Kakao, the South Korean messaging app provider is claiming that its recently launched Klaytn blockchain network is the fastest in the industry. Newly launched Blockchain from Kakao up to 15x faster than Ethereum.
The Korea Herald reported on Tuesday that Kakao’s blockchain subsidiary, Ground X, held a press conference in the South Korean capital Seoul. At the press conference the company said, Klaytn can mine a block in as little as a second. Whereas ethereum takes around 15 seconds.
According to the report, Kakao’s product is said to provide a transaction throughput of 300 per second. This is due to the speedy processing of the network, compared to ethereum’s 20 transactions a second.
Han Jae-sun, Ground X CEO 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 said that the blockchain is aimed to bring about mass adoption of blockchain services, when it announced the Klaytn mainnet launch on June 27.
Klaytn has been designed with a hybrid approach that adopts the concepts of consensus nodes (CNs) and ranger nodes (RNs), as per its white paper. This is to achieve both scalability and transparency. Newly launched Blockchain from Kakao up to 15x faster than Ethereum.
It is possible for any public individual to connect to the network and participate as a RN. RN’s are assigned the duty of double checking blocks that have been propagated by CNs. CNs are partners who have been invited on the network. Together they form a private blockchain to batch and confirm transactions by running a Byzantine fault-tolerant (BFT) consensus algorithm.
Major firms such as LG have been said to join a governing council for Klaytn. GroundX also said in the announcement that a number of projects were already being built with the new blockchain and will be released by the end of July.