theloop Selected for Government Promising Open Source SW Technology Development Program
The support program for which theloop has been selected was created by the Ministry of Science, ICT and Future Planning and the National IT Industry Promotion Agency to overcome technology dependence and energize the software industry through the development and opening of open source software in future business and technology sectors. It covers five future technology areas for open source software: intelligent information, big data, smart devices, the Internet of Things, and cloud.
theloop will release the source code for loopchain, the enterprise blockchain platform it developed independently, and has begun work on a platform that can be used across a wide range of fields, including finance and IoT, in both the public and private sectors. The company aims to complete the work by the end of November.
theloop's loopchain technology was developed to support smart contract systems on the basis of the Byzantine Fault Tolerance (BFT) consensus algorithm. It is built with multiple channels, allowing a variety of tasks to be carried out simultaneously, and offers advantages such as the ability to assign different permissions to different nodes.
"In the blockchain field — regarded as a core technology of the Fourth Industrial Revolution — the prevailing strategy is already to open the platform first and spread it, as R3CEV and Hyperledger have done," said theloop CEO JH Kim. "By gaining momentum from government-level support, theloop's purely independent technology will contribute to energizing the blockchain ecosystem."
Going forward, theloop will begin with a presentation on the case of applying loopchain to the financial investment industry blockchain consortium at the Open Source Success Case Seminar on the 12th, then convert the project to open source immediately within July and hold a hackathon-style developer conference as well.
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