According to a recent report, Kakao, a messaging app provider in South Korea claims that the Klaytn blockchain network which it launched recently is about 15 minutes faster than Ethereum.
GroundX, a subsidiary of Klaytn revealed during a press conference in Seoul that Klaytn mines a block in less than a second compared to ethereum which takes 15 seconds and as a result, Klaytn provides a transaction throughput of 300 per second while ethereum can only provide 20 transactions per second.
The Chief Executive Officer at GroundX, Han Jae-sun said that:
“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.”
GroundX launched Klaytn mainnet on 27th June. Then, it made it known that the blockchain’s vision is to ensure mass adoption of blockchain services.
The white paper reportedly states that Klaytn was created using a hybrid method which allows the utilisation of the concepts of consensus nodes (CNs) and ranger nodes (RNs) in order to obtain scalability and transparency.
CNs are invited partners on the network and it is one of the components that constitute a private blockchain to batch and confirm transactions by running a Byzantine-fault-tolerant (BFT) consensus algorithm. Everyone is allowed to connect to the network and participate as a RN whose roles include the double-checking of blocks which has been propagated by CNs.
A press release accompanying the launch states that:
“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 corresponds to each entity’s level of contribution. KIR, on the other hand, is allocated for anybody committed to maintaining sustainable ecosystem growth through various activities such as platform research or community events.”
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