SK Planet, a leading South Korean mobile service provider, has recently announced the development of a new blockchain platform called UPTN (Universal Platform Token Network) that will leverage the Avalanche Protocol. The platform will enable faster and more efficient transactions, reduced fees, and enhanced security, making it an ideal solution for enterprise-level use cases. With UPTN, SK Planet aims to establish a new standard in the blockchain space by providing an all-in-one platform for businesses to build, deploy, and manage their blockchain applications. This latest development is expected to further revolutionize the blockchain industry and position SK Planet at the forefront of blockchain innovation.
SK Planet Announces Partnership with Avalanche Labs to Build UPTN Subnet
SK Planet has announced its partnership with Avalanche Labs to develop an Avalanche Subnet – UPTN – on the network. The UPTN subnet will serve as a dedicated Web3 portal for the tens of millions of users of SK Planet. The UTPN Subnet will be integrated with SK Planet’s consumer applications, including the renowned e-commerce electronic programs OkCashBag (OCB). OCB boasts over half of South Korea’s population as members, and it will provide access to NFT, dynamic membership, and unique community features.
Ava Labs CEO Emin Gün Sirer expressed commitment to support the ecosystem of buyers and merchants as they explore the unique benefits of the Avalanche network. Sirer also stated that the partnership with SK Planet would fulfill the appetite for the Web3 experience in South Korea. Further, the partnership will extend to buyers and merchants in the region in support of the adoption of Web3.
The UPTN Subnet will bring new opportunities for developers as they create a customized blockchain to meet the requirements of specific applications that can be interoperable with the Avalanche network. Isolating traffic to a dedicated infrastructure guarantees security and scalability with no limits.
SK Planet aims to expand its footprint globally with partnerships with firms such as Avalanche. The partnership not only offers unique benefits to users but also unlocks synergies for the companies involved. CEO Lee Han-Sang is confident that the partnership will enable SK Planet to expand into new business and provide IT and communication services powered by Avalanche Blockchain.
The collaboration has been successful so far, with Ava Labs reporting a 1393% rise in brand recognition on a quarter-on-quarter basis in the fourth quarter of 2022. Partnerships such as Gunzilla Games are taking advantage of the Avalanche Subnet, creating customized blockchain based on the specific requirements of their applications.
In conclusion, the UPTN Subnet will act as a foundation in which users of SK Planets can participate in owning wallets and digital collectibles and creating decentralized communities. The partnership between SK Plant and Avalanche Labs will see more developments in the future, so stay tuned.