Kakao unveils Klaytn mainnet
Ground X, a subsidiary of internet giant Kakao, launched the mainnet of its blockchain platform Klaytn at 9 a.m. on Thursday. Alongside the opening of the network, the unit convened a decision-making session called the Governance Council. What is Klaytn? Klaytn is different from existing public blockchain platforms that pursue a completely decentralized system. Instead, it is partially decentralized. With its own system, Klaytn maintains the transparency of a public blockchain and at the same time, secures the speed and efficiency of a private blockchain. Proclaiming itself a corporate blockchain, the platform is designed to deliver easy access for more users. “The launch of Klaytn’s mainnet will pave the way for the increased use of blockchain,” said Han Jae-sun, CEO of Ground X. Who are the partners? Just the same way as apps are essential to Android, DApp is to Klaytn. Klaytn focused on fostering different partnerships to strengthen its platform even before the launch of the mainnet. Now, the number of partners stands at 34. One of the first services to be launched on DApp is a cosmetic recommendation app called FitsMe run by CosmoChain. Other services include a blockchain-based identity system Metadium and commerce platform Carry Protocol. How will it be operated? The Governance Council consists of 20 companies. Participating members include an affiliate of LG, Netmarble, game company PUBG and Kakao’s affiliates. They are primarily based in Asia. Ground X explained that Asian companies tend to have a higher acceptance of new technology. Parker’s note: Some say that Klaytn’s mainnet launch can be likened to the Korean version of Libra. It is hard to say that the two are identical, but they share the common ground of having a strong infrastructure. The biggest advantage is that the platform may tap on Kakao Talk to circulate cryptocurrency. With a cryptocurrency wallet running on Kakao Talk set to be made available, Klaytn’s sustainability will be put to the test.