One of the largest messaging apps in South Korea, Kakao made a bold move towards Ethereum, entering into a competition with the ETH blockchain. GroundX, a Kakao`s subsidiary, announced that their project, known as Klaytn blockchain can process 15 times more transactions per second than Ethereum.
During a press conference in Seoul, GroupX marked that Klaytn mines a block in around a second, in comparison the second largest cryptocurrency`s blockchain, Ethereum, which requires 15 seconds. Transactionwise, GroupX claims they can achieve up to 300 transactions per second, while Ethereum only manages 20 transactions per second.
Han Jae-sun, GroupX CEO, announced that the Klaytn project could provide a solid foundation for DLT-based mobile services.
GroupX also revealed details about their blockchain – at its core, Klaytn utilizes a hybrid ranger and consensus nodes (RNs and CNs) to help achieve better transparency and improved scalability.
Consensus nodes will form a closed, private blockchain network, acting as the power engine of the chain – batching and confirming transactions via a Byzantine fault-tolerant framework. The ranger nodes will be public and will act as a double-checking mechanism for blocks, minted by the CNs.
The key goal of Klaytn is to provide easy and stress-free experience to end users, by removing technical difficulties such as crypto addresses, wallets and private keys. Kakao also took a different approach for its fundraising – instead of launching an ICO or IEO project, the company organized a private coin offering and raised over $90 million.
Tech giants such as LG entered a governing structure that monitors Klaytn’s behavior. New start-up projects are beginning their development on the Klaytn blockchain with the first ones being scheduled for release around the end of July 2019.