Bitcoin, the first successful digital currency has definitely made its mark in the world. The blockchain based, decentralized cryptocurrency opened doors to a myriad of other tokens and coins that have taken the world by storm and have disrupted the traditional financial world so much that many countries have even banned their use.
Yet, despite the hate (and love, for some nations), cryptocurrencies are here to stay. With many tokens designed for specific functions or areas of the market.
One such digital coins is the KStarCoin. The digital token has been specifically designed by its team to cater to the Korean culture fans worldwide. The KStarCoin is a product of careful observations and a solution to the hindrances faced by the fans of K culture worldwide. The developers have already been running a platform that allows fans to interact with their stars, check out the latest news, upload original content, buy tickets and even trade for original merchandise.
The team noticed that fans worldwide faced many issues in securing their needs such as concert tickets and transferring of money to sellers. This led them to create the KStarCoin, a digital cryptocurrency based on the tested blockchain infrastructure that gives users the ease of not only trading but in other aspects as well.
The Technology Powering KStarCoin
Like nearly all of decentralized coins and tokens in active use today, KStarcoin is also based on blockchain technology, a decentralized ledger technology that ensures better services than any and all traditional and digital banks out there.
Yet, the KCoinStar team has realized that even the current blockchain setups have drawbacks and issues that will eventually lead to failure if not addressed. One of the fundamental promises of blockchain was that it would be completely free of influence and be neutral in its operations. Trends in the last few years have shown that is not so. When miners and node operators are incentivized with coins and tokens for their work, they tend to favor some transactions more than others, due to higher fee involved.
These operators can even decide the fate of the chain and its future. If there is a split between what coding changes to be made or a new technology to be added, a group of miners and nodes can create a majority and their rejection or acceptance of the technology means they will guide the future of the project.
Secondly, with miners having fewer resources, will not be able to compete with others with better hardware, bringing down the number of nodes the project gets. This essentially means that a group of super miners or nodes would eventually have a say in matters involving the blockchain and influencing its development, countering the very basic principle of the blockchain.
KStarCoin counters this with their consortium of blockchain developers who would share their resources for each other, giving more hardware power and combined ability to process hundreds of transactions a second. The consortium, called SOBLO already has 4 members.
Use Cases of KStarCoin
With Korean culture creating a wave in recent years, KStar and its platform are actively promoting contents. With KStarCoin, fans of the K culture will be able to enjoy the following:
- K-Pop: The Korean pop music industry has a lot of overseas fans and with KStarCoin, will be able to procure copies of not only the music but be able to interact with their idols.
- K-Drama: The Korean drama and movie sector has developed a significant following all around the world. With KStarCoin, fans will be able to pay to view the drama and movies with ease. Understanding that language is a barrier is also a fundamental point in this. People will be able to watch movies and dramas with translations and subtitle also.
- Concerts And Shows: Live performances are a major rave these days. Yet, bringing musicians and actors to the native countries of fans can be a major financial issue. With crowdsourcing, users will be able to raise money to bring the performers to their countries. Leveraging on the blockchain, KStarCoin will also significantly cut down on the costs.
- K-Beauty and Fashion: South Korea is becoming a major exporter of beauty products and its fashion sense is influencing the global industry. With KStarCoin, people will be able to procure authentic Korean products of beauty and fashion.
- Ticketing And The Black Market: Concert and show goers mostly face an issue where a few people buy tickets in bulk and then resell them for a steep price. This causes a lot of fans to miss out on the shows since they are not able to procure tickets in the first place, or cannot afford to pay the illegal price. KStarcoin, with its smart contract, will ensure that only people who have bought the tickets can watch shows, essentially cutting down the black market ticket industry since these tickets will not be transferable to others.
With KStarcoin, fans can buy the concert tickets for the star whom they like or they can buy Contact Lenses through the platform. According to the developers, there will be a market on the platform where they can buy any K-related goods. The can use their tokens on the platform to purchase these goods and they will be delivered from Korea.
Visit the website for more information: https://www.kstarcoin.io/