Qatar’s QFC launches digital assets framework

Ozys Expands into Japanese Web3 Ecosystem Through Partnership with GensoKishiOzys, a cross-chain platform builder based in South Korea, has made its moves into the Web3 ecosystem in Japan by forging an alliance with GensoKishi Online Meta World, a metaverse adaptation of 3D MMORPG Elemental Knights Online. 3D MMORPG stands for three-dimensional massively multiplayer online role-playing game.Photo by Bastian Riccardi on UnsplashElemental Knights Online’s achievementsWith a history of 15 years, Elemental Knights Online won the 2012 Game of the Year (Gold) in Taiwan and has logged over 8 million downloads. It is available on both Nintendo Switch and Play Station 4.GensoKishi’s Korean ambitionsIn the meantime, GensoKishi is setting its sights on entering the Korean Web3 market by teaming up with Ozys, a company well-versed in decentralized finance (DeFi) protocols and cross-chain technology. Kicking off its collaboration with KLAYswap, a prominent DeFi ecosystem in Korea, GensoKishi plans to grow its ecosystem further with the support of Ozys.Choi Jin-han, CEO of Ozys, conveyed his excitement regarding the company’s entry into the Japanese Web3 market through its collaboration with GensoKishi, a partner with a well-established global fanbase. Choi further emphasized that the Korean cross-chain project will contribute to expediting the growth of the Japanese gaming platform’s ecosystem, with the aim of creating meaningful outcomes.Maxi Kuan, CEO of GensoKishi, said that South Korea has been a significant target market for them since the official release of GensoKishi Online Meta World in November last year. He stated that the partnership with Ozys will accelerate GensoKishi’s progress towards achieving its goals.

LH Leverages Blockchain to Certify Legally Important DocumentsThe Korea Land and Housing Corporation (LH) is set to build a certification platform to replace paper documents as the sole form of legal certification. The initiative aims to bring the credibility of traditional methods like contents-certified mail to electronic documents by leveraging blockchain technology.Photo by Liam Truong on UnsplashContents-certified mail — transitioning from postal to digitalContents-certified mail refers to a specific type of mail service provided by the post office, which offers special guarantees regarding the delivery and content of a document. When a document is sent using contents-certified mail, the post office provides certain assurances that can be beneficial in legal and official contexts.Amidst the rise in demand for digital administrative services due to increased remote technologies in the post-COVID-19 era, the ongoing expansion of Web3, and enhanced customized administration, there has also been a growing need for the digitization of documents related to compensation for land and buildings.According to industry sources, LH plans to automate document transmission and management functions through the platform, establishing a digital environment for generating, sending, receiving, viewing, and storing electronic documents.Factoring in blockchain techA key feature of the proof platform is its integrated blockchain technology. “Utilizing blockchain allows accurate documentation of LH as the sender, as well as the timestamps of delivery and reception. This will subsequently enhance transparency and security,” LH said.Going paperlessBy establishing the digital platform, LH will be able to introduce a more convenient method of sending legally significant documents, essentially replacing the manual method of sending them through postal services. This could include sending them via platforms used nationwide like Naver or KakaoTalk or through text messages sent by the country’s major telecommunication companies.This innovation can contribute to the proliferation of paperless methods, addressing the expected increase in postal delivery failures tied to the rise of single-person households.“By constructing this platform, we can better protect user rights and provide administrative services that transcend the temporal and spatial constraints of registered mail,” LH said. “We will broaden our legal, institutional, and technical discussions to innovate processes for verifying the validity of electronic documents.”The project is currently in operation in certain areas related to compensation. According to LH, the plan is to expand the project’s scope to encompass all areas of compensation by next year and then to other areas such as the management and sale of rental apartments.The corporation said that it posted a bidding notice last Wednesday to hire a company that can build the blockchain-powered platform that certifies legally important documents. LH is currently undergoing a selection process.Employing smart contractsLH also mentioned that it is preparing a smart contract system. The system programs the terms agreed upon by involved parties in advance, embeds them in an electronic contract, and enables automatic execution of the terms of the contract when all conditions are met.

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.