EDRA KOREA, Leads the Future Real Finance Blockchain with Hybrid(Public+Private) Blockchain Technology

“Emergence of Blockchain Technology based on Future Real Finance”

EDRA KOREA, Leads the Future Real Finance Blockchain with Hybrid(Public+Private) Blockchain Technology

- Independently Developed Logical Sharing Blockchain Platform, Developed and Applying Platforms for Various Fields

 

 

 

EDRA KOREA(CEO Jungyu Kwak), a firm independently developing a blockchain platform, applied the ‘Hybrid Blockchain’ technology, that has the advantages of public and private, instead of the existing public blockchain technology, onto its own platform ‘EDRA’, and announced that they have drastically reinforced the safety, speed and security of financial transactions.

 

The public blockchain has been evaluated as a typical blockchain technique of cryptocurrency in which anyone can create a block candidate and form a block through a distributed agreement. However, issues have been constantly brought up regarding the application to real financial transactions, such as slowing down in the process of building blocks due to random number calculation every 10 minutes and revealing vulnerability in personal information security.

 

In addition, the public block chain is a block-chain method that requires internal currency because it uses Proof of Work(POW) or Proof of Stake(POS) as a distributed agreement algorithm. The POS method has the drawback of block generation according to the number of owned coins and only being focused on a few group of people.

 

Furthermore, private blockchains have the advantage of not disclosing internal information when exchanging transactions or data, but there is a disadvantage that information is concentrated on only a few people. Therefore, the Hybrid Blockchain method, which supplements for the disadvantages of these two methods and retains the advantages, has recently emerged as the most preferred method among various organizations.

 

The Hybrid Blockchain Solution, being applied at EDRA KOREA, is a blockchain having the advantages of public and private. The electronic wallet acts as a node and generates blocks using a unique algorithm called Triple Verification, which verifies the transaction and mining information.

 

In particular, since mining is only possible on mobile devices, transactions that cannot be handled by mobile are designed to form blocks in super nodes which contain full block data. As a result, EDRA KOREA’s Logical Sharing Hybrid Blockchain has been evaluated as a model optimized for private financial transactions by applying the public method for universal easy mining and Triple Verification for private information security.

 

Moreover, EDRA KOREA expects to issue 100 billion coins, and this information is stored in the Genesis block. The volume of issued coins cannot be controlled later on, thus reinforcing the security of coin transaction.

 

Meanwhile, the EDRA KOREA Research Center stated that for blockchains used between institutes, only legally responsible institutes should process transactions. Since data that contains personal financial information can come and go on the network depending on the application, data should not be disclosed to everyone.

 

EDRA KOREA CEO Kwak said, "The time of transfer is the most important thing in financial transactions. It takes about 50 minutes for Bitcoin and 5 to 10 minutes for Ethereum, making it difficult to function effectively as a currency." He added, “EDRA Blockchain allows transfer time to be done in 10 seconds, it will be utilized as a blockchain based on actual financial transactions.”

 

On the different note, EDRA KOREA recently introduced a new concept of hybrid logical sharing block chain technology that enables mobile coin mining through activities such as searching information, listening to music, playing games, and etc. Unlike the existing centralized coin mining method which needs problem-solving operation, this is a one-stop blockchain technology that can be used for mining through mobile activities as well as for financial transactions.

 

Through this, EDRA KOREA aims to develop a platform based on blockchain technology that changes the paid mobile ecosystem into a free-of-charge mobile ecosystem. Currently there are expanding business of the logical sharing blockchain platform to many fields such as games, music, homeshopping, and etc.

[EDRA KOREA]

 

○ CEO Jungyu Kwak

○ Date Established: March 2018

○ Company Address: 30, Hakdong-ro 11-gil, Gangnam-gu, Seoul, Republic of Korea

○ Company Website: http://edra.io/

○ Main Business: Crypto Currency and Block Chain related business / Database / Online Information Services