• Fri, 20 Sep 2019, 06:27 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Korean mobile carrier launches blockchain project 'ELYNET'

Thu, 12 Sep 2019, 04:53 am UTC

Union Mobile, the fourth-largest mobile carrier in South Korea, has launched its blockchain-powered decentralized telecom project.

Called ‘ELYNET,’ the project aims to use blockchain technology make communication more efficient for users who currently rely on a single carrier for telecom service. A minimum viable product (MVP) version of the service was showcased in January 2019, securing roughly $1 million in capital through its first round of funding.

ElyNet claims to be the first blockchain telecom company. It will work towards creating a new mobile ecosystem where all consumers have access to affordable mobile service plans from around the world.

In its press release, Union Mobile said that ELYNET will enable users to freely use data communication services without the drawbacks of existing wireless carriers such as roaming fees and contracts. By eliminating the need for expensive data centers for wireless communications, it will allow users to enjoy superior telecom quality at significantly lower costs.

"When users connect to the communications network through ELYNET's own operating system, they can purchase data through ELyX, a token used in ELYNET's ecosystem, and freely enjoy mobile data communication anywhere in the world without roaming fees or contracts,” Union Mobile's CEO Seyong Ro said.

The ELYNET team plans to use the application of distributed ledger technology to further expand the user base of its parent company Union Mobile.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,154.10 (+0.95%)
  • Ethereum (ETH) $216.62 (-1.95%)
  • XRP (XRP) $0.290900 (-4.13%)
  • Bitcoin Cash (BCH) $314.21 (-1.07%)
  • Litecoin (LTC) $74.68 (-2.91%)
  • Bitcoin (BTC) $10,154.10 (+0.95%)
Sep 20, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD Technical Analysis Summary
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
Coinbase considers listing 17 new digital assets including Kadena and Telegram
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
Bank of America joins blockchain-based trade finance network Marco Polo
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
Crypto trader Genesis acquires Qu Capital to bolster trading technology
Crypto Technicals: IOT/USD Technical Analysis Summary
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.