SRPP advised SiS on its appointment as a Proof of Stake Node Validator on the Bitkub Chain

SRPP News l 6 December 2022

SRPP advised SiS Distribution (Thailand) Public Company Limited (SiS) on (i) Bitkub Bulk Load Tiering Program Sale and Purchase Agreement (SPA) and (ii) Memorandum of Understanding (MOU) regarding the Appointment of SIS as a Proof of Stake Node Validator on the Bitkub Chain to be entered between SiS and Bitkub Blockchain Technology Co., Ltd. (Bitkub).

Our legal services included examining and modifying both the SPA and the MOU in accordance with the parties' agreed-upon legal and business terms. Also, we advised on any legal or regulatory difficulties that may arise or affect SiS as a result of the transaction. The collaboration between SiS and Bitkub is a component of Bitkub's efforts to establish Digital Economy Infrastructure and develop uses for Bitkub Coins (KUB) in the metaverse. Inspex, Dimond Finance, TPCS PCL., Siamrajathanee PCL., TPCX Co., Ltd., Ananda Development PCL., also joined SiS as Node Validators of Bitkub Chain Erawan Hard Fork.

The objective of this collaboration was to transform Proof-of-Authority (PoA) consensus algorithm to Proof-of-Staked Authority (PoSA). This upgrade to Bitkub's blockchain network will increase the security and efficiency of blockchain transactions and prepare the road for future implementations of GameFi, NFT, and Bitkub Metaverse on Bitkub Chain.

The transaction was led by Panuwat Chalongkuamdee (Founding Partner), Natira Siripun (Counsel), and Viparvee Chaemchaeng (Associate)

You may view Panuwat's profile here.

You may view Natira's profile here.

You may view Viparvee's profile here.

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