Bloom Technology is the company responsible for developing Locus Chain with the goal of creating the “publicly usable blockchain.”

It was established under the name of Phantagram Limited in 1996 by CEO Sang Yoon Lee, who was the pioneer of the first generation Korean game industry.

Phantagram Ltd. is a game engine developing company that produced famous game series such as ‘Kingdom Under Fire,’ ‘Ninety Nine Nights,’ etc. It successfully released more than four console game titles with Microsoft and also previously released prominent PC game titles.

Phantagram Ltd. began the blockchain development business in 2017 based on its 3D graphic optimization and data distribution technology. It later modified its corporate name into ‘Bloom Technology’ in 2018.

South Korean based blockchain firm Bloom Technology claims to have created a new technology that is able to speed up transactions on the blockchain.

On Dec. 3, United Press International reported that the CEO of Bloom Technology, Lee Sang-yoon said that the firm’s Lotus Chain technology has been able to reduce blockchain transaction processing times to fractions of a second.

A Single Blockchain Transaction Takes Between 0.13-0.23 Seconds
Bloom Technology has reportedly said to conduct a public test with 635 participating nodes to reveal the transaction speed of the Lotus Chain technology. Results showed that a single blockchain transaction took between 0.13-0.23 seconds.

Vice-Chairman of Korea Blockchain Association, Moon Young-bae comments on the tests:

“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.”

Lee hints at the importance of a faster blockchain transaction by pointing out that transactions currently take often “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”

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Bloom Technology, a blockchain firm based in South Korea, has revealed that it has created a new protocol that can very easily increase the speed with which blockchain transactions are settled. According to reports, the startup has been able to significantly cut down the amount of time it takes to process a blockchain transaction.

CEO Lee Sang-yoon has explained that the solution, called the Locus Chain technology, can process these transactions in a fraction of a second. Sang-yoon says that instead of trying to process blocks in their entirety which takes too much time, Locus Chain focuses on processing transactions by unit.

Suggesting that crypto payments take too much time when compared with other methods, the CEO said:

“It would be strange if we need to wait 3 minutes to pay with a credit card. But it takes more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”

The company has already conducted a public test of the Locus Chain technology to confirm its speed. Bloom Technology over a period of three days, involved 635 nodes in the test and the conclusion showed that one transaction took less than a second, between 0.13-0.23 seconds. The company is already trying to patent the technology.

The Vice Chairman of Korea Blockchain Association Moon Young-bae, has endorsed Locus Chain. Young-bae passed a comment saying:

“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable. I think it is a real deal.”

South Korea’s blockchain space is quite vibrant as the government also recently announced it will use the technology with its billing system.

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Did you see the article about Malawi national (government-backed) crypto by Locus Chain?

I Found this new about LOCUS

On November 18, at 'the conference of the tentative program for monetary policy' in Mangochi, Malawi, we held a presentation on 'how the Locus Chain solved the features that CBDC should have'.
The event was created by the central bank of Malawi to check its preparations for CBDC issuance and future plans, and was the only blokchain development company invited to the event.
After the conference, Malawi Central Bank and Locus Chain will work closely together to study CBDC.
On behalf of the Locus Chain, the video is presented by Moon Young-bae, director of the Digital Finance Institute, and participants are the core of the Malawi Institute for Economic Policy, the Central Bank of South Africa and the World Bank economists.

Where can I find the Technical Whitepaper for Locus Chain?

https://www.locuschain.com/uploads/whitepaper/Locus%20Chain%20-%20Whitepaper%20-%20tech%20-%20eng%20v1.01.pdf