SK Telecom, a Korea Mobile Telecommunications Services Corp, has announced its cooperation in the development of a digital asset wallet service with AhnLab Blockchain Company and Atomrigs Lab.
Details Of The Developing Digital Wallet
“The online environment is shifting into the Web3 era, where the user owns and manages all the data. This joint project of Web3 digital wallet will be a crucial starting point for SK Telecom’s response to the Web3 market.” said Oh Se-hyeon, SK Telecom Senior Vice President who is leading the digital asset unit of SK Telecom.
According to Korea JoongAng Daily reports, this digital wallet will have the functionality of numerous digital assets such as cryptocurrency, non-fungible tokens (NFTs), and other types of blockchain-based digital assets that can be used for identity verification.
The new digital wallet service will be powered by Atomrigs Lab’s Secure MPC encryption technology. It is also going to be based on Seoul-based 2018 established start-up, Atomrigs Lab’s digital wallet technology.
The South Korea Telecommunication service, SK Telecom and AhnLab Blockchain Companies are said to be the ones that will oversee the development and operation of the service product.
The Digital Wallet Service Will Have Secure MPC Encryption Technology
The new digital wallet service will be powered by Atomrigs Lab’s Secure MPC encryption technology. Atomrings Lab is a blockchain-related service firm established in 2018.
SK Telecom’s Web3 Digital Wallet
After the era of Web1, the read-only web and Web2, the centralized interactive but personal data-sucking web. Web3 is now in the developing stage.
Web3 is often depicted to be the third generation of the internet, or better yet, the decentralized web that is going to give users ownership and control of their data.
Companies, including SK Telecom, are thinking their way out on how they can utilize this said future of the Internet, Web3.
SK Telecom came up with the idea of a Web3 Digital Wallet and is now co-developing this digital wallet with AhnLab Blockchain Company and Atomrigs Lab.
AhnLab Blockchain Company CEO Kang Suk-kyoon said: “AhnLab Blockchain Company will adopt various core technologies of ours, such as multi-platform support of ABC Wallet, which is currently under development, and security risk response technique, to the joint project.”
According to CEO Kang Suk-Kyoon, the company’s essential technologies, like multi-platform assistance for ABC Wallet, which is currently still in the developing stage, and the security risk response mechanism, would be included in the cooperative project.
“Personal wallets are hindering the expansion of the blockchain ecosystem because it’s tough to make them safe and convenient to use at the same time. I’m certain this cooperation will be an important opportunity to popularize decentralized personal wallets,” said Atomrigs Lab CEO Cheong Woo-Hyeon.
Conclusion
This announcement of the co-developing of the Web3 digital wallet was made when the companies (SK Telecom, AhnLab Blockchain Company, and Atomrigs Lab) held a signing ceremony on Monday at AhnLab Blockchain Company’s headquarters building in Seongnam, Gyeonggi.
This digital wallet hasn’t been launched yet, but these companies are set to launch it soon.
