ReapChain implements a more secure and transparent Blockchain-based IoT ecosystem by blockchainizing the entire end-to-end section of the IoT industry
Easy, fast and safe ReapChain creates new values that were never existing in the IoT world
ReapChain becomes the pride of IoT Blockchain and dreams of a perfect Blockchain world.
The objective of this Whitepaper is to present a brief summary of the business model, technology, and value proposition of the ReapChain.
ReapChain was created to solve the problems of the existing IoT Blockchain.
Based on the Shell-Core structure, which combines public and private Blockchains, and the two-way consensus algorithm (PoDC), we have overcome the three problems of the existing Blockchain: “scalability, security, and decentralization”.
Also, by giving the PID of an object through the Reap SDK, it is possible to secure clean data by improving security through mutual verification between devices and preventing the forgery of data.
ReapChain is creating a new IoT Blockchain world with technology that has both complete security and transparency.
The new hybrid Blockchain is implemented through the shell-core structure and PoDC consensus algorithm, in which public and private Blockchains are perfectly fused to solve the existing Blockchain's trilemma problem.
The Shell-Core Structure has a double-layered chain, and it is designed as a double structure that forms a fake ledger cell block by ReapMiddleChain on the outside, and a definitive block of the real ledger concept inside.
The Shell-Core Structure processes the transaction first with the concept of a fake ledger by placing a high-speed private Blockchain on the outskirts and the public Blockchain with strong security and decentralization is a new structure of the Blockchain that is placed inside and post-processed with the concept of a real ledger.
An Individual IoT device obtains a private key, which is a unique ID for Individual devices, through the Reap SDK to prevent hacking or illegal access.
When a transaction occurs on an IoT device with the Reap SDK applied, it is only accessible to authorized personnel or devices, and it is possible to check whether data is forged or tampered with. This prevents malfunction or side effects of the management system due to incorrect data transmission.
Reap SDK can support project modules or settings developed based on the existing Micro Controller Unit (MCU). Reap SDK allows you to reuse existing native SDK code to have interoperability between codes and minimize maintenance and management costs. In addition, a unique ID (private key) is created for each IoT device and stored in the internal non-volatile memory.
When a data transaction occurs, individual hash devices become small nodes of the ReapChain by receiving and storing the final hash information generated in the ReapMiddleChain. This allows you to verify device reliability.
ReapChain is a Blockchain as a service (Blockchain as a Service), and consists of Reap SDK for connecting and authenticating devices, ReapMiddleChain and ReapChain for data processing and storage, and Reap Platform for operating and managing all services.
Prevention of data forgery through object PID.
Providing services specialized for distributed processing and security of large data.
Provides reliable and flexible private temporary data storage.
Easy and fast IoT-only system construction.
IoT can be applied to logistics operations to increase supply chain visibility and efficiency, and to prevent disruptions in a smooth delivery.
ReapChain collects, analyzes, and shares information from freight shipments, pick-ups, and transportation to the right delivery to consumers, optimizing reliability, efficiency, and processing speed to achieve innovation in the distribution and logistics industries.
Product production and data (basic information) input based on IoT sensor applied with Reap SDK
Continuously transmit and verify product status data through sensors
Transmission and verification of additional data such as location information and record of delivery and receipt in the entire distribution process
Receive and confirm reliable data on products purchased by end consumers
The energy sector is pursuing domestic automation and energy management efficiency by integrating advanced information and communication technology (ICT) such as IoT.
The energy management system utilizing ReapChain BaaS can improve the above problems and build an efficient system.
Aggregate various data and power generated from smart home devices with Reap SDK through smart meters
Continuous transmission and verification of device status and power data through smart home device control devices
Through the Reap Platform, the electricity producer checks the amount of electricity required in each home, and the service provider checks the device status data to improve service quality
Receiving reliable data and checking information on individual devices in the smart home at home
ReapChain's business is a platform and DApp business composed of various IoT-based business fields.
ⅰ) Combination of each business area through platform activation
ⅱ) Establishing a reasonable fee and incentive system
ⅲ) Establish a business model by building a competitive infrastructure through token economy with competitiveness and profitability.
ReapChain BaaS Service fee
Reap HUT service fee
Fees for data transfer
Required data purchase cost
Participants in the ReapChain ecosystem will be a member of the IoT-based 4th industrial ecosystem and will contribute to the development of the IoT industry while gaining economic benefits.
ReapChain aims to be a platform-sharing economic business model that anyone can easily use by providing economic incentives for Blockchain participants to voluntarily activate ReapChain. Through this, we intend to form a virtuous cycle structure in which IoT-based infrastructure and data are enriched and the IoT industry is activated by creating a structure that participates in the ReapChain ecosystem organically and is rewarded accordingly.
REAP, which serves as a fuel for the ReapChain ecosystem, will pay transaction fees as rewards and incentives to users who hold a certain stake or maintain the ReapChain network through transaction verification and block creation. ReapChain also rewards REAP holders, standing committees, steering committees and candidates to revitalize the ecosystem.
Reward is the total commission income, and is paid when the commission accumulation amount of 1 million REAP is satisfied, and if the reserve exceeds the upper limit at the time of distribution, it is summed up.
The allocation ratio of total reserves is 70% for all REAP holders, 20% for the Steering Committee and Candidates, and 10% for the Standing Committee, and duplicate payments are permitted.
Apart from the reward for total commission income, 10% of the total amount of REAP issued is rewarded for participation in the ecosystem, and is provision 1% annually over 10 years. When the 1.2 millionth block is created, it is paid to all REAP holders in proportion to individual REAP holdings.
Reap Token, a token issued by ReapChain, is a new mainnet project to solve the problems of the existing Blockchain's trilemma, block creation time and transaction processing speed, and to efficiently integrate with IoT.
It plans to sell 14.7 billion of the total issuance of 4.9 billion or 30%, and the hard cap is $ 18 million.
Focusing on corporate/institutional investment, it will be held until the end of June 2020, and the private sale will be held until the end of May 2020.
After the completion of the Pre-Sale in 3Q 2020 (scheduled), the tokens will be distributed to participants at the same time before the initial listing (notice of distribution date). Check out the white paper for more details.
Follow the progress and the milestones of our scaling business.
ReapChain Team members aims to bring our valuable technologies of ReapChain to the public, through their extensive experience in the field.
'Tomorrow Dream Service' expansion and security strengthening agreement
ReapChain (CEO Jeong-Han Lee) has signed an agreement with YL Solution (CEO Jeong Min-gyu), a company specializing in scraping technology, and TilkoBlet (CEO Jeong-min Son), a security module API (communication language or message format between the operating system and application programs) On April 29, the three companies signed an agreement to expand service items and strengthen security for the sales data analysis platform, 'Tomorrow Dream Service' for small business owners. Major officials of each company, including YLSolution CEO Jung Min-gyu, Tilko Blet's CEO Son Jeong-min, and ReapChain's Lee Jung-han, attended the agreement ceremony held at the ReapChain Seoul office on the 28th. This agreement is meaningful in continuously improving and developing the exact calculation period, authentication and security enhancements that have been pointed out as problems with delivery applications.
Over 1700 users of'Jangboda', a digital traditional market delivery app
ReapPay, a platform development subsidiary of LN Venture Group, launched a digital delivery platform application to traditional market, 'Jangboda' in February and the number of users exceeded 1700. According to ReapPay on the 27th April, the number of users from Jangboda exceeded 1700. It is an payment Gateway (PG) service that first started on the 22th February at Shinmae Market located in Suseong-gu, Daegu. The monthly active users(MAU) was recorded average 500.
Reapchain, developed with Seoul National University's distributed system laboratory
Blockchain mainnet project ReapChain announced on the 12th that it has signed a joint R&D contract to advance the two-way consensus algorithm (PoDC) in cooperation with Seoul National University's Distributed Systems Lab. At the signing ceremony held at the Reapchain Seoul office on the last 11th, Lee Jung-han(CEO), Kim Doo-sik(CSO), Kim Seong-jin(CTO), and Eom Hyun-sang (Professor of the Department of Computer Science and Engineering at Seoul National University) attended the contract ceremony.
Reappay launches 'Jangboda' service, a digital traditional market platform
Reappay announced on the 25th that it has launched a digital traditional market delivery platform application'Jangboda'. Reappay signed a business agreement with the Sinmae market in November last year and has developed a mobile application, 'Jangboda' with a non-face-to-face ordering and payment system. This application was created to provide convenience to residents who are reluctant to visit the market due to COVID19, and to revitalize the slumped local business district. When users order products which are solded in traditional markets with their smartphones, they can receive the products at a shipping destination.
Active Development of The Blockchain Technology 'Mainnet'
【Anchor】 Blockchain, a decentralized data storage technology, has developed and market demand has increased. Then, related companies are making various attempts. Blockchain startup companies are launching and focusing on development the mainnet, which is a network, launching and operating its own blockchain project. This is Lee Sang-beom reporter. 【 reporter 】 This is an office in Gangnam, Seoul. Employees are engaged in mainnet development to integrate blockchain technology into our industry as a whole. ▶ Interview: Jeonghan Lee / CEO of LN Venture Group -"The 3rd generation blockchain currently under development is a platform for making various tangible and intangible asset transactions. Currently, the fields using this platform are increasing, and fusion with other industries is actively progressing." According to the announcement by the National IT Industry Promotion Agency (NIPA), the size of the domestic blockchain market last year was KRW 133.6 billion. It is expected to increase to KRW 220.6 billion this year and KRW 356.2 billion in 2022, recording a high growth trend every year. ▶ Interview: Jeonghan Lee / CEO of LN Venture Group -"We are developing and researching the mainnet based on a hybrid blockchain specialized for IOT. We are also developing a BASS (Blockchain As A Service) system that enables practical use of the Reapchain specialized for the IOT business field. " Blockchain is an important security tool in the rapidly improving IoT field such as gigabit internet and 5G mobile communication. ▶ Interview: Jeonghan Lee / CEO of LN Venture Group -"The recorded distributed ledger is stored in a block-type structure, and since all distributed ledgers must be modified to modify the original data, the blockchain can safely protect data from hacking, forgery, or alteration." As platforms based on blockchain technology emerge as business models in various industries, interest in blockchain technology is spreading. Given this situation, blockchain startup companies are actively engaged in activities such as expanding and implementing token economy, that is, virtual asset utilization service, and cooperating with various companies. This is MBN News Lee Sang-beom.[email@example.com] VJ: Ji-hoon Jung
Reapchain, 'IoT security logistics system', Collaboration with ICTK Holdings
In October, Reapchain, listed on Kucoin, a global cryptocurrency exchange, signed a business agreement with ICTK Holdings to establish a mutual strategic partnership for cooperation in the field of'PID-based IoT security logistics system'. At the signing ceremony held at the ICTK company in Pangyo, Gyeonggi on the 16th, Reapchain Lee Jung-han(CEO), Kim Doo-sik(CSO), Kim Seong-jin(CTO), Choi Jae-won(Manager), and ICTK Holdings CEO Lee Jung-won participated.
Reapchain, join hands to build 'IoT security logistics system' with ICTK Holdings
Reapchain signed a business agreement with ICTK Holdings to establish a mutual strategic partnership for cooperation in the field of 'PID-based IoT security logistics system'. The two companies decided to build their own IoT security logistics system that applies PID and Physical Unclonable Function (PUF) through the business agreement. This will be applied to Advanced technologies with high security such as ▲IoT terminal authentication and security technology ▲DID authentication technology ▲scalability IoT middleware and blockchain. Thus, we plan to develop and commercialize an improved cold chain (low temperature distribution system) service platform based on a blockchain.
[Ajouin] Lee Jung-han, CEO of LN Venture Group, “We are developing a blockchain security technology that will be recognized overseas.”
Interview with CEO Jeonghan Lee: "The goal of LN Venture Group is to be recognized overseas as well. We are trying to advance globally by developing technologies that can be used in real life and faithful to the essence of security, and taking off the negative image overshadowed by the coin market."
Reappay, signed a business agreement to vitalize the Sinmae market in Daegu
Reappay signed an MOU with the local leading project group to develop and activate the Shinmae Market shopping platform. Reappay plans to prove its technology and expand its business capabilities through this agreement. In addition, an untact delivery platform 'Jangboda', which adds security and transparency, through the application of blockchain technology of its affiliate ReapChain, will solve the problem of the traditional market and change the mobile ordering and payment system, and cooperate to revitalize the local economy.
Reapchain officially listed on Kucoin, a large cryptocurrency exchange
ReapChain's Reap was listed on the USDT market of Kucoin, a global cryptocurrency exchange on the 21st. Reaptoken serves as the fuel of the mainnet ecosystem in Reapchain's Dapp. Transaction fees and incentives are paid to users who hold a certain stake or maintain the Reapchain network through transaction verification and block generation. ReapChain gives a rewards to Reap holders, standing committees, steering committees, and candidates to vitalize the mainnet ecosystem.
Reapchain signs MOU for business agreement with KAIST to advance into global ICT business
The Internet of Things (IoT) blockchain mainnet project, ReapChain (CEO Jeonghan Lee, Woojeong Kim), signed a business agreement (MOU) with KAIST ITTP (Global Information & Telecommunication Technology Program on the 5th to discover and commercialize business models in the global ICT business field.
Reapchain signed MOU with KAIST in the field of Digital Asset Backed Securities(DABS)
IoT Blockchain Mainnet Project ReapChain (CEO Jeonghan Lee, Woojeong Kim) signed a business agreement (MOU) with KAIST BI SQUARE Lab (Professor Chulho Lee) on August 31, 2020. It was to develop a digital asset backed securities (DABS) distribution platform service using blockchain and to prepare a plan for practical use.
Untact Era, How far has Blockchain Voting come?
Government introduces blockchain to online voting by 2022... Priority application of K-Voting by National Election Commission, NEC
Reap Wallet released! Simple, smart, secure world
Reap Wallet is a beta version and is an Ethereum-based token wallet that allows you to hold REAP tokens. When the ReapChain mainnet is released in 2021, it will be officially released as a mainnet wallet.
Reapchain signed a business agreement with Korea Blockchain Industry Promotion Association
IoT blockchain mainnet project 'ReapChain' signed a business agreement (MOU) with Korea Blockchain Industry Promotion Association (KBIPA) on August 3, 2020. It was for the creation of the ecosystem of the “ReapChain”-based online voting system(Reap Voting) and commercialization.
Reapchain and Soonchunhyang University signed an industry-academic cooperation in the blockchain field
The IoT blockchain mainnet project'ReapChain' announced on the 21st that it has signed a MOU with Soonchunhyang University's Industry-Academic Cooperation Foundation for human resource exchange and Reap chain technology sharing and research.
“Reapchain is a device-to-device security blockchain as a service (BaaS)” Jeonghan Lee, CEO of Reapchain
As the speed of wired and wireless networks such as Gigabit Internet and 5G mobile communication is rapidly improving, related technologies are also rapidly developing. A typical example is the Internet of Things (IoT).
“Hybrid Blockchain” is emerging in government blockchain investment… Attention to “Reap Chain” to solve trillema.
With the government's decision to invest 113.3 billion won over five years from next year to secure the original blockchain technology, people are interested in the high-performance and high-efficiency hybrid blockchain development project being developed in Korea.
Will blockchain emerge as a security method in the IoT field?
One of the fields that the IT industry has been interested in since before the 5th generation mobile communication (5G) took its place is the “Internet of Things (IoT)”.
Reapchain-Kunosoft signed MOU. “Applying “DID” to solve IoT security problems”
Reapchain and Kunosoft will combine blockchain and security solutions to solve IoT security problems.
ReapChain, Confrontation of technology verification agreement with KAIST Lab
Reapchain, IoT blockchain mainnet project, signed a Memorandum of Understanding (MOU) with KAIST Sinosia Lab on the 18th May to establish a Reapchain business model and verify business.
Q What is ReapChain?
Q What advantages does ReapChain have over other Blockchain projects?
Q How did ReapChain solve the problems of the existing IoT market?
Q When does the ReapChain mainnet start?
Q What is ReapChain's technology roadmap schedule?
Q What is ReapChain's future plan?
Q When will Reap tokens be listed?
Q How much does Reap tokens sell?
Q What is the sales period of Reap tokens?
Q Where and how to purchase Reap tokens?
Q In what currency can I buy tokens?
Q What about unsold tokens?
Q What is different about each Reap token sale round? (Each bonus (seed sale / 1,2 private / Pre-Sale))
Q What is the ReapChain ecosystem?
Q What is the role of the Reap token?
Q What is ReapChain's specific revenue distribution system?
Q Where is ReapChain used?
Q What is your business model? Is there a profit-generating structure?
Q Can I get economic incentives just by participating in the Blockchain ecosystem?
Q Are rewards and incentives different systems?
Q What is ReapChain's consensus algorithm?
Q How does the PoDC consensus algorithm work?
Q When using ReapChain, why can it be processed at high speed?
Q How does ReapChain work?
Q What is the core technology of ReapChain?
Q What are the advantages of ReapChain's dual Blockchain structure?
Q Does ReapChain have patent technology related to Blockchain?
Q What is the function and purpose of each node in ReapChain?
Q What does the Governance Node do?
Q How is ReapChain's coordinator selected?
Q What information is stored on the Blockchain?