the best IT infrastructure and lots of talented people. We want to build a new blockchain ecosystem by attracting many blockchain developers and related companies," said IOS chief executive Jimmy Zhong at a press conference held in Seoul.

IOS founded last year attracted investments from renowned early stage investors such as Sequoia Capital and Zhen Fund during its initial coin offering launched late last year.

IOS is currently creating a next-generation blockchain platform under an IOST project, aiming to gradually replace game, social network, messenger and other internet services as blockchain-based services that use the Proof of Believability (POB) algorithm which is totally different from existing blockchains. Under this algorithm, app developers randomly choose verifiers from users and payers. Verifiers are eligible to validate the system to ensure there is no leakage of personal information or hacking problem in return for receiving cryptocurrencies issued by IOS.

By Oh Chan-jong and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]