Let’s learn about Kakao’s Ground X project, “Klaytn”!
Key points about “Klaytn”
- A public Blockchain platform developed by Kakao’s Blockchain subsidiary Ground X
- 200 times faster than Ethereum & at 1/10 Gas Fee
- Mainnet released June 27, 2019
- Klaytn project’s KLAY token listing on Upbit Indonesia and Singapore
- Soon to be added to KakaoTalk cryptocurrency wallet “Klip” and Samsung Phones (Galaxy Note 10)
“Those had no knowledge about cryptocurrency will be able to easily experience cryptocurrency with Klaytn.”
“Klaytn” is a blockchain platform developed by Kakao’s blockchain company, Ground X. It aims to combine the best features of both public blockchains and private blockchains through an efficient ‘hybrid’ design to provide a transparent and fast enterprise grade platform.
Kakao’s Klay Cryptocurrency to Make First Exchange Listing on Upbit Indonesia and Singapore Exchange
Mainnet Launched on June 27th?
What is Mainnet?
You can often come across the word “Mainnet” when reading news about Blockchain… What exactly is Mainnet?
The term Mainnet refers to the creation of an ecosystem independent of existing platforms (such as Ethereum). As Blockchain prevents hacking by distributing information storage without a centralized structure called a Node. Therefore, a Mainnet is present when a blockchain operates and stores these nodes independently. When there is a Mainnet, projects are able to configure services based on it.
Once a Mainnet launch is successful, previous Tokens are able to be swap for new Coins. With the successful launch of Klaytn’s Mainnet, projects can launch other Tokens based on the Klaytn Mainnet and also issue their own Klaytn Tokens!
Unlike existing Blockchain services that seek complete decentralization, Klaytn plans to build an ecosystem that is a service-centric platform bringing a user-friendly blockchain experience to millions by combining the best features of both Public blockchains and Private blockchains.
[Why is Klaytn Important?]
1. It can easily be accessed from Kakao
Klaytn’s network is based on Kakao which has more than 50 million users worldwide. Anyone in Korea would be using Kakao if they are a smartphone user. A simple blockchain wallet that is used on KakaoTalk compared to other blockchain platforms that are complex and difficult to use? You decide.
The grounds for Blockchain/Cryptocurrency market is expected to change with Klaytn!
Even users unfamiliar with blockchain will now be able to use cryptocurrencies as easily and quickly as if they were sending a message through KakaoTalk.
2. Better than Ethereum? Much Better?
Klaytn’s biggest strong point is that compared to Ethereum, it is reported to be 200 times faster at a 1/10 gas fee rate and compares to other blockchain platforms by allowing a quick and easy registration to its services. As users are able to sign up with their KakaoTalk ID, it won’t be much different from existing services available on smartphone or web!
By 2021, Klaytn will have fully develop its platform on the cloud so that anyone is easily able use the services without any knowledge of blockchain technology.
3. Starting Point for Business Expansion
Klaytn is near completion for all preparations to expand its business and entering the global stage with the new era of blockchain. The cryptocurrency wallet “Klip”, which is integrated with KakaoTalk, will officially be released in the fourth quarter of this year and support the storage of Klay and other Klay-based cryptocurrencies. On top of that, the Samsung smartphones, which took the No. 1 spot for smartphone sales worldwide in the first quarter, is teaming up with Klaytn to launch a Klaytn Phone. Get ready as the blockchain market is about to get even more exciting!
The era of sending and receiving cryptocurrency through KakaoTalk and making payments with cryptocurrency through Samsung smartphones is coming!
Need more information? Learn more about Klaytn through the links below!
- Klaytn Homepage : https://www.klaytn.com/
- Klaytn Whitepaper : https://docs.klaytn.com/
- Klaytn Token Economics: https://www.klaytn.com/Klaytn_Token_Economics_and_Governance_Paper_V1.01.pdf
- Klaytn’s Genesis Block: https://scope.klaytn.com/block/0
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