Without any doubt, Ripple has had its week and even year getting better, especially through striking numerous partnerships such as with MoneyGram among other companies. However, everything seems to take a different lane and get soar following SK C&C latest reports on their plans to fork Ripple. The most recent reports confirm that SK C&C, a South Korean technology company has dedicated plans of forking Ripple, a San Francisco based cryptocurrency firm.
SK C&C seeks to fork Ripple, especially the XRP ledger, to particularly create a new decentralized donation platform. Confirming this, the Daily Hodi recently reported
“Chosun, South Korean news magazine has recently reported SK C&C plans to fork Ripple in order to create a utility token.”
According to Chosun, the main goals for SK C&C planning to fork Ripple is to create both stable coin and a utility token. Chosun wrote,
“SK C&C wants to fork Ripple to create not only a utility token but also a stable coin.”
Further reports indicate that SK C&C plans to fork Ripple using its new mainnet. Affirming this, Chosun wrote,
“SK C&C will use its new mainnet to effectively fork Ripple.”
SK C&C believes that the new mainnet is effective and appropriate to its project due to two main reasons. First, the new mainnet as a platform will help SK C&C in launching a new Korean won-backed social value coin that is able to accept donations. Besides, the new mainnet will be able to reward philanthropists with the Social Value Power, a utility token. For instance, SK C&C states
” For anyone who donate 1,000 Social Value Coin, the new mainnet will offer a reward of 1 Social Value Power.”
On top of creating a utility token and stable coin, SK C&C believes that forking Ripple will help solving regulatory issues. It is for this reason that SK C&C seeks to ensure that their new mainnet as a platform will comply with the local regulations. Confirming this, SK C&C current CEO Leen Sun-Min stated that
“Since SK C&C is a company, we lacks the mandate of pursing profits in won stablecoins. On that note, regulatory issues are yet to be solved.”
However, even with such challenges, Lee Sun-Min believes that the technical implementation of their new mainnet is possible, although it requires another company to build a platform ecosystem. As a result, Sun-Min confirmed that SK C&C is currently looking for another company which they can partner and build their new mainnet to a platform ecosystem. Sun-Min stated
“It is hard to build a platform ecosystem, and not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”
Even though SK C&C has plans to fork Ripple, they need another company to build an ecosystem, and finding one might take long. As such, their might take long before starting their plans and even succeeding, and that why Ripple is still safe and ideal for anyone to invest in.
We promise to keep you informed.