Introducing Locus Chain Technology
Bloom Technology, the South Korean-based innovator, is making waves with its state-of-the-art Locus Chain technology that claims to revolutionize blockchain transaction speed. If the name sounds like something out of a sci-fi movie, you’re not far off, as this technology aims to catapult transaction times into the lightning-fast realm.
Faster Than a Speeding Ticket
According to a recent report from United Press International, Bloom Technology’s CEO, Lee Sang-yoon, announced that their Locus Chain can reduce transaction processing times to astonishing fractions of a second. Yes, you heard right! A single blockchain transaction has clocked in at an eye-watering less than 0.23 seconds. That’s quicker than your microwave popcorn popping!
The Public Test: Results That Speak Volumes
In a public test involving 635 nodes, the tech demonstrated its prowess with transaction times falling between 0.13 to 0.23 seconds. Is it just me or does that sound like the speed at which my coffee disappears on a Monday morning? Korea Blockchain Association’s Vice Chairman Moon Young-bae weighed in, stating, “Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.” With these remarks, it seems we’re on the brink of something big here!
Why Speed Matters
Lee Sang-yoon didn’t hold back when discussing the importance of fast blockchain transactions. He pointed out that the current landscape leaves much to be desired, with transactions taking over 10 minutes for cryptocurrencies and more than an hour for Bitcoin. Makes you wonder how many cups of coffee one can drink while waiting, right?
Legal Landscape Shifts in South Korea
But wait, there’s more! In a parallel development, South Korea’s National Assembly national policy committee is stepping up its game with a bill slated to provide regulatory clarity around cryptocurrency. This move could lay down the legal groundwork for crypto in the country, fostering a more transparent market. After all, who doesn’t want a bit of legality in their crypto shenanigans?
Previously Uncharted Territory
This isn’t South Korea’s first tango with crypto regulations. Remember that time in early 2018 when anonymous trading was banned? It’s clear the authorities are taking a serious look at ensuring that crypto markets play nice.
