South Korean internet giant Kakao releases own blockchain platform ‘Klaytn’, 15 times faster than Ethereum (ETH)

South Korean internet giant Kakao releases own blockchain platform 'Klaytn', 15 times faster than Ethereum (ETH)

South Korean internet giant Kakao releases own blockchain platform 'Klaytn', 15 times faster than Ethereum (ETH)

On June 27, GroundX, a subsidiary of Kakao, a company that provides Kakao Talk, the largest message app in South Korea, released its own blockchain platform named Klaytn.

Overview of Klaytn

Klaytn is a proprietary platform operated mainly by Kakao, and corresponds to a consortium-type blockchain combining the advantages of public blockchains and private blockchains. There are already 34 companies that are going to run Klaytn, mainly Korean companies such as LG, Celltrion and Netmarble, as well Gumi Co., Ltd. from Japan and the Union Bank of the Philippines and other finance and tech giants in Southeast Asia.

Also, according to what the Korean English newspaper The Korea Herald reported on July 9, Klaytn announced that it can mine blocks in just one second while Ethereum takes 15 seconds for the same task.

Regarding the potential of Klaytn, Han Jae-sun, CEO of GroundX, said, “Klaytn is likely to be the initial version of blockchain services on mobile. The time required for response is being reduced and many of the projects that were previously considered impossible will eventually come true.”

klaytn blockchain

Quantstamp ends audit for Kakao’s Klaytn

“The biggest hurdle for blockchain applications is user community adoption,” said Richard Ma, CEO of Quantstamp. “With a market penetration of over 90% in Korea and 40 million active users per month, Kakao is well positioned to increase the blockchain’s active user base.”

Convinced that the economy will advance the breakthrough of blockchain technology on a broad basis, Klaytn wants to overcome all those hurdles that are still standing in the way of the blockchain’s advance. To facilitate the development work, the development environment Solidity was integrated into the platform in addition to support tools. Business benefits from the transparency and integrity of blockchain technology, plus the performance and reliability that business applications require. For users, the Klaytn platform offers easy account creation and
management, secure custody of private keys in addition to wallet provisioning and setup, as well as UX policies and References, so developers can create user-friendly interfaces.

“With Klaytn, we have the technology and business partners that can scale and serve together a massive new user base,” said Junsic Youn, Lead of Product Management at GroundX. “Given the magnitude of the project, the effort was high and we wanted to make sure that the deployment was working smoothly and Quantstamp is known for its thorough audits and they have the professionalism and practical experience to ensure the security of the Klaytn Blockchain platform.”

Comparison with other platforms

Comparison with Facebook’s “Libra”

The features of the platform type blockchain project “Libra” announced by Facebook include the following:

  • Many companies have joined the Governance Council to build a stable ecosystem
  • Main target is developing countries without bank account
  • Consortium type, not decentralized type
  • Information is published as an open source DApps development infrastructure
  • Remittances and interpersonal payments can be made using the company’s SNS tools

Libra is considered to be a Klaytn competitor because it is a consortium-type blockchain. However, Facebook, the company that provides the service, is deployed globally, and including Instagram, the monthly active user base reaches about 2.3 billion.

KakaoTalk, on the other hand, has about 49.84 million active users, and it seems more likely that Libra is going to penetrate the global market while Klaytn might focus on South Korea and other Asian countries first.

Comparison with Line’s “Link”

And how does Klaytn compare to the link chain (LINK Chain) provided by LINE Corporation? The features of LINK Chain are as follows:

  • Proprietary block chain network “LINK Chain”
  • There are two types of assets: “Link Point” for Japan and “Link” for overseas.
  • Enables DApps development on the platform
  • Unique token economics will be realized on LINE, including exchange among users who contributed to development

The number of active users of LINE is about 168 million or more, and there are Japan, Taiwan, Thailand, and Indonesia as the top four countries with many users. The number of active users in Japan alone has reached more than 80 million.

On a global perspective, the strongest token is most likely Libra, but the Asian market might be dominated by Klaytn or LINK in the future.

 

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About Viktor Sokolov 129 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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