South Korean Messaging giant Kakao Talk tests blockchain of its own. South Korean messaging services are dominated by Kakao Talk. This is also deemed to be one of the world’s messaging giants.
The messaging giant owns a blockchain network called: Klaytn. In what seems to be exciting news for blockchain enthusiasts, Ground X, the blockchain development arm of Kakao Talk, has announced the launch of a newhttps://nvestweekly.com/2018/10/09/south-korean-messaging-giant-kakao-talk-tests-blockchain-of-its-own/ test network.
South Korean Messaging giant Kakao Talk tests blockchain of its own. The firm recently held a press release in which they disclosed that the firm has made the platform available to only 10 network partners and have published the white paper offerings of the platform, which are believed to support the development of decentralized apps or ‘dApps’ (dApps or decentralized applications are applications that run on a peer-to-peer, P2P, network of computers rather than a single computer. dApps, have existed since the advent of P2P networks. They are a type of software program designed to exist on the Internet. This is in a way that is not controlled by any single entity).
WHAT DOES THE WHITE PAPER REVEAL?
The White Paper explains that in order to have both scalability and transparency, it is imperative to have a hybrid approach. In the Klaytn blockchain that would contain consensus nodes (CN) and ranger nodes (RN).
CNs run a byzantine fault-tolerant (BFT) consensus algorithm to batch and confirm the transactions. That result from a blockchain formation on the network where only partners are invited. If anyone wants to participate, they must connect to the network. To do it as an RN, and then double-check the blocks that a CN would have propagated.
Ground X in its white paper wrote: “Ranger nodes (RNs) download newly created blocks from the CNs and periodically communicate (‘gossip’) among themselves while storing a local copy of the blockchain. They validate the new blocks chosen by the CNs and check that the CNs never equivocate on the content of a given block height. Anybody can join the network as an RN.”
Ground X has claimed that the hybrid approach has increased the transaction speed to 1500 transactions per second in the testnet by reducing the block propagation interval.
There is a reward of 10 Billion “KLAY” tokens to both types of nodes based on their contribution, but there is no ratio defined as far for that purpose. This move is to incentivize the participation of the nodes. The network also aims to issue tokens every year as rewards from the block.
It is still unsure whether the KLAY tokens will be available for trading on exchanges. However, Ground X said that it will publish the source code of the network to the public in the first quarter of 2019. South Korean Messaging giant Kakao Talk tests blockchain of its own.
Kakao had made an announcement on the creation of Ground X. Also, he had said that this blockchain network will be expanded. This is to already existing internet services like the messaging app Kakao Talk.