The blockchain ecosystem is presenting a new paradigm for the future Internet aiming for a hyper-connected society. However, despite its beautiful spirit and excellent ideas and technology, the reality is that blockchain has inherent flaws such as slow transaction processing speed, lack of user convenience, and absence of an automatic governance system.

By minimizing these flaws, a mainnet based on practicality and scalability was implemented in Korea.

Soo-hyuk Choi, CEO of Symverse Labs, earned his doctorate in economics in game theory from Northwestern University in the U.S. After working in various fields as an expert in the information and communication (ICT) field in Korea, he encountered problems with existing blockchains and decided to launch Symverse Labs in 2018.

SymVerse is a new word that combines the prefix Sym, meaning ‘together’, and the suffix Verse, meaning ‘interact’. With the motto of ‘coexistence’, a design philosophy was introduced to encourage blockchain users to voluntarily coexist even if they pursue individual interests.

Based on his research over the past 30 years, CEO Choi converges on the achievements of various academic fields such as social choice theory, game theory, monetary finance theory, voting theory, and systems engineering to improve blockchain platforms. After applying, it separated multiple blockchains for the first time in the world in just over a year, achieving a one-second innovation in block creation and confirmation.

To solve the weaknesses of the block production methods of existing major blockchains, Symverse applied economic game theory across governance, incentive to participate in the consensus process, cooperation, and the production, distribution, and consumption stages of blockchain.

The theories applied to the Symverse blockchain are largely ▲Block generation consensus structure applying Veto of strategic voting theory ▲Determining the distribution ratio between coin groups and introducing a step-by-step Nash equilibrium in the distribution method within the group ▲Mechanism design, which consists of motivation for participation and distribution of coins based on incentives.

In addition, it was noted that for the blockchain platform to operate as a sustainable dynamic system, there is a mechanism to achieve a stable balance even when stakeholders operate uncooperatively.

Accordingly, the company explained that it was designed as a dynamic system in which stakeholders, both individuals and groups, coexist, participation in all consensus processes is automatically and justly processed, and creation and distribution of coins are adjusted over time to match incentives.

In addition, as blockchain is a hot topic of the new industrial revolution, it is a distributed identity authentication (DID) system that can actively respond to future market environments and regulations, platform cost savings, transaction processing speed improvement, and multi-functional support for blockchain operators. It has been created as an open platform, including a fractal network that can satisfy complex service requirements by introducing multi-chain and linking multiple mainnets with different functions and purposes.

SymVerse Labs CEO, Choi Soo-hyuk has predicted that the future blockchain mainnet will be a combination of blockchain platforms that can respond to various regulations and accommodate heterogeneous industries. The Symverse roadmap is designed with an emphasis on openness and decentralization, which are the essence of blockchain technology.

https://www.greenpostkorea.co.kr/news/articleView.html?idxno=215801

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