April 20, 2024

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[THE INVSETOR] An association of Korean blockchain tech firms said on Jan. 10 it will debut a new cryptocurrency -- Star-cro -- developed solely on domestic technology in February.

The Korea Software Development Business Association and its partner Korea Blockchain Internet Data Center said that Star-cro will make an initial coin offering on Feb. 20 and plans to be listed on domestic and overseas exchanges within the year. 

Star-cro will be offered in the form of a prepaid card that users can use for online and offline payments.

“Bitcoin takes 10 minutes to create a block and 60 minutes to approve a deal, while it takes only 10 seconds and 3 seconds for Star-cro. Due to the swift transaction time, payment cancellations can be easily made like a credit card,” an official said. “In addition, Start-cro has more enhanced security than Bitcoin by utilizing encryption algorithms.”

A blockchain is a digitalized, decentralized, public ledger of all cryptocurrency transactions. Currently there are two dominant ways to build a blockchain. One is through Proof of Work which allows miners to receive greater rewards while the other method is through Proof of Stake which enables stakeholders to receive greater compensation. Star-cro has introduced a brand new Proof of Expansion that supports both methods simultaneously.

“Both miners and coin holders can receive compensation at the same time unlike other virtual currencies,” the official said.

KBIDC plans to issue 10 billion Star-cro coins over the next 30 years and will distribute them in the form of PoW for three years while allowing individuals to buy them.

By Alex Lee (alexlee@heraldcorp.com)