Homegrown global blockchain company ArtiFriends has unveiled the fourth-generation blockchain engine called in Korean’ Saseul’ (chain) Monday.
In a press conference in Seoul, Artifriends CEO Lee Jung-woo said he would develop ArtiFriends into a global unicorn enterprise.
ArtiFriends made public the consensus algorithm called Hap-2, which it has developed. CEO Lee said the consensus-based algorithm would be the foundation for the fourth-generation blockchain engine Saseul.
ArtiFriends would enter the emerging blockchain platform competition through its Saseul engine.
Lee likened the Saseul engine for making blockchain platforms to the Window or browser on a computer.
He expects Saseul to play the role of Microsoft in the blockchain over the next five to 10 years.
Saseul overcame the limitations other engines like Ethereum and Hyperledger Fabric faced.
It put a focus on the role distribution of the nodes in the network. Saseul keeps the philosophy of decentralization.
Saseul’s nodes consist of Light Node, Validator, Supervisor, and Arbiter. Each of these nodes does not produce blockchain. However, each of them helps consumers use the wallet or use blockchain services.
Validator plays the role of producing blockchain, only through consensus. Supervisor monitors whether blockchain was created well. Once the Validator creates blocks through consensus, Supervisor checks whether the data is reliable. These checks and supervision help consumers gain confidence in blocks, Lee said.
Lastly, the Arbiter is the node for storage. It records all data created in blocks. It does not participate in creating blocks, but it provides all stored data when necessary.
In the public blockchain network, anyone can use source code to participate in Supervisor Node or Validator. In the private blockchain network, the approval of a supervisor is necessary.
Saseul has also solved the problem of storing data. Saseul’s Arbiter creates Generation Block to store all data in one block. In accordance with the accumulation of data, the Generation Block goes from G1, G2, G3 to G4, and so on.
Saseul boasts of speed. CEO Lee demonstrated Saseul’s platform through the screen. It took only five seconds to transfer money from one place to another place worldwide.
Saseul also unveiled services available to consumers in its platform now under construction. Its money transfer app FLIP is fee-less people to people cash transfer service. In just three to five seconds, consumers can buy and sell cryptocurrencies at any place worldwide.
CEO Lee said he would propel Saseul into a global unicorn company, vowing not to cede South Korea’s blockchain leadership role to the other countries.
Lee founded ArtiFriends in 2016. He said his company is a pioneer sailing through the unknown world.
