• Business model design direction
• Digital asset structural strategy
• Wallet and operational infrastructure planning
• Expansion roadmap development

• Presented blockchain solutions as a Korean representative at the ADB-hosted ‘ASEAN+3 Bond Market Forum (ABMF).’
• Enables secure cross-border investment via ‘On-Chain KYC’ technology, eliminating the need for asset bridging.
• Garnered significant attention for its ‘ParaSta’ stablecoin platform-based wallet authentication.

[SEOUL, January 22, 2026] Web3 Enabler PARAMETA Corp. (CEO Kim Jong-hyup) announced on the 22nd that it signed a strategic Memorandum of Understanding (MOU) with RiskX Inc. (CEO Yoon Jang-hyuk), an AI enterprise specializing in structured product design, recommendation, and hedging, for the construction of a global investor onboarding and investment platform for digital bonds and structured products.

The purpose of this agreement is to establish a foundation where global investors can access Korean financial products easily, quickly, and in compliance with regulations by combining RiskX’s professional financial product analysis capabilities and PARAMETA’s blockchain infrastructure technology. In particular, both companies agreed to explore practical business cooperation possibilities in areas such as ▲Cross-border investor onboarding ▲Payment and settlement efficiency ▲Financial service innovation.

RiskX is a fintech company that provides services designing and recommending products suited to investors' risk profiles by analyzing structured derivative products with complex structures, such as ELS (Equity-Linked Securities), based on AI. PARAMETA is a technology company possessing original blockchain and stablecoin technologies, and is a Web3 specialist enterprise leading the digital asset infrastructure field.

Starting with this agreement, both companies plan to materialize a ‘business model where global investors can easily and safely access excellent Korean financial products’ by converging their respective expertise.

Meanwhile, although numerous structured bonds and index-linked structured products with excellent yields existed in the domestic financial market, there were practical difficulties for overseas investors to access them, having to overcome physical and institutional barriers such as different regulatory requirements by country, complex documentation procedures, and international remittance delays.

Accordingly, both companies will jointly review plans to graft on-chain KYC and stablecoin infrastructure via PARAMETA’s stablecoin platform ‘ParaSta’ onto RiskX’s financial product distribution network. Through this, they plan to pursue the commercialization and Proof of Concept (PoC) business of a ‘next-generation global investment platform’ that eliminates inefficiencies in cross-border investment by digitizing the entire process from investor identity verification to payment and settlement.

PARAMETA CEO Kim Jong-hyup stated, “This agreement has significance in exploring the synergy that can be created when digital asset technology combines with actual financial business, beyond a simple technical alliance,” and added, “Through close cooperation with RiskX, we will create innovative financial services that work in the global market.”

RiskX CEO Yoon Jang-hyuk stated, “It is true that there were difficulties in securing global liquidity despite having excellent domestic structured products,” and said, “By lowering entry barriers through PARAMETA’s technological prowess, we will create an environment where investors around the world can conveniently use Korean structured products designed and recommended by RiskX like a local service.”

• Proves integrity of the agreement via PARAMETA’s blockchain certification service ‘broof’
• Ceremony held to record and permanently preserve the agreement on the blockchain, symbolizing an “unchanging promise”
• Provides trust infrastructure for private-led AI cooperation, following the issuance of appointment certificates for the National AI Strategy Committee

– First use of blockchain appointment certificates by a government-level committee… strengthening PARAMETA’s position as a trusted public blockchain infrastructure provider –

Seoul, 14th November  2025 — Web3 Enabler PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim) announced that it has issued blockchain-based appointment certificates for more than 180 members of the National AI Strategy Committee using its blockchain certificate issuance service, ‘broof’.

This marks the first official adoption of blockchain-based appointment certificates by a central government committee, demonstrating a meaningful step toward digital administrative transformation and technological advancement. By replacing paper certificates with blockchain-powered digital credentials, the Committee aims to promote paperless operations and establish a more reliable public digital authentication infrastructure.

‘broof’, developed by PARAMETA, is a blockchain-based certificate issuance service that securely records all certificate information on the blockchain, making it tamper-proof and permanently preservable. Institutions can issue certificates without building separate databases, while recipients can view, share, and verify their digital certificates anytime and anywhere. Users also control the disclosure of certificate information, ensuring strong privacy protection.

Currently, broof is widely used across the public sector—including the Seoul Metropolitan Government and the National Police Agency—as well as in educational institutions, conferences, and the arts sector.

CEO Jonghyup Kim of PARAMETA stated,

“This blockchain-based appointment certificate is a significant milestone as the first case of blockchain credential adoption within a central government committee. PARAMETA will continue to expand trusted digital infrastructure across public administration and society through broof and our public SaaS-based blockchain services.”

As the exclusive operator of the government’s K-BTF (Korea Blockchain Trust Framework) initiative, PARAMETA provides the only SaaS-based blockchain services available to the Korean public sector. Its flagship service, MyID 2.0, obtained CSAP certification in May 2025, meeting national cloud security standards, and was the first blockchain service registered on the Public Procurement Service’s Digital Marketplace last month—accelerating the company’s expansion into government and public-sector deployments.

• DID (Decentralized Identifier): Secure, blockchain-based digital ID Wallet: Manage assets, credentials, and authentication records PDS: User-controlled personal data management BFS: Blockchain-enhanced file system built on top of IPFS

🗨️ “With this Digital Mall registration, we’ve significantly lowered the barriers for public adoption of blockchain technology,” said Jonghyup Kim, CEO of PARAMETA. “We’re committed to accelerating digital transformation in the public sector through trustworthy and scalable Web3 infrastructure.”

Seoul, South Korea – Web3 Enabler PARAMETA (formerly ICONLOOP, CEO Jonghyup Kim) participated in ‘GITEX Global 2025’, held from October 12 to 15 at the Dubai World Trade Centre and Dubai Harbour North, to showcase its latest blockchain-based financial innovations, including the stablecoin orchestration platform “ParaSTA” and the digital asset integration service “SuperCycl.”

The event, the largest ICT exhibition in the Middle East and one of the world’s top three technology shows, gathered over 6,500 companies from 180 countries.
PARAMETA used the opportunity to introduce its blockchain technology and explore global partnership opportunities with leading institutions and enterprises.

During the exhibition, PARAMETA unveiled “ParaSTA,” its proprietary stablecoin issuance and orchestration platform that enables financial institutions, payment providers, and blockchain companies to operate stablecoin-based settlement and payment services with reliability and scalability.
As the global adoption of stablecoins accelerates, PARAMETA is expanding partnerships with payment networks and digital finance players worldwide.

The PARAMETA booth attracted significant attention throughout the exhibition from global financial and blockchain professionals, who showed strong interest in the practical applications of stablecoin infrastructure and integrated digital asset trading services.

Minhwan Kim, Head of Strategic Planning at PARAMETA, said:

“GITEX 2025 provided an opportunity to demonstrate how stablecoins and blockchain infrastructure can deliver tangible benefits to both financial institutions and consumers.
Moving forward, PARAMETA will continue to expand collaborations with global financial institutions, payment services, and blockchain projects, with ParaSTA at the center of our strategy.”

Meanwhile, ‘GITEX 2025’ (Expand North Star & GITEX Global) is recognized as the largest ICT event in the Middle East and one of the world’s three major technology exhibitions.
This year’s event, held across Dubai Harbour and the Dubai World Trade Centre, welcomed more than 6,500 companies from 180 countries and over 200,000 attendees.

“Through this event, we aim to show that the stablecoin ecosystem is not just a blockchain technology, but a new financial infrastructure that brings real value to both financial institutions and consumers. PARAMETA will continue to expand its partnerships with domestic and global financial institutions and payment service providers, with ParaSTA at the center of our efforts.”

Joint Initiative to Accelerate Stablecoin Adoption in the Financial Ecosystem

Expanding PARAMETA’s ParaSTA Platform as the Core Financial Layer

• COOCON’s payment and retail distribution network, and
• Infiniteblock’s custody and regulatory compliance solutions.

• PARAMETA will operate as the central hub for stablecoin issuance, settlement, and API orchestration through ParaSTA.
• COOCON will provide a stablecoin payment network across its ecosystem of 2 million offline QR merchants, 100,000 franchise locations, and 40,000 ATMs nationwide.
• Infiniteblock will deliver custody and digital vault services based on its secure VASP-compliant wallet infrastructure.

Leveraging Proven Expertise in Finance and Public Blockchain

Statement from PARAMETA CEO Jonghyup Kim

“Through this partnership, we’ve built the foundation for stablecoins to directly connect with financial settlement systems,” said Jonghyup Kim, CEO of PARAMETA Corp. “Corporations and institutions exploring stablecoin issuance or financial integration will now be able to enter the market more safely, efficiently, and at scale.”

• Validation of a next-generation KYC-based stablecoin model
• Global proof-of-concept (PoC) of stablecoin debit card services
• Exploration of expansion into KRW-based stablecoin services in Korea

— “MyID 2.0” applied for the first time in public sector blockchain infrastructure —
— Establishing a Korean data space model aligned with EU Digital Product Passport (DPP) standards —

SEOUL, August 8, 2025 — PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim), a leading Web3 Enabler, announced that it has been selected as a key technology partner for the “Blockchain-Based Battery Passport Platform” project, one of the flagship initiatives under the 2025 Blockchain Public-Sector Innovation Program hosted by the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA).

This national project aims to proactively prepare for the European Union’s upcoming Digital Product Passport (DPP) regulation, set to take effect in 2027. The initiative will use blockchain technology to record and manage the entire lifecycle data of electric vehicle (EV) batteries—from production and operation to charging, maintenance, reuse, and recycling—ensuring verifiable and trustworthy traceability to meet EU DPP compliance standards.

The City of Busan serves as the primary demand-side institution, with PMGrow leading the consortium as the project operator, while PARAMETA is responsible for the blockchain technology development and infrastructure design.

Building a Data-Space-Driven Battery Passport Platform

The Battery Passport Platform will assign a digital “passport” to each battery, storing its unique history as a verifiable digital certificate accessible to various industry stakeholders.
At the core of the project lies the concept of a “Data Space” — a decentralized environment enabling trusted data sharing and exchange among producers, consumers, manufacturers, and service providers.
This approach aligns with Europe’s GAIA-X and Catena-X frameworks, which define the foundation for secure industrial data ecosystems.

Leveraging its proprietary blockchain core technologies, PARAMETA will integrate DID (Decentralized Identifier) and PDS (Personal Data Store) functionalities to build a Korean-style Data Space that guarantees both participant identity assurance and data sovereignty.

First Application of “MyID 2.0” in a National Public Blockchain Project

The project also marks the first official application of PARAMETA’s “MyID 2.0”, a blockchain infrastructure specifically designed for government and public institutions.
Developed under KISA’s “Public Blockchain Shared Infrastructure (K-BTF)” initiative, MyID 2.0 is the only CSAP-certified blockchain service available for public-sector use in Korea.

Featuring a SaaS-based architecture that requires no dedicated in-house operation team, MyID 2.0 enables public agencies to deploy blockchain services within one week.
Its key advantages include:

• Over 90% reduction in implementation costs

• Rapid deployment (within one week)

• Continuous security and version updates

These benefits significantly lower the barriers for public institutions to adopt blockchain technology, ensuring security, scalability, and operational efficiency.

National and Industrial Collaboration for EU DPP Readiness

For this project, Busan Metropolitan City has established a strong foundation for real-world implementation by collaborating with 49 local demand organizations, including charging stations, parking facilities, and municipal corporations, as well as 15 private-sector companies.

This cross-sector collaboration between government and industry is expected to serve as a benchmark model for accelerating digital transformation and strengthening export competitiveness among Korean manufacturers preparing for the EU market.

Statements from Leadership

“This project will serve as a practical infrastructure for Korean companies preparing to export to the EU,”
said Jonghyup Kim, CEO of PARAMETA Corp.
“Through a blockchain-based data space, we aim to create a collaborative ecosystem where the public and private sectors can co-develop sustainable value chains.”

Background: The EU’s Digital Product Passport (DPP) Initiative

The European Union’s DPP framework, set to launch in 2027, is part of its broader strategy for carbon neutrality and resource circularity.
Under this regulation, manufacturers must digitally record and share product lifecycle data — including manufacturing, usage, repair, and recycling — to ensure environmental transparency and traceability.
The initiative will begin with battery products and gradually expand to electronics, apparel, and other industrial goods.

Other major economies, including the United States and Japan, are also developing similar systems, making digital lifecycle data management a critical factor for future export competitiveness.

A Subscription-Based Blockchain Infrastructure for Public Agencies

Expanding Use Cases Across Public Services

“Through CSAP certification, PARAMETA has established a trusted foundation for delivering secure and reliable blockchain services across government agencies,” said Jonghyup Kim, CEO of PARAMETA Corp. “We will continue to build exemplary public platforms powered by DID and Web3 data technologies, setting new standards for both domestic and global digital identity ecosystems.”

SEOUL, November 14, 2024 — PARAMETA Corp. (formerly ICONLOOP, CEO Jonghyup Kim), a leading Web3 Enabler, announced a strategic partnership with Web3Auth, a Singapore-based Web3 authentication and wallet infrastructure company led by CEO Zhen Yu Yong, to drive the global expansion of blockchain-based identity authentication ecosystems.

This collaboration aims to accelerate the advancement of blockchain authentication technologies and broaden the use of blockchain infrastructure across both public and private sectors worldwide.

Bridging Web2 and Web3 Authentication

Web3Auth is a global authentication infrastructure provider that enables non-custodial Web3 wallets using Web2 social login methods such as Google and Kakao.
The company currently partners with over 10,000 organizations globally and supports more than 20 million monthly active users, making it one of the most widely adopted decentralized authentication systems in the world.

Through this partnership, PARAMETA will strengthen global interoperability for its decentralized identity (DID) platform “MyID”, aligning it with the government-led Public Blockchain Shared Infrastructure (K-BTF) project currently underway in Korea.
In addition, Web3Auth will join the MyID Alliance, a consortium dedicated to building blockchain-based digital ID ecosystems, as a global partner, contributing to the expansion of the MyID ecosystem worldwide.

The two companies plan to conduct joint R&D initiatives to pioneer next-generation authentication technologies and deliver a more secure and user-friendly digital identity environment.

Statements from Executives

“Web3Auth is a globally recognized wallet and authentication provider with clients including SK Planet, LINE, and Neowiz in Korea,”
said Jonghyup Kim, CEO of PARAMETA.
“Through this collaboration, PARAMETA aims to accelerate the global expansion of its DID ecosystem and explore ways to link Korea’s public blockchain infrastructure to international networks.”

Zhen Yu Yong, CEO of Web3Auth, added,
“PARAMETA is one of Korea’s most trusted and technically advanced blockchain companies.
Through this partnership, we look forward to unlocking new business opportunities and strengthening our presence in both the global and Korean markets.”

Expanding Blockchain Infrastructure for the Public Sector

PARAMETA is currently leading the Public Blockchain Shared Infrastructure (K-BTF) Demonstration Project, promoted by the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA) under the 2024 Blockchain Expansion Project for the Private Sector.

The initiative marks the first blockchain service in Korea to obtain CSAP (Cloud Service Security Certification), enabling government institutions to adopt blockchain technology securely and efficiently.
PARAMETA plans to complete infrastructure development within this year, followed by full-scale commercialization in 2025, extending the adoption of blockchain technology across the public sector.

To view the report ‘Measure and Improve loopchain Performance’ ▶ Click Image

Greetings from the PARAMETA Team,

We are pleased to announce the release of a report on how we measure and improve the performance of our blockchain core, ‘loopchain’.

Let's take a look at the PARAMETA Technical Report : Measure and Improve loopchain Performance.

The report covers the technologies needed to improve the performance of blockchains and the results of tests on how these technologies can be applied to loopchain and to what extent they perform. This report was designed to show that blockchains can be used for commercial services, and that they can be practically applied to everyday services to provide convenience. In particular, we wanted to show that blockchains can be used to maximize the effectiveness of STOs by enabling the actual business itself, such as subscription, dividend, and trading, to be performed on-chain, rather than just storing balances and transaction history.

<Measure and Improve loopchain Performance> Content Organization

• Examples of other blockchains realizing dramatic performance improvements through technologies that enable parallel execution of transactions (Aptos, Solana)

• Introduction of transaction parallelism technology applied to loopchain 2.0 for high-performance transaction processing and performance measurement results on loopchain

• Introduction of technologies to be applied to loopchain 3.0 for dramatic performance improvement and target performance estimates through prototypes

• Future development and support plans

loopchain's Parallel Execution of Transactions, introduced in this report, is a processing technology that dramatically reduces the time required to execute a block of transactions by allowing transactions to be executed in parallel if the accounts involved are independent of each other. After setting up a suitable environment for testing, we applied this technology to the loopchain and measured the performance, which was up to 20K TPS.

The report goes on to discuss loopchain 3.0, which PARAMETA is currently developing with the goal of a high-performance blockchain core with tens of thousands of TPS. With loopchain 3.0, which will apply technologies such as BlockSTM, WMT (Willow Merkle Tree), and Spearmint Consensus, and support Blockchain Transmission Protocol (BTP)-based interchanges and Solidity smart contracts, PARAMETA is aiming for a dramatic performance improvement of up to 100K TPS.

loopchain is a blockchain core developed by PARAMETA that is characterized by its PBFT (Practical Byzantine Fault Tolerance) based consensus algorithm, Java and Python based smart contracts, BTP based trustless interchain, and high transaction processing performance. loopchain is actively used in the public blockchain networks ICON and HAVAH, and is also being used in the enterprise space for various sites in the financial, public, and authentication fields.

In addition to the report, PARAMETA also releases all the code and data used in the largest performance measurement test of loopchain. You can view and download the report <Measure and Improve loopchain Performance> below, and access to the code and data can be provided after applying through the 'loopchain Test Code Application Page'.

• Check and download the report <Measure and Improve loopchain Performance>

• loopchain Test Code Application Page (to apply for access to code and materials)

• loopchain Test Code Repository (GitHub repository where you can view the code and materials, which can only be viewed by obtaining permissions after applying on the above application page)

* You can access the repository after applying for Test Code and being approved.

You can also watch the video below to learn more about the technical background, progress, and future plans for the technologies covered in this report.

• Introduction to Measuring and Improving loopchain Performance - Edward Ryu, CTO of PARAMETA

One of the major obstacles to the commercialization of blockchains has been the inability to improve performance to a level that reflects real-world transactions. PARAMETA has developed loopchain, which solves this issue to a certain extent, and will continue to develop the highest performance blockchain through continuous research.

Transforming Public Blockchain Adoption through a Shared National Infrastructure

Integration of Proven Platforms and Cloud Security Compliance

• PARAMETA will leverage its “MyID” decentralized identity (DID) platform to power public-sector digital identity and authentication services.
• Fingerlabs will utilize its FAVORLET NFT-based customer management solution to expand blockchain DID and NFT service models within the shared platform.

Statements from Project Leaders

“With the Public Blockchain Shared Infrastructure, government agencies can now easily implement blockchain-based services without the burden of building their own infrastructure,” said Jonghyup Kim, CEO of PARAMETA Corp. “PARAMETA will continue to deliver trusted and competitive blockchain services that meet the standards of the shared national framework.”

Sangseok Lee, CEO of Fingerlabs, added, “We’re excited to contribute our Web3 expertise to this landmark public-sector project. By combining Fingerlabs’ technical capabilities with PARAMETA’s infrastructure, we aim to create an integrated, user-centered blockchain environment that is both convenient and secure.”

As the number of blockchain services grows along with the number of users, the industry is making various efforts to secure scalability in order to respond faster and handle transaction volumes. The recent Ethereum 2.0 upgrade is also highly anticipated in terms of future scalability. However, there are also concerns that scalability can hinder decentralization and security, which is the trilemma of blockchain.

In this article, we will take a look at how blockchains are trying to secure scalability while maintaining security, and how ICON and Parameta Framework with PARAMETA's blockchain technology is responding.

Blockchain Scalability

​In the early days, projects were mainly focused on building a separate mainnet utilizing PBFT (Practical Byzantine Fault Tolerance) or POA (Proof of Authority) to secure scalability, and representative examples include EOS and TRON. However, it has been pointed out over and over again that the same problems arise when building separate mainnets, such as decentralization issues, instability due to hard forks, and bottlenecks that cannot be solved by a single blockchain.

Ethereum

Ethereum has been working on a concept called Layer 2 (L2), which separates the computation of the network so that it can be executed while maintaining security. With the recent Ethereum 2.0 upgrade, Layer 2 projects such as Polygon, Bitrum, Optimism, Starkx, and Metis are gaining traction with the expectation that Ethereum will become more scalable, and the total value of Layer 2 deposits (TVL) is now over 3,600,000ETH.

l2beat.com, Sum of all funds locked on Ethereum converted to USD, Oct 2022

Let's take a look at how Ethereum's Layer 2 is scaling. There are several scaling solutions for scaling Ethereum, including Plasma and Rollup (Optimistic, ZK).

In the case of Plasma, transactions on Ethereum can be minimized by bundling transactions processed on Layer 2 and delivering only the result to Ethereum for confirmation, which has the effect of lowering the cost of hatching and GAS to the network. However, since only the result is delivered without the detailed transaction history, there is a risk of DA (Data Availability) issues on whether the transaction that occurred on Layer 2 is normal.

On the other hand, to solve the DA problem of Plasma, rollups can upload transaction data from Layer 2 to verify that the data is okay.

During rollup, optimal rollup has the disadvantage that it takes about 7 days for challenging after verification. To avoid this time, ZK (Zero-Knowledge) rollups, where the proof of correctness is sent to Ethereum, are expected to be the ultimate L2 solution, but there are still many technical challenges to be solved.

thereum will also introduce sharding with this Ethereum 2.0 upgrade. Sharding is the division of the main chain into multiple shards, each of which divides and solves the entire transaction, and while rollups handle the execution part, sharded chains handle the storage part, and research is being conducted in the direction of securing scalability while maintaining the existing security by dividing the part that Ethereum handles alone.

In conclusion, in Ethereum, in order to secure scalability, research is being conducted in the direction of securing scalability while maintaining existing security by dividing and handling the parts that were handled by the existing Ethereum alone.

COSMOS

delphidigital.io The Cosmos Ecosystem Has Arrived, Sep 2021

Cosmos is an application-specific blockchain that allows one application to be small on one blockchain and utilizes the Cosmos Hub's belly data to ensure security for blockchain mainnets based on the Cosmos SDK. In other words, Cosmos has a strategy of separating each application into a separate mainnet to prevent overloading of the network to secure scalability, and to secure security by connecting the separated network to the Cosmos Hub.

As we have seen above, blockchains are changing to modular blockchains that divide the execution, settlement, consensus and data availability that existed in a single monolithic blockchain to ensure scalability and security at the same time.

coinyuppie.com, Read the Ethereum era of “modularity” in one article, Oct 2021

ICON

ICON, a global interchain project that PARAMETA is providing technical support for, is designed from the ground up to be scalable and secure in a similar way to modular blockchains. ICON uses PARAMETA's loopchain's multi-channel technology to configure the consensus and data availability layer (DA Layer) through the main validators (ICON's P-Reps), the settlement layer using the interchain technology ‘BTP (Blockchain Transmission Protocol)’, and some validators as the execution layer, thus securing high scalability and reliability as each function of the blockchain can be divided and processed.

Source : PARAMETA (parametacorp.com/en)

Parameta Framework

Developed by PARAMETA, Parameta Framework is a full-stack blockchain framework that allows you to build a blockchain mainnet optimized for the desired business environment, from the blockchain mainnet to protocols, applications, developer environments, and support programs.

Source : PARAMETA (parametacorp.com/en)

Parameta Framework not only supports the construction and development of Layer 1 (L1) mainnets, such as ICON, but also enables the construction of Layer 2 (L2) blockchain networks that are connected to L1, which serves as a blockchain hub. When building a mainnet in Layer 2, it is possible to run services through an independent execution layer while maintaining security through block generation and verification using ICON's P-Rep. This not only minimizes costs by utilizing the Layer 1 mainnet for resources such as Validator, Wallet, and Explorer required for mainnet construction, but also prevents overloading of the Layer 1 mainnet as services run independently on Layer 2.

Source : PARAMETA (parametacorp.com/en)

In this article, we looked at blockchain projects from the perspective of modular blockchains, which decentralize the functions of the mainnet in an effort to make blockchains more scalable and secure.

It has been pointed out that modular blockchains are relatively less secure than monolithic blockchains because the functions of the existing mainnet are distributed to a separate network. However, considering the scalability issues of blockchains due to increasing usage, it is an area that is expected to continue to grow in the future, so it will be interesting to see how it can be further developed.

The Need for Decentralized Data Storage

Before explaining the Decentralized Storage in the Parameta Framework, let's take a look at why decentralization is important for data storage.

Decentralization has become increasingly valued since the rise of blockchain and cryptocurrencies. The recent paradigm shift known as Web3 is not complete without decentralization, which means that blockchain is essential for Web3 and decentralization. Bitcoin decentralized assets and payments, Ethereum decentralized computation and data, and we can say that the environment is already in place to implement decentralized storage with blockchain.

But here's where reality diverges a bit. Despite the fact that all assets and data can be managed and calculated on a blockchain, the implementation of NFTs (non-fungible tokens), the poster child for decentralized services, contains a centralized element. NFTs are smart contracts that record the owner of each unique token on the blockchain and allow the owner to change. To describe the unique properties of each token, metadata is used, which is stored in external storage rather than on the blockchain. Many NFT projects use an external, centralized repository to store their artwork or tokens. This is not a fully decentralized service as it does not ensure the availability of critical metadata.

How NFTs are implemented on OpenSea, which stores metadata off-chain.

It is clear that Ethereum is a system that can store data, but it is difficult to upload important data to Ethereum due to high fees and privacy issues. Therefore, for full decentralization in the Web3 world, decentralized storage for storing large amounts of data or personal information is necessary, and practical services have emerged.

Decentralized storage is not a traditional centralized cloud storage, but a distributed network of multiple storage providers, where anyone can provide storage space and store data. It can be described as a form of sustainable ecosystem where those who provide storage space are rewarded accordingly, and those who store data pay fees based on their usage.

Before we dive into the Decentralized Storage that PAREMETA has applied to the Parameta Framework, let's take a look at some of the many existing decentralized storage projects.

Existing Decentralized Storage Projects

Filecoin

Perhaps the biggest project in decentralized storage is Filecoin. Based on the IPFS (InterPlanetary File System), Filecoin provides a marketplace that connects those with storage space to those who need it. When a storage provider and a storage target enter into a deal, the storage provider submits a PoRep (Proof-of-Replication) proving that data has been replicated and stored in their storage space and receives FIL (Filecoin's coins) as a fee. They periodically submit PoSt (Proof-of-Spacetime) to prove that they are storing the data for the duration of the deal and receive the remaining FIL as a fee. This proof system is what makes Filecoin different, and Filecoin participants use cryptographic proofs to enable trustless, sustainable decentralized storage.

Swarm

Swarm is an Ethereum-powered decentralized repository optimized for Ethereum that aims to provide data storage for use by Ethereum dApps. It is characterized by using a data storage model that extends the DHT (Distributed Hash Table) called the DISC (Distributed Immutable Store of Chunks).

Storj

Storj is a distributed cloud storage that encrypts data and divides it into more than 80 pieces to be stored on nodes distributed around the world, and when you want to use the data, you can collect and restore 29 of them. By encrypting and storing it on independent nodes, it is quite effective against security threats such as server hacking, and it has the advantage that only some of the divided pieces can be restored, ensuring the availability of data even if some nodes fail. It also provides developer convenience through an interface compatible with Amazon's S3 (Simple Storage Service) storage, which is especially popular among developers.

In addition to the Filecoin, Swarm, and Storj we have covered so far, there are many other decentralized storage projects. There is probably a need for most public blockchain projects to provide their own decentralized data storage.

Increasing Importance of Privacy

‘Ownership’ is the most important concept in Web3. Ownership means being able to prove and control that something is yours, and this can be achieved to some extent with NFTs. Supporting privacy features in decentralized storage is crucial as there is a lot of sensitive information that cannot be made public. However, to date, decentralized services have focused on decentralization over privacy.

Using the cloud to store data has made our lives easier by allowing us to access our data anytime and anywhere, but data gathered in one place is easy to target for hackers, and there have been many data leakage incidents due to hacking. Even if you change the centralized cloud to decentralized storage, it is still vulnerable to security if privacy is not considered.

Therefore, decentralized storage also requires the following elements for privacy.

• Data must be encrypted with a private key so that not even the storage operator can see it.

• Ensure that only authorized people can access that data.

• Control over access rights can be enforced in real time.

• There must be a record of data access and use, and that record must be reliable.

Decentralized Storage in The Parameta Framework

The Decentralized Storage in the Parameta Framework of PARAMETA allows you to distribute and manage data in a completely decentralized way, with privacy and security features.

Parameta Framework vs. Leading Decentralized Storage Solutions/Services

Encryption and Access Control

The Decentralized Storage in the Parameta Framework ensures that data is stored encrypted with a private key, so that not even the storage can see the data, which means that even if the storage is hacked, there is no meaningful data for the hacker to take.

It also ensures that only authorized people have access to the data. Access authorization uses asymmetric cryptographic key technology, where there is a public key and a private key. This usually involves re-encrypting the data with the opposite public key and passing it on, but since you can't do this manually, the data store does it for you. In this case, the data store ends up being the centralized party, which leads to the same issues with centralization that we mentioned earlier.

In the Parameta Framework, a technology called PRE (Proxy Re-Encryption) can be used to achieve the same effect as encrypting with the other party's public key without revealing the data owner's key. By encrypting and storing data with a random secret key, and then re-encrypting and forwarding that secret key to the other party (public key), you avoid having to re-encrypt and forward the stored data with the other party's public key, and you have a strong access control mechanism because only designated people (private key holders) can decrypt the data.

The process of data decryption using Proxy Re-Encryption (PRE) technology. As a result, the data owner encrypts it with their public key and the service provider who needs the data is authorized to decrypt it with their private key. Here, the important Re-Encryption Key is managed in a decentralized manner.

BFS (Blockchain File System)

The Decentralized Storage in the Parameta Framework employs the BFS (Blockchain File System) for distributed storage of encrypted data. BFS is a decentralized storage provided for use by smart contracts on the blockchain. It utilizes the capabilities of IPFS nodes, which are basically distributed storage systems, and provides a pinning function for permanent storage of data in a decentralized manner.

Usually, when you want to use IPFS to store data permanently, you need to use a service provider that operates a pinning service, or you need to operate an IPFS node yourself. This is the centralized method mentioned earlier.

The Parameta Framework organizes a cluster for the Pinning service and allows pinning to occur through the consensus of the nodes participating in the cluster. The cluster is responsible for managing pinning so that data can be kept redundant according to the requirements of the user requesting data storage, ensuring that there is always a certain number of data being pinned.

Relationship between BFS and IPFS nodes. BFS manages the pinning of IPFS nodes in a decentralized manner.

With the development of blockchain and Web3, there is a growing interest in decentralized services. For a complete Web3 world, decentralization of data storage is essential, and this data storage must provide enhanced security to protect individuals' sensitive data.

To this end, Parameta Framework provides a decentralized storage solution with enhanced privacy features. Parameta Framework's decentralized storage solution is organized in a Layer 2 format and has its own incentive system to help build a sustainable ecosystem.

Decentralized Storage in the Parameter Framework as Layer 2

Today marked the first phase of the Ethereum 2.0 roadmap, the Merge, which changes Ethereum's proof-of-stake from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

One of the big milestones on the Ethereum roadmap, the Proof of Stake transition has been in the works since before Ethereum launched, and is expected to reduce the cost of fees on the Ethereum network, as well as reduce electricity consumption. Additionally, from a technical standpoint, block finality will be ensured, which will allow PARAMETA's connection to the interchain protocol BTP (Blockchain Transmission Protocol) to be fully realized.

What is Finality?

Finality refers to the irreversible state in which transactions cannot be reversed or modified, meaning that the transaction history recorded in a node cannot be changed or invalidated. From a financial perspective, finality is a key rationale for transactions as it allows the payment and settlement system to operate normally even if a financial institution goes bankrupt. For the same reason, blockchains also need to secure the finality of blocks, which means that the transaction history cannot be canceled or changed, but in the case of the PoW method, there is a limit to the reliability of finality due to the difference in the consensus method.

Finality of PoW

In the PoW method, if multiple miners' nodes create a block at the same time, even if node A creates a block first, the chain may diverge with node B, which created a block later, due to the difference in data transmission time between each node. The blockchain that becomes the longest chain faster becomes the main chain (the Longest Chain Rule), and if chain A becomes the main chain because it has the longest chain, chain B will be destroyed. As a result, transactions recorded on the B chain may be changed or invalidated, and it becomes difficult to ensure the finality of the block.

In order to prevent this phenomenon, PoW adopts a method that waits a certain number of blocks after confirming the transaction before finalizing the payment, but since Bitcoin provides only probabilistic finality 6 times (60 minutes = 10 minutes * 6 blocks) and Ethereum 25 times (14 seconds * 25 blocks) in the existing PoW method, there was an anxiety factor when applying BTP due to the possibility of roll back.In order to prevent this phenomenon, PoW adopts a method that waits a certain number of blocks after confirming the transaction before finalizing the payment, but since Bitcoin provides only probabilistic finality 6 times (60 minutes = 10 minutes * 6 blocks) and Ethereum 25 times (14 seconds * 25 blocks) in the existing PoW method, there was an anxiety factor when applying BTP due to the possibility of roll back.

Ethereum 2.0 & BTP

PoS creates a certain number of blocks in a certain interval by Validators, and when 2/3 of the Validators approve a certain block in this interval, the block is finalized and the transaction is guaranteed to have finality.

As Ethereum gains finality with this 2.0 update, BTP is also preparing to connect to Ethereum in earnest. BTP is an interchain protocol that can connect not only homogeneous blockchains but also heterogeneous blockchains such as ETH, BNB, and DOT as long as they support smart contracts, and we plan to develop the connection by optimizing it for the changed consensus algorithm as a result of the successful upgrade of Ethereum 2.0.

In the future, BTP will be commercialized through 'HAVAH', which is currently being developed based on PARAMETA's 'Parameta Framework', and 'ICON', which PARAMETA is providing technical support for as a tech company, to complete the vision of Hyperconnect the World by creating a world where services can be freely used regardless of chain by connecting multiple chains.

* References : PARAMETA’s Interchain Technology, BTP (Blockchain Transmission Protocol)

As the utilization of personal data continues to increase and its economic value grows with the advancement of digital technology, MyData is gaining attention for strengthening self-sovereignty over personal data and creating a data industry ecosystem.

In this article, we would like to talk about MyData and PDS (Personal Data Storage), which serves as a personal hub for MyData.

What is MyData?

MyData is a system that changes the information sovereignty of customer data, such as financial asset information and credit information, from financial institutions to individuals. In other words, by returning ownership of personal information to individuals, MyData is an activity that allows them to directly control how their data is managed and utilized, and to create new businesses by broadly obtaining customer data that was previously scattered or monopolized by certain companies based on customer choice.

What is the Progress of the MyData Business in Korea?

In Korea, the government is actively introducing my data, overhauling related systems such as the Data 3 Act, and promoting the full opening of financial payment infrastructure and financial services such as my data and my payment. Through this, it is expected that it will be possible to provide personalized services, such as receiving health information for oneself by integrating non-financial health information, as well as receiving one's own optimized financial services by gathering financial services scattered across multiple financial institutions.

Currently, the government-led MyData project is being conducted in two ways: MyData 1.0, in which data is collected by designated operators, and MyData 2.0, in which a separate personal data repository such as PDS is built to enter data and users can access the PDS and selectively provide data directly.

MyData 1.0

MyData 1.0 is a method of selecting and licensing MyData operators, which allows MyData operators to collect personal information of customers scattered across multiple financial institutions with only the user's consent. Accordingly, major domestic financial companies and big tech companies have applied for licenses, and 59 institutions have been issued licenses and are currently conducting business. (Status of Personal Credit Information Management Business License >>)

The MyData business through MyData operators is in the form of MyData 1.0, which has the limitation that it is difficult for users to control because the data-holding organizations are actually the same as before, and there are concerns that personal information that was scattered across multiple organizations may be concentrated in MyData operators, creating another Big Brother.

MyData 2.0

MyData 2.0 is a method that separates PDS (Personal Data Storage), enters data into the storage, and opens it up to service providers by allowing users to access the PDS and select the information they want to provide. The advantage of this approach is that the data is not centralized to a specific organization, so there is no associated risk, and the service provider is less likely to have to deal with security issues arising from storing personal data. The aforementioned PDS is an individual's own secure repository where sensitive personal data is encrypted and stored separately so that only they can decrypt it, and can grant access to others as needed. It is a key technology in MyData 2.0 because it can enhance security by ensuring that an individual's data cannot be viewed and that only those whom the user authorizes can access it for an authorized period of time.

In particular, the role of blockchain technology is very important to ensure the reliability and integrity of data stored in PDS, so PARAMETA has developed PDS based on its own original technology and is providing it in various forms.

PARAMETA’s Blockchain Framework ‘Parameta Framework)’ (Learn more >>)

PDS is provided as a major component of PARAMETA's 'Parameta Framework'.

Gyeongsangbuk-do Digital Identity Authentication MyData Platform (Learn More >>)

PARAMETA's PDS technology is applied to securely store and use sensitive personal information when using the Ministry of the Interior and Safety's public MyData for Gyeongsangbuk-do citizenship authentication. Not only does the repository not allow individuals to view their data, but it also allows only those authorized by the user to access it for an authorized period...

Signed a Business Agreement with Gitple, a First-generation Data Provider, to Promote Blockchain-based Data Business (Learnmore >>)

The core of this business agreement is to apply PARAMETA's PDS technology to Gitple's MyData platform, enabling the utilization of non-financial data, such as lifestyle information, beyond financial data. To this end, the two companies plan to complete 'Ultra-personalized Mydata' by dating information in various convenience fields such as health, transportation, and communication through PDS technology and combining it with existing service areas such as financial information and realize a wider range of data utilization...

It is expected that MyData 2.0 will be able to expand and expand its business in the form of MyData utilizing PDS in a way that is faithful to the true meaning of MyData described earlier, which is to return ownership of personal information to individuals.

PARAMETA has been focusing on user-centered data distribution, such as Korea's first DID service for the financial sector, 'zzeung', and the Jeju-type tourism quarantine system, 'Jeju Safety Code'. We will continue to strive to return data sovereignty to users and create a more trustworthy society through various technologies such as DID and PDS.

Private Keys and Public Keys

Blockchains use a PKI (Public Key Infrastructure) to identify users. PKI is a technology that generates a private key and a public key in pairs and uses them for encryption and electronic signature. It is characterized by the fact that encryption with a private key can only be decrypted with the corresponding public key, and encryption with a public key can only be decrypted with the corresponding private key. In this case, the public key is open to anyone, and anyone can decrypt (sign) what is encrypted with the private key with the public key (signature verification) to verify who signed and executed a specific transaction (TX). Based on these characteristics, PKI is being used as a method of user identification on blockchains.

When you sign a transaction with your private key, the blockchain validates it with a paired public key, which gives you the right to change the balance of the wallet address you created from the public key. In other words, if you own the private key, you can manage the assets of that wallet address.

PKI (Public Key Infrastructure) and Blockchain

Another characteristic of a PKI is that while it is possible to generate a public key from a private key, it is not possible to generate or deduce a private key from a public key. This means that even if the public key is made public, the private key is not known, allowing for secure cryptographic communication or signature verification.

The fact that the private key cannot be regenerated or restored in any way except at the time of initial generation is both a very favorable security feature and a huge disadvantage. It's unrealistic to expect to never lose anything in your life, so a backup and recovery system for the loss of a private key is very important.

The most famous application of PKI technology, which has been around since before blockchain, is co-certificates (formerly known as public certificates). A public certificate is a certificate that contains a public key, and it has been recommended that the private key corresponding to that public key be kept on a separate, secure storage device, such as a USB memory or external hard drive. While the PKI technology itself is secure, it requires the installation of security solutions such as virtual keyboards, antivirus, and forgery detection to secure private key storage, and we have all experienced the hassle of having to install multiple programs to use a public certificate. Storing and later restoring private keys is not a simple task.

It doesn't make sense to have a separate trusted authority to manage the private keys of a PKI, especially in a blockchain where the ultimate goal is to eliminate third-party trusted authorities. You want to make sure that individuals are in control of their private keys in some way, and that they are always available. Typically, blockchains put the management of private keys in the hands of the individual, and recommend writing down the private key or *Mnemonic on a piece of paper or USB memory, or using a HSM (Hardware Security Module), a dedicated hardware module for securely storing cryptographic keys. However, even these methods are subject to loss, such as paper or HSMs, and are not always available. The best option would be to store your private keys securely in the cloud, but even the cloud is always at risk of being hacked.

* Mnemonic : A string of 12 words that represents a hard-to-remember private key in human-recognizable terms for wallet recovery in the event of a lost private key. Since the private key can be generated from those 12 words, the mnemonic must be as secure as the private key.

*Secret Sharing Technology

* Reference : https://en.wikipedia.org/wiki/Secret_sharing

So why not use the cloud, but break the private key into multiple pieces and store them in different places? For example, in the real world, if we break a single key into multiple pieces and put each of them in different bank vaults, it would be a bit more secure because even if a thief steals a piece of the key from a few bank vaults, he or she would not be able to restore the entire key. In this case, the individual who is the owner of the key can find all the pieces of the key in each bank vault, so he or she can restore the key as long as the bank does not close. However, the downside of this method is that if the bank closes, the key will be unrecoverable forever. Therefore, we need to think about how we can restore the key even if some banks close.

This is where the idea of Secret Sharing Technology comes from. Secret Sharing Technology is basically a technology that allows secret information (private keys) to be divided into multiple pieces, and when the collected pieces exceed a threshold, the secret information can be recovered. The reason why this is possible is that instead of simply breaking the key into pieces, it creates multiple shared clues that can be used to recreate the shape of the key, such as ‘The key is 3 cm long’, ‘The key has 4 grooves’, etc.

Secret Sharing Algorithms

Fortunately, the secret information we need to store distributedly is digital, which means that we can generalize the generation of these clues into a formula, since computers can perform a variety of operations on it. First, we create an arbitrary t(Threshold) order equation containing the secret information (S), and generate n values (Sn) and store them in different repositories. Since it is a t-order equation, if we can get the t values (Sn) from the repositories, we can get the solution of the equation, which allows us to calculate the secret information (S).

To explain in more detail, the secret information (S) is divided into n pieces (=n clues) and stored in n repositories, and the secret information (S) can be restored when t pieces are obtained. Since the secret information is divided into multiple repositories, the difficulty of hacking increases. In addition, since the n pieces are not physical fragments of the secret information (S), but values (clues) that enable the calculation of the t-order equation, it is impossible to infer the secret information (S) from a few pieces instead of t. This means that even if some cloud storage is hacked or fails, the secret information (S) can be restored if the t pieces are working normally. This ensures high security and availability at the same time.

Vault for the Parameta Framework

The Parameta Framework provides Vault, a private key backup system using Secret Sharing Technology. Vault consists of Vault Manager, which is responsible for user authentication, Encryption Key (Recovery Key) management, and storage registration and management, Storages, which store secret information pieces, and Smart Contract, which shares Vault Manager and Storage information, and provides SDK (Software Development Kit) for clients to utilize it well. Each repository is operated by a different entity and can introduce individual user authentication methods. Therefore, the more repositories and different authentication methods, the higher the security.

Vault Structure of the Parameta Framework

The Secret Sharing Technology that generates clues for the vault secret information is provided through the SDK. This is a function that uses secret sharing technology to divide secret information into n clues and, conversely, restore secret information from t clues. The secret information and the clues for it are not sent to an external server at once. The client of the vault (e.g., a blockchain wallet) delivers the generated clues to each repository for storage after user authentication.

Issues with Existing Secret Sharing Technologies

Vault recommends encrypting the n-division clues and storing them in a repository, because the moment the n-division clues are sent to the repository server, they can be leaked on the network, and there is a possibility that the repositories collude. The encryption key used in this case is also secret information that needs to be backed up separately, and should be subject to management. In Vault, the encryption key is stored in Vault Manager, but to prepare for the failure of Vault Manager, Vault also applies Secret Sharing Technology to the encryption key so that it is stored distributedly in each repository.

Vault is based on the n-t Threshold Secret Sharing algorithm, which stores the private key divided into n pieces and enables the private key to be restored if t of them are obtained. It is highly available because even if a few repositories fail, the private key can be restored as long as t or more repositories are in operation, and it is highly secure because the private key can only be stolen by hacking into t or more repositories and obtaining clues. In addition, since the clues stored in the repositories are stored in the form of encryption keys, it is virtually impossible to restore the private key even if all repositories collude.

Although there is a possibility that the centralization of the Vault Manager, which manages the encryption keys, may raise issues, the Vault Manager cannot restore the private key by itself because it only handles the encryption keys and not the secret information. The encryption keys are also distributed and stored in each repository, so it is possible to respond even if the Vault Manager fails.