As reported by The Korea Herald on Tuesday, Kakao’s blockchain subsidiary GroundX held a press conference in the South Korean capital Seoul, saying that, while Klaytn can mine a block in as little as a second, ethereum takes around 15 seconds.
As a result of the speedy processing of the network, Kakao’s offering is said to provide a transaction throughput of 300 per second, compared to ethereum’s 20 transactions a second, the report indicates.
Ground X CEO Han Jae-sun said:
“I believe it would be the initial version of a mobile [blockchain] service. With the reduced response time, many projects that we believed unfathomable could eventually come true.”
Ground X announced the Klaytn mainnet launch on June 27, saying that the blockchain is aimed to bring about mass adoption of blockchain services.
According to its white paper, Klaytn has been designed with a hybrid approach that adopts the concepts of consensus nodes (CNs) and ranger nodes (RNs) to achieve both scalability and transparency.
CNs are invited partners on the network that together form a private blockchain to batch and confirm transactions by running a Byzantine fault-tolerant (BFT) consensus algorithm. Anyone from the public can connect to the network and participate as a RN, who are assigned the duty of double checking blocks that have been propagated by CNs.
With the announcement, GroundX said that major firms such as LG had joined a governing council for Klaytn, and that a number of projects were already building with the new blockchain and will be released by the end of July.