A Distributed Ledger Technology project called Klaytn plans to offer the building of decentralized applications.
South Korean firm Kakao, one of the leading Asian messaging applications, has released the testnet of its new blockchain product, called Klaytn, the company said on Monday. Kakao will launch the project’s mainnet in the first quarter of 2019.
Klaytn offers a ledger technology solution for the development of decentralized applications (dApps). The project will host ten companies that can research how Klaytn blockchain works during the trial. The product wants to speed up the mass adoption of distributed ledger technology (DLT) by improving user experience (UX).
“Klaytn UX seeks to improve the inconvenient UX of existing blockchain platforms by allowing average end-users to experience blockchain technology in the most seamless way. The easy Klaytn UX eliminates the traditional inconveniences including wallets, private keys, and cryptograph addresses in order to lower the barriers to blockchain technology for normal end-users,” Kakao noted in a statement.
Klaytn has its own wallet where dApps’ users can store their tokens. The project also offers BLASQ, a platform for communication between developers. The third service is Klaytn Scope, which allows users to find and analyze data on the platform by monitoring “network health and statics,” the project website reveals. Klaytn is part of Ground X, the blockchain division of Kakao.
“The block interval, which would take an hour for Bitcoin and several minutes for Ethereum, has been shortened [in Klaytn] to less than 1 second with up to 1,500 TPS (Transaction Per Second). Klaytn also separates CNs (Consensus Nodes) and RNs (Ranger Nodes) to divide roles to efficiently perform consensus and block replication,” Kakao explained in the press release.
Kakao, which as an Android app has more than 100 million users, is the latest Asian messaging giant to bet on blockchain technology as a new way for generating revenue. Japan-based Line Corporation recently revealed a plan for a crypto-based ecosystem around its LINK token including rewards for using dApps tied to the LINK blockchain.