Soblo, Society of Blockchain, a blockchain development consortium
On the 26th of June, there was an announcement regarding a blockchain consortium called Soblo, the Society of Blockchain. Soblo (Society of Blockchain) is the blockchain development consortium formed by four startups in the following order: KStarLive, Doogle, LegalBlock, and UnderPin. The consortium allows the efficiency and security that a public blockchain provides, meanwhile allowing for some degree of central control, which grants more security and monitoring through their services and data. This creates an ease to the barrier to entry and firmly reiterates on the purpose of the consortium’s purpose, which is to provide a free and open smart contract environment suitable for reverse ICOs.
By the formation of a blockchain development consortium, the members of the consortium are able to lessen the barrier to entry and lower the entrance cost by sharing the cost of development and operation. Upon being initiated into the Soblo Consortium, all SOBLO members agree to run their nodes in a unified and collaborative manner. Over the years, blockchain has seen many issues and problems with the way the blockchain systems are governed. They have based themselves on wealth accumulation, meaning that whoever had the most coins had more say in decision making process for the future operations and issues that are to be faced. Needless to say, the issues that are raised about the mining problems are still not confronted after all these years as well. EOS tends to reward miners based off how much block is mined. However, block mining takes much computing power, as well as time, which leads to many inconveniences. At the end of the day, it is not certain how much EOS the miners will acquire, which creates many uncertainties for the holders of EOS. Also, the holders of EOS are not guaranteed of the stability of EOS because of its volatility as well. The good news that we have is that SOBLO will not require or have mining, therefore will not be rewarding people based on these kinds of incentives or activities. Instead, SOBLO will reward its users based on the value that they add to the blockchain through alternative means such as driving traffic or creating user content for various platforms related to the Soblo Consortium.
Also, speaking on Reverse ICO’s, Reverse ICO’s main problems are “gas” price and transaction speed. However, SOBLO has developed a way to solve both problems. Due to the Soblo Consortium members working together, there won’t be a “gas” price that users will have to pay. For example, KStarCoin is based off Ethereum, which indicates that there will be one transaction every seven seconds. However, we understand that for some services we provide, one transaction every seven seconds would be inefficient. SOBLO has found a way to process 1000 transactions every second, which would be extremely helpful for ticketing purposes in regards to one of the consortium members like KStarcoin, which is a platform that involves itself on crowd funding concerts through its Hallyu fans.
ETnews, one of the biggest electronic news websites in South Korea, wrote an article about SOBLO. This article goes more in detail over how SOBLO came to be and how the consortium is an enormous benefit for all who are part of KStarlive and its blockchain, KStarcoin.