PARAMETA Launches PARAMETA Service for Web3 Transformation
The easiest, fastest way to apply Web3
February 9, 2023, Seoul — Web3 Enabler PARAMETA (formerly ICONLOOP, CEO JH Kim) announced on the 9th the launch of PARAMETA Service, which makes it straightforward to roll out a Web3 business.
PARAMETA Service offers an opportunity to expand business by building a Web3 community ecosystem, making it simple to configure and adopt the core elements of Web3 — wallets, NFTs (non-fungible tokens), and STOs (security token offerings) — within existing Web2 services and businesses. Where the PARAMETA blockchain framework unveiled last June lets businesses build customized Web3 platforms and services optimized for their needs, PARAMETA Service applies Web3 elements through API integration with no infrastructure build required, dramatically reducing the time and cost of Web3 transformation.
PARAMETA Service comprises four parts: PARAMETA W (Wallet as a Service), PARAMETA N (NFT as a Service), PARAMETA S (STO as a Service), and PARAMETA T (Token Management as a Service).
PARAMETA W, a trustworthy custody-based key management service, enables secure management of personal identity and data through DID (Decentralized Identifier) and PDS (Personal Data Storage) technology, and provides a straightforward yet powerful Web3 wallet built around convenient UX for industries such as finance and gaming and for both Web2 and Web3 businesses.
PARAMETA N covers the entire NFT distribution journey, including fast and straightforward NFT issuance, while PARAMETA S enables fractional management of real-world assets using tokens, supporting investment and fractional ownership management.
Finally, PARAMETA T provides management functions spanning token issuance, lockup, distribution, and circulation monitoring. It issues tokens to a specification supporting interchain, removing the need for a separate bridge service and enabling implementations with very high security and safety.
PARAMETA Service supports a range of chains according to each service's needs — EVM (Ethereum Virtual Machine) chains such as Ethereum, Polygon, and Binance; Cosmos-family chains such as XPLA; ICON-family chains such as ICON and HAVAH; and Solana.
PARAMETA Service is provided as an integrated package that includes tooling for smoothly managing and operating each service, supporting Web3 services and business rollouts optimized for each operator. This includes developer-friendly modern technology and development tools, token governance design, and Web3 business consulting.
PARAMETA is currently running Web3 transformation projects through PARAMETA Service with companies and institutions across a range of fields — an SNS with one million monthly active users, mobility, intellectual property, real estate, and finance — some of which will be announced shortly.
"As Web3 transformation accelerates, we saw the need for modular services that existing operators struggling to expand into Web3 could approach more easily and apply straightforwardly at the service level," said PARAMETA CEO JH Kim. "Drawing on our full-stack blockchain and Web3 technology applicable across Web3, together with our expertise in deploying it exceptionally well across many industries, we will do our utmost to help partners apply Web3 successfully."
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