South Korea's largest cryptocurrency exchange, Upbit, has generated significant buzz with the teaser of its upcoming blockchain project named 'Giwa'. The exchange's parent company, Dunamu, filed a trademark for the Giwa name and logo, while a dedicated website (giwa.io) features a countdown timer set to expire on September 9, coinciding with the start of the Upbit Developer Conference (UDC) in Seoul.
The project's details remain speculative, with conflicting reports about whether Giwa will be a Layer 1 or Layer 2 blockchain. The community has theorized that regulatory constraints might limit it to an L2 solution, potentially focusing on won-backed stablecoins and leveraging South Korea's substantial currency liquidity. The name 'Giwa' references traditional Korean roof tiles, hinting at a modular or interlocking design philosophy.
Upbit has maintained secrecy, with no official statements beyond the countdown and a small notice on its Korean website. The UDC event, themed 'Blockchain, to the Mainstream,' will feature high-profile speakers including Eric Trump (Trump Organization), alongside executives from Tether and Ripple, suggesting significant industry backing.