During a press conference in Seoul, Kakao’s blockchain subsidiary Ground X suggested that its blockchain platform Klaytn’s block mining took only one-fifteenth of the time Ethereum’s did. While Ethereum’s block mining time is 15 seconds, Klaytn completes the process in a single second.
|(Courtesy of Klaytn)|
“I believe it would be the initial version of a mobile (blockchain) service,” said Ground X CEO Han Jae-sun. “With the reduced response time, many projects that we believed unfathomable could eventually come true.”
To reduce transaction time, Klaytn had sacrificed decentralized components of its blockchain system.
Ground X officially began operation of Klaytn by releasing its mainnet for commercial use. Various companies have joined its test operations since October last year.
Among the firms that will run Klaytn are South Korean companies such as LG, Celltrion and Netmarble, Ground X said, adding that Union Bank of the Philippines and other finance and tech giants in Southeast Asia had also joined the project. Kakao affiliates including Kakao Pay, Kakao Games are also participating.
By Yeo Jun-suk (email@example.com)