Did you know that few of the South Korean cities had their own currencies to promote the local currency tradition and culture? While that is a good sign, it does not stand a remote chance in the global set up. So, these agencies have tied up with the MakerDao Korean community, which worked closely with its partners VANTA to spearhead the adoption of DAI.
Meanwhile, Glosfer, a leading blockchain company in Korea, in collaboration with the local South Korean Government created a new coin called the Nowon coin, which is considered to be the first local cryptocurrency in the world. The local cities are also opening up to these cryptocurrencies, owing to their transparency and security. VANTA is creating more such local denominations so that small and local business could connect with each other in an easy way. In fact, by using VANTA’s API will create opportunities for marketing and a portal for sending and receiving data, even while reducing the prices drastically.
It must be mentioned here that MakerDao’s contribution as a service provider is immense since VANTA and other local practitioners would be in a position to swap the local currency into MakerDao’s stablecoin Dai. This way service provider can secure the local economy from local volatility of the market. This again can help the conversion of Dai into the local currency or other use cases, owing to its immense popularity.
Speaking to the media, Dao said that it welcomes more such use cases and partners in Korea.
Who is MakerDAO?
It is the maker of Dai, which is the largest decentralized stablecoin in the Ethereum blockchain. Irrespective of the volatile nature of the cryptocurrency market, Dai has been stable enough to compete with the US.
The VANTA network
It is looking forward to build intelligent networking, enabling users to quickly develop services that can transmit real-time data effectively. It also commercializes the infrastructure without adding extra service fees. The process reduces the complication of the daily lives of individual and clustered businesses.
It is the first-generation leading blockchain technology and services company in South Korea; it strives to expand in various industries to improve its chances of reaching the international market, apart from the domestic market. This can be done by leveraging the innovative services and technologies, including the PHP API blockchain platform PACKUTH. The company stands by its ideology to contribute to society through blockchain technology.