South Korea: "Third Generation" Blockchain Projects Look to Dominate the Global Crypto Market

Competition among the so-called "Third generation" projects is fast brewing in the South Korean blockchain and cryptocurrency market, as companies scramble to find the industry's "Killer app" and spur widespread adoption.

As reported by Business Korea on Sept. 27, the third generation platforms look to build what Ethereum couldn't, and primarily tackle the problem of scalability and network congestion.

Third generation blockchain looks to usurp the world's second largest cryptocurrency network with faster data processing, transaction times, and cheaper transaction fees.

With regards to the above, a hoard of companies-all at different stages of development-have come out of South Korea and look to dominate the global cryptocurrency market.

ICON is a third generation crypto protocol ranked 37th by market cap.

The project aims to build sustainable, self-governing communities powered by their respective blockchains and running side-chains to interact with the rules of consensus of other blockchain networks.

No European or American blockchain project has reached the market dominance or adoption that ICON has, giving the Korean project ample first mover advantage to create a long-lasting impact in the crypto-ecosystem.

The project already has an established partnership with Ground X-the blockchain research arm of Kakao Labs-and has privately participated in Puma Pay, a crypto-billing solution that raised $117 million via an ICO in 2018.

The move can help cement the position of all involved parties as one of the blockchain sector's most noteworthy projects.

While special economic district Jeju Island is preparing to welcome blockchain projects and rival Singapore in this regard, the Seoul government is working on introducing robust ICO regulations, reducing taxes for blockchain corporations, and supporting local job creation.