KBS (Korean Blockchain Standard) is a decentralized blockchain protocol developed by the Korean government to support the adoption of distributed ledger technology in South Korea. The KBS protocol is based on an open source blockchain platform, allowing businesses and individuals to create and deploy their own applications on top of it.
The goal of this project is to provide a secure environment for transactions via cryptography and peer-to-peer networking technologies, while ensuring regulatory compliance within the country. It also aims to increase transparency and reduce costs associated with financial activities.
The KBS network utilizes several different consensus algorithms (Proof-of-Stake, Delegated Proof-of-Stake), as well as smart contract technology provided by Ethereum Virtual Machine (EVM). This allows users to develop customized applications using Solidity programming language that can be deployed directly onto the KBS network without any additional infrastructure or setup requirements.
In addition, KBS provides various security measures such as multi signature wallets, secure storage solutions, encrypted messages exchange between peers etc.. These features ensure data safety even if one node gets compromised or attacked from outside sources. Furthermore, all nodes need to go through KYC/AML procedures before being allowed into the system which reduces chances of frauds and money laundering activities taking place on its network.
Finally, KBS plans on building its own ecosystem where developers can build their own projects using tools provided by them like SDKs for developing mobile apps or web interfaces etc.. It will also include its own cryptocurrency called “KBX” which will be used for trading digital assets within this new ecosystem created around it
