Kakao Says Its Klaytn Blockchain Is 15x Faster Than Ethereum Per Its GroundX Subsidiary
Kakao, a South Korean Messaging application claimed that its recently launched Klaytn blockchain network is extremely fast, in fact, its 15x faster than Ethereum . Leading South Korean news outlet, the Korean Herald reported on July 9, that that GroundX, a subsidiary of Kakao organized a press conference in the capital city , Seoul claiming that Klatyn can successfully mine a block in as little as a second, while ethereum normally takes around 15 seconds.
A Whole New Blockchain
The new ‘lightening’ blockchain is said to provide a transaction throughput of 300 per second, which is way faster than ethereum’s 20 transaction a second output.
Commenting on the features of the new blockchain, Ground X CEO, Jae-sun stated in a statement many projects that were discarded and branded impossible, will not come into reality, he said:
“I believe it would be the initial version of a mobile blockchain version. With the reduced response time, many projects that we believed unfathomable could eventually come true.’’
The main purpose for the creation of the Klaytn mainet is to bring about the massive adoption of blockcain based services.
The whitepaper revealed that the Klaytyn blockchain is designed with a hybrid approach that adopts the concepts of consensus nodes(CNs) and ranger nodes (RNs) to achieve both scalability and the desired level of transparency.
A Private Blockchain
The Consensus Nodes are usually invited partners on the network, that form a private blockchain together to batch and confirm transactions by running a Byzantine fault-tolerant (BFT) consensus algorithm.
However, it does not stop anyone from the public from joining and participate as a RN, who are generally assigned the duty of double checking blocks that have been duly propagated by CNs.
Furthermore, the new blockchain platform stated that established firms in South Korea, like electronic giant LG have teamed up with the firm in a governing council position, and also stated that new and exciting blockchain projects are also on the way, and will be released as early as the ending of July, 2019.
South Korea is gradually becoming a blockchain haven, as virtually all its major firms like Samsung, LG and other established firms and organizations are incorporating the blockchain technology into their services.
The stiff regulations and policies often meted out to established blockchain and start-ups in the USA is pushing most blockchain firms into Asia, especially South Korea and Singapore
Bitcoin Exchange Guide in December reported that most countries in Asia are now relaxing their anti-blockchain policies, and are now open to new and innovative ideas.
Singapore and Thailand are regarded by some crypto analysts as the new blockchain centers, as the regulations and policies in the country are considered crypto friendly, which highlights the reasons most blockchain start-ups are trooping in their folds to the countries.
The NEM foundation in Malaysia is also helping to educate the citizens about the importance of crypto, while citizens are urging the Chinese government to relax its stance on cryptocurrency and blockchain.