Busan to Merge Blockchain and Coffee through Smart Logistics Platform

KOMSCO and KEPCO Cooperate on Blockchain TechnologyKorea Minting and Security Printing Corporation (KOMSCO) and Korea Electric Power Corporation (KEPCO) have recently agreed to cooperate on blockchain technology, as well as other information and communication technology, according to a press release by KOMSCO.©Pexels/Savvas StavrinosConnect and develop modelLast Thursday, KOMSCO held a seminar on tech cooperation with KEPCO in Daejeon, home to many Korean government agencies. At the seminar, both sides decided to embrace a connect and develop model, which is more advantageous than closed research and development models in terms of agility and cost-effectiveness.Digital transformationThe two agencies possess a wealth of advanced technologies: KOMSCO excels in NFT authentication and blockchain-based payments systems, while KEPCO holds a competitive edge in blockchain platforms. Both parties will explore various ways to collaborate in these areas to promote Korea’s digital transformation.More stable electricity gridFurthermore, KOMSCO is continuously expanding infrastructure for information technology, and deploying its security solutions to KEPCO is expected to bolster the stability of the country’s electricity grid.

Haru Invest Announces Withdrawal & Deposit PauseHaru Invest, a crypto yield platform founded in South Korea and headquartered in Singapore, has announced the suspension of deposits and withdrawals on Tuesday, citing concerns over the accuracy of information provided by one of its service partners.Photo by Muhammad Zaqy Al Fattah on UnsplashInternal investigationIn a statement, the company expressed its apologies to investors and customers, assuring them that the suspension was a necessary measure taken to protect their interests. In another blog post, the company stated: “For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice, starting from June 13, 2023, at 0:40 UTC.”Following an internal inspection process, Haru Invest conducted a thorough investigation into the matter and concluded that immediate action was required. The company stated that it is currently engaged in a fact-finding process against the operator in question and intends to take the necessary measures to address the situation.“Rug pull” denialHaru Invest emphasized that this issue does not involve a “rug pull,” a term commonly associated with scams in the cryptocurrency space. The company assured its stakeholders that it remains committed to protecting its investors and is actively working towards a resolution.Earlier reports suggested that Haru Invest employees were working remotely and that the company’s offices had closed. However, Haru Invest clarified that certain media articles contained inaccurate information regarding these claims. The company expressed regret over the misinformation and emphasized the importance of factual accuracy in reporting.According to Haru Invest’s website, the platform boasts a significant user base of over 80,000 members. It has facilitated crypto-earn payouts totaling 9.8 million and processed a staggering $2.27 billion in transactions. Haru Invest aims to provide an annual yield of 12% on most of its earn products, offering investors an attractive opportunity in the crypto space.Haru MiningIn September of the previous year, Haru Invest successfully raised $4 million in funding, valuing the company at $284 million. This achievement demonstrates the confidence investors had in the platform and its potential for growth.As recently as last month nothing looked untoward when it emerged that the company had launched Haru Mining, a collaboration with Canadian crypto miner, Pow.re. In a press release at the time, the firm explained that the move would help to diversify its products, with mining always having been an area of interest for the company.In the same month, Haru had announced an integration with Mercuryo, a London-based digital asset management platform.As Haru Invest continues to address the concerns raised by the investigation, investors and customers await further updates regarding the resumption of normal operations. The company has promised that “more details will be shortly announced on the Haru Invest Blog as soon as we get to the bottom of this.”

AndUs to implement ZK rollups on Its public permissionless blockchainAndUs, the South Korean developer of public permissionless blockchain Anduschain, announced on Wednesday (local time) that it is preparing to implement zero-knowledge (ZK) rollup technology into its blockchain to enhance scalability and security. ZK rollups are layer-2 scaling solutions that move transactions off-chain to increase throughput on the Ethereum mainnet.Photo by Shubham Dhage on UnsplashPerspective on ZK rollupsMany Korean projects are focused on developing various layer-2 solutions. Against this backdrop, Park Sung-jun, CEO of AndUs and a Ph.D. in cryptography, believes ZK rollups will eventually surpass the currently popular optimistic rollups as the mainstream technology. Although both ZK and optimistic rollups improve scalability by processing transactions off-chain, they differ in their approaches: ZK rollups rely on validity proofs, while optimistic rollups utilize fraud proofs.Introduction next yearHolding this belief, AndUs has formulated a ZK rollup implementation plan and has begun its development, aiming to introduce it by next year. Park commented that this upgrade will significantly improve the blockchain’s speed and expressed plans to offer the world’s lowest gas fees.AndUs claims that their DEB consensus algorithm focuses on fairness, enabling nodes to engage in mining without preconditions. Furthermore, Anduschain’s ZK rollups will be fully compatible with Ethereum virtual machines (EVMs), facilitating a seamless transition of decentralized applications (dApps). The cryptocurrency used on Anduschain is named DEB, and it is currently listed on cryptocurrency exchanges ProBit Global and MEXC, according to CoinMarketCap.AndUs has been participating in the Tech Incubator Program for Startups (TIPS) program, which is led by private investments under the guidance of the Korean Ministry of SMEs and Startups.