Tokamak Network Announces Partnership with KDAC
Tokamak Network, a Layer-2 solution for the Ethereum blockchain, has just announced a partnership with Korea Digital Asset Trust (KDAC). KDAC is a consortium of start-ups that provide digital asset solutions. KDAC was established by companies like Kobit, Blocko, and Fair Square Lab.
The partnership hopes to be mutually beneficial for both the Tokamak Network and KDAC, allowing Tokamak to guide KDAC through the Ethereum ecosystem and expand its functions. The Tokamak Network plans to strengthen KDAC’s wallet security for its assets. The partnership between KDAC and the Tokamak Network is the latter’s first partnership with a digital asset custodial company.
Tokamak Network And KDAC: Partnership Details
KDAC is a digital asset custodial organization that provides custody and operational services to digital assets. It has seen strategic investments from companies with significant experience in the blockchain space; companies with strategic investments in KDAC are Blocko, Kobit, and Fair Square Lab. KDAC is one of the pioneers of the digital asset custody space and has also signed agreements with Shinhan Bank, the #1 bank in Korea, and BitGo, the world’s premier digital asset custody company. Shinhan Bank has assets totaling KRW 454 trillion, and BitGo processes 20% of Bitcoin’s circulating supply.
Bitcoin has an extremely stable ecosystem, unlike Ethereum, which is seeing constant change and improvement. This is where the Tokamak Network comes into the picture. Tokamak Network has researched Ethereum since 2015 and has years of experience when it comes to its ecosystem. Tokamak Network plans to leverage this experience and provide advice and expertise to KDAC, helping it understand the Ethereum platform’s workings and the Ethereum ecosystem. This knowledge can enable KDAC to utilize public blockchains and maximize functions.
Tokamak Network: Innovator In The DeFi space.
The Tokamak network is the first Turing Complete Plasma platform that assures decentralization and enables developers to build applications easily. The Tokamak Network aims to address issues with the mainstream adoption of blockchain technology by providing scalability and extendibility, in turn allowing developers to create decentralized applications off the main-chain. The network has clear objectives, which are
- Ensure mass adoption of blockchain technology and encourage collaboration between Layer-2 players instead of competition.
- Help to smoothen the entry of companies and industries into the decentralized blockchain ecosystem. It plans to do this by giving them access to Layer-2 technology.
- Provide developers with Layer-2 technology used in the Tokamak ecosystem, ensuring developer adoption.
The Tokamak Network is the first Turing complete plasma platform on Ethereum. It is capable of running multiple chains with the same properties as the main chain, enabling decentralized applications to run on their own and stay connected to the main chain. It solves Ethereum’s scalability issues because, unlike other Layer-2 solutions, Tokamak Network gives users on-demand access to Layer-2 solutions, enabling users to access multiple layers so that the application’s performance is not compromised.
To put the Tokamak Network’s innovativeness into perspective, decentralized application developers on Ethereum can leverage Tokamak and build customizable blockchains and retain the benefits of other Layer-2 solutions like Optimism and RollUp. It also retains compatibility with Ethereum, ensuring a smaller learning curve.
Tokamak Network Has Already Partnered With Bounce Finance
Just prior to the announcement about partnering with KDAC, Tokamak Network announced a strategic partnership with Bounce Finance. Bounce Finance provides DeFi enthusiasts access to a decentralized auction protocol and a competitive swap environment. The partnership will give Bounce Finance access to Tokamak’s Layer-2 technology, enhancing Bounce Finance’s performance. The platform will be able to serve a larger user base as Tokamak will solve any scalability issues.
The partnership between the Tokamak Network and KDAC will give KDAC a chance to expand its business through the Tokamak Network technology. Tokamak Network will guide KDAC by providing advice and cooperation and understanding the Ethereum platform and the Ethereum ecosystem, enabling it to expand on various functions in the long-term.