Kakao’s blockchain arm, Ground X, announced that Klaytn’s aim is to bring about the mass adoption of blockchain services and substantiate the value and utility of blockchain technology.
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Based on feedback from partners in a public testnet trial in October, the network is said to have a speedy response time on the level of legacy web services.
According to the firm, stability has been confirmed by different security companies using high-intensity testing. The blind testing for developers and users also helped Ground X improve the Klaytn user experience. Ground X also announced that nine blockchain projects including HintChain, Antube, and Pibble, would be released simultaneously on Klaytn in July. In addition, some blockchain-powered game services, developed by three major game studios would join Klaytn.
Based on the white paper, the Klaytn blockchain takes a hybrid approach. The approach adopts the concepts of consensus nodes (CNs) and ranger nodes (RNs) to achieve both scalability and transparency. The CNs are invited partners on the network, they form a private blockchain to batch and confirm transactions by running a Byzantine fault-tolerant (BFT) consensus algorithm. Therefore, public users can connect to the network and participate as an RN, who is assigned the duty of double checking blocks that have been propagated by CNs.
In today’s press release, Ground X explained new details of the consensus mechanisms, stating: “Further, in order to encourage service providers to maintain a stable network, Klaytn features transparent evaluation and incentive mechanisms called Proof of Contribution (PoC) and Klaytn Improvement Reserve (KIR). PoC assesses the contribution level of all economic entities within the Klaytn ecosystem and provides KLAY token that correspond to each entity’s level of contribution. KIR, on the other hand, is allocated to anybody committed to maintaining sustainable ecosystem growth through various activities such as platform research or community events.”
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Original Post: Kakao Launches Klaytn Blockchain, Receives Support From Top Firms