Tag: South Korea

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Games News Tech

“Boosting” in Online Games Can Now Send You To Prison in South Korea

“Boosting” in games means to speed up the process of earning awards or experience points, usually in an online game. Typically, this procedure employs methods that are not 100 percent encouraged by developers or gamers. However, many players still use “boosting.” Now, “boosting” in online games is a criminal offense and can send you to prison in South Korea.

There are dozens of “boosting” methods, but, in South Korea, playing on other persons’ accounts to boost their ranking is a common issue. It’s such a big enough problem that the South Korean government debated that recently. In conclusion, they said that “boosting” is a criminal offense and every player found “boosting” in online games might go to prison.

In South Korea, there are dozens of people and companies which are providing “boosting” services as part of their business, especially for some online games like Overwatch and League of Legends, two of the most popular games in South Korea.

“Boosting” in Online Games Can Now Send You To Prison in South Korea

According to the South Korean government, “boosting” low-skill players to higher ranked matches is unbalancing an online game ecosystem. As reported by the government, gamers caught “boosting” in online games might face a fine of 20 million won (roughly $18,000) or two years in prison.

While sending people in prison for as little as “boosting” in online games look like an extreme decision, the South Korean government believes that’s a normal sentence for those gamers who choose to “cheat” and get an advantage over other players. Definitely, we’ll never see something like that in the United States, Canada, or any other country in the world.

However, South Korea is renowned for its policies against cheating in games. On the other hand, would seem more reasonable for games devs to make the games sort out “boosters” and downgrade them.

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Crypto News

Blockchain Technology To Be The Next Target For South Korea Government Investment

Park Won-soon, mayor of Seoul, South Korea, announced last week at a conference in Zug, the crypto valley of Switzerland, a Blockchain Urban Plan to turn the South Korean capital into a smart city by 2022, based on blockchain technology. The project requires an investment of $108 million and covers 14 public services in five areas, according to local sources.

Among the areas covered by the plan presented by Won-soon are the management of vehicle records, non-duplicable elections, management of donations, and labor protection. It is part of the program that the first decentralized services serve as a “test bed” and then undertake the innovation of all administrative services of the metropolitan government, the official said.

In the area of labor protection, for example, the city and the private sector can draw up a smart contract for part-time workers or those not covered by insurance policies. The agreement will determine the type of coverage that corresponds to each worker, according to the hours worked, as well as automate the payroll.

Park Wan-soon explained that by 2022, 200 companies focused on blockchain technology are expected to be operating and that 73 of them will already be active as of 2019. These companies will work in collaboration with the technology business accelerator Gaepo Digital Innovation Park and Mapo Seoul Startup Hub.

South Korea plans to invest $100 million in blockchain technology and crypto exchange

“There are many areas where blockchain technology is applied (…) I will contribute to the activation of the industry by applying it to management, to this end we will create an environment where companies can work freely and cultivate their talent,” said Park Won-soon
Metropolitan Mayor of Seoul, South Korea.

This initiative could have positive effects on the cryptocurrency and blockchain technology ecosystem, a field in which South Korea is one of the leading countries. Until the beginning of this year, the trade in crypto coins was not regulated in any way, and it deprived the participants of self-regulation in that ecosystem.

Seven months ago, the South Korean financial authorities established a set of measures that regulate the cryptocurrency exchange, along with the Initial Coin Offerings (ICOs). Also, South Korea implemented strict Know-Your-Customer (KYC) policies.

Such measures, according to local media, have not had the expected effects. The new identification system for crypto exchange platforms, for example, has only been adopted by 4 of the trading platforms, namely, Upbit, Bithumb, Korbit, and Coinoine.

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Crypto News

Upcoming South Korean Reality Show on Blockchain Technology Aims To Find A New Satoshi Nakamoto

A South Korean television, Asia Economy TV, will broadcast a reality show that will seek to create the best blockchain network in the world and find a new Satoshi Nakamoto, the founder of Bitcoin (BTC). The program will feature several mentors and crypto-related personalities, including the crypto investor Roger Ver.

Starting on October 19th, a program called “Block Battle: Who is next Satoshi?” would start with the participants’ mission to “build and prosper the global blockchain industry, to create the best blockchain in the world.”

The show will consist of six episodes which will evaluate different areas of the projects, such as product marketing, as well as educational sessions with mentors. After passing all these tests, the winner will be chosen.

The first episode of the reality show will be broadcast in Korea, China, Australia, Thailand, Malaysia, Taiwan, Singapore, Vietnam, and Hong Kong. Viewers can vote live for their favorite project. The winners will receive 100 million Won, equivalent to almost $100,000, and marketing advice for their projects.

The new South Korean reality show, “Block Battle: Who is next Satoshi?”, aims to find a new Satoshi Nakamoto

Only those who have not launched the primary network of their blockchain can register, and the registration process will be carried out until September 5th on the programme’s website.

According to a news portal, the jury will be composed of Lee Shin-Hye of GBIC, Rayol Hwang of Hillstone Partners and Damian Williams of Alchemist Ventures, as well as academics from Korea University, Dongguk University, the Korean Blockchain Industry Association, the Open Blockchain Association and the Korean Blockchain Association.

One of the jurors of this reality show will be Roger Ver, who has generated controversy in the crypto-universe by allegedly spreading misleading information about Bitcoin (BTC) with the purpose to mislead its followers to buy Bitcoin Cash (BCH) instead of BTC.

The South Korean reality show, “Block Battle: Who is next Satoshi?,” plans on finding a new Satoshi Nakamoto (mysterious personage that invented the Bitcoin blockchain) to revolutionize the current blockchain technology universe. An ambitious project which promises a lot of exciting episodes.

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Crypto News

Blockchain Technology In South Korea Receives A $210 Million Boost From The South Korean Government

The South Korean government announced on Thursday its “Blockchain Technology Development Strategy” to ensure a level of global competitiveness in this technology and to boost a market with enormous growth potential, as reads the official documentation. The strategy calls for an investment of about $210 million over the next four years.

According to the ministerial document, the market for blockchain technology is expected to grow, and South Korea wants to be part of it and become a “Blockchain Nation.”

The South Korean government will promote blockchain technology in the management of livestock products, personnel authorization, real estate transactions, online voting, international distribution of electronic documents, and shipping logistics.

The South Korean government wants to exploit the blockchain technology benefits to the maximum

In the project for the management of livestock products, developed in collaboration with a nutritional products division, the South Korean government aims to ensure access to a historical product dossier, so that “meat can be consumed with confidence.” To this end, they plan to share in a blockchain technology the information from the entire cycle, from breeding to the beneficiary process, so that the supervision and approval time is reduced from a maximum of 6 days to 10 minutes.

In the case of shipment management, all shipment orders, shipping manifests, and customs formalities will be stored in a blockchain, allowing for reduced customs clearance and logistics costs.

As for the procedures for processing a real estate mortgage, the South Korean government hopes to facilitate them by eliminating the process of moving to different public offices when a financing application is submitted. Also, it introduces an element of greater confidence for buyers, as the property records, once validated and stored in the blockchain technology, are unalterable.

Blockchain-As-A-Service (BaaS) is also wanted

In addition to establishing a roadmap for blockchain technology standardization, the South Korean government strategy also considers the development of Blockchain-As-A-Service (BaaS) service providers, so that small and medium-sized enterprises can quickly implement these subscription-based services.

In mid-April, South Korean entrepreneurs and academics called for less regulation and more support for blockchain technology, a request that is mostly met through the definition of this strategy by the South Korean government.

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Crypto News

Bithumb Cryptocurrency Exchange Was Hacked – Hackers Have Stolen $31 Million In Cryptos

The South Korean Bithumb cryptocurrency exchange platform, one of the most important in the cryptocurrencies market, suffered a hack on its platform on June 19th, through which about $31 million in cryptocurrency was stolen.

The information was provided by the company through its Twitter account, where it announced to the public that due to hacking, all deposit and withdrawal services were suspended to ensure security, adding that the stolen cryptocurrency would be covered by the cryptocurrency exchange platform and the assets transferred to a cold wallet on an offline platform.

Hours after the announcement the next tweet was deleted, for no apparent reason, and they only mentioned not to deposit on their platform while they do security checks and also alerted users of the platform to the change their passwords.

It should be noted that as soon as the hacking announcement was made, the cryptocurrencies market suffered a depreciation, with Bitcoin (BTC) falling over $200 within a few minutes.

Bithumb becomes the second South Korean cryptocurrency exchange platform to be hacked within about two weeks

Bithumb is one of the most important cryptocurrency exchange platforms in South Korea, with the second largest volume in the market.

Among the Bitcoin (BTC) exchange operators in the world, it is ranked 21st, with a daily volume of about $40,500,000 in BTC exchanges and totaling $381,000,000 in other cryptocurrencies exchanges.

Bithumb launched in 2013, and the South Korean media reports that by the end of 2017 the cryptocurrency exchange platforms had reserves of about 6.918 billion dollars.

With this cyber attack, Bithumb cryptocurrency exchange platform becomes the second South Korean crypto coin dealer to fall victim to a hack in less than two weeks. On June 10th, another cryptocurrency exchange platform in that country, Coinrail, also suffered a hacking operation where 30% of its funds were stolen, a fact that is currently under investigation by the Korean Internet and Security Agency (KISA).

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