Korea’s main centralized change is bringing its customers onchain.
UpBit, the highest centralized change (CEX) by quantity in South Korea, unveiled its personal native Ethereum Layer 2 blockchain right this moment, dubbed GIWA.
GIWA, or International Infrastructure for Web3 Entry, leverages the Optimism (OP) stack.
The title GIWA can also be a reference to a standard roof tile utilized in Korean structure, and “are an emblem of scalability and solidarity, small on their very own however highly effective when mixed,” per the GIWA docs.
Community charges will likely be denominated in ETH, and the chain’s testnet is reside, touting one-second block instances, EVM compatibility, and open public availability. Sooner or later, GIWA plans to supply a beginner-friendly interface the place customers can work together onchain with out having to know the ideas of various blockchains, tokenization, or gasoline charges.
The launch comes lower than 4 months after South Korea carried out strict know-your-customer (KYC) necessities for its CEXs, per its Monetary Providers Fee (FSC), and whereas it seems customers won’t need to KYC to make use of GIWA, the community will function an onchain verification system for institutional shoppers.
Whereas the Korean viewers’s urge for food for onchain buying and selling will likely be examined with GIWA, the nation is well-known in crypto for its tendency to ship new altcoin listings hovering.
Over the summer time, UpBit and Bithumb listings despatched notable tokens resembling SYRUP, MOODENG, and HYPER up anyplace from 30% to 500% inside 48 hours of their itemizing on Korean CEXs.
