Korean blockchain startup FirmaChain is calling for applications till November 14th for its Colosseum testnet validation. Hybe, the agency that takes care of K-pop band BTS, brings in NFT with FinTech startup Dunamu and investors valued Korean autonomous startup 42dot at $434 million. Also, Korea International Trade Association (KITA) supports startups and small businesses to enter the Middle-East market with a successful exhibition in Dubai.
FirmaChain, to gather Colosseum testnet Validators
Blockchain based global electronic contract platform FirmaChain announced that it will be receiving applications for the company’s Colosseum testnet validator participants.
Colosseum is the penultimate stage of FirmaChain’s proprietary mainnet Augustus hardfork. Upon completion of the Imperium DevNet, the Colosseum stage invites third party validators to participate in the final testing process.
FirmaChain will be receiving applications from interested parties by November 14. Once the list of participants are finalized and notified, FirmaChain will run a number of stress tests and stabilize its system with the chosen participants.
Once the testing is complete, FirmaChain and the validators will undergo a final confirmation process on the governance proposal for the mainnet hardfork. Upon completion of all of the above, the company will be launching its ‘Augustus’ mainnet.
For the sake of convenience of those participating, FirmaChain will be distributing a test application written in Firma-JS to the validators. On top of carrying out simple test transactions, the chosen validators must create various test scenarios of their own and conduct stability tests for each case devised.
Through the above process, the validators and FirmaChain can settle a number of mainnet related issues such as ▲the adequacy of the parameter value ▲governance proposals ▲software updates and ▲maintenance policy.
Based on the level of contribution, Colosseum validator participants will be given rewards.
Currently, FirmaChain is planning to hand out a maximum of 1 million FCTs as rewards. However, total reward is subject to change based on the number of participants and the scope of their activities. The ticker of the coin is also subject to change after the mainnet hardfork.
With the release of the Imperium DevNet, FIrmaChain has undergone a total of six updates from FirmaChain ver. 0.2.3 to ver. 0.2.9, which includes the Block Explorer update, Faucet update, Firma Station update, CosmosSDK 0.44 version update.
In the final stage of Imperium, which is ver. 0.3.0, FirmaChain will apply the Cosmos SDK 0.44.3 updates and add a [Token Create] feature that can be used for blockchain games and other DApps to be developed on the Augustus mainnet. FirmaChain will soon conduct a number of tests under the Imperium environment.
More details on FirmaChain’s recent development progress and validator participation can be found on FirmaChain’s official channels such as Medium.
“On top of our electronic contract business, through this hardfork, FirmaChain is currently working on expanding the features of our mainnet so that DApps such as NFT and blockchain games can be created based on Augustus,” said Youngin Yoon, CEO of FirmaChain. “Validator participation can not only contribute to the expansion of the decentralized system but also to the creation of a more transparent ecosystem, one that can be trusted. Since such participation is the most important part in forming the ‘trust’ we expect avid participation of those who are interested in the FirmaChain project.”
Hybe officially enters the NFT market; Swap of shares with Dunamu for ‘500 billion won, 700 billion won’
Hybe and Dunamu form a strategic partnership to enter the NFT business. Hybe announced on Nov. 4th that Dunamu will invest 700 billion won in Hybe through a capital increase through third-party allocation, and at the same time, Hybe will invest about 500 billion won in Dunamu in the same way. Hybe will acquire 2.48% of Dunamu stock through this equity investment.
Hybe and Dunamu plan to establish a joint corporation to jointly promote a new fandom-based business that combines artist IP and NFT.
NFTs, also called ‘non-fungible tokens’, are safe and reliable digital assets in the world. It is mainly created by giving unique values to digital content or products with blockchain technology.
— The Korea Herald (@TheKoreaHerald) November 4, 2021
Source: Korea Economic Daily
South Korea’s autonomous driving startup 42dot drew strong interest from investors with its advanced artificial intelligence technology. Strategic and financial investors valued the startup at $434 million in a funding round.
42dot raised 110 billion won ($93.7 million) in a Series A funding round on Oct. 29, according to investment banking sources. Strategic investors including Shinhan Capital, Lotte Rental Co. and LIG Nex1 Co., as well as venture capital firms such as IMM Investment, STIC Ventures and Timewise Investment, participated in the round. 42dot secured the fund in four months after it started looking for money. It has raised a total of 150 billion won so far.
The Korea International Trade Association (KITA) hosted an exhibition in Dubai to connect Korean small- and medium-sized enterprises with buyers in the Middle East.
In the event, which ran from Nov. 1 through 3, a total of 50 Korean companies — primarily in retail and beauty fields — engaged in business talks with around 200 buyers from the United Arab Emirates, Libya, Morocco and Kuwait.
The 2021 K-Product Roadshow Dubai was held at the Dubai Exhibition Center, the site of the ongoing Expo 2020 Dubai, in cooperation with CJ ENM and the Ministry of SMEs and Startups.