BlockchainNews

Ground X to Launch Network of Proprietary Blockchain, Klaytn

South Korean messaging giant Kakao’s subsidiary Ground X has unveiled its plans to launch a test network of its proprietary blockchain, Klaytn.

Ground X published a whitepaper displaying the specifications regarding the platform. The whitepaper lays a technological foundation for Dapps (Decentralized applications). In a press release on Monday, the firm confirms the availability of the test-net to 10 invited partners on the network.

Ground X Ready to Launch Klaytn

The new platform aims to get rid of the traditional inconveniences like a wallet and private key management etc.  Moreover, to improve scalability and transparency, the whitepaper of Klaytn takes a hybrid approach by combining

  • Consensus Nodes (CN)
  • Ranger Nodes (RN) 

This will improve the speed of Klaytn with up to 1500 transactions per second. This will also boost its performance to help implement large-scale applications. Bitcoin takes an hour and Ethereum takes several minutes for the same number of transactions.

Kakao Klaytn Blockchain

Klaytn also includes a toolkit and tutorials that are essential for developing blockchain based services. It also includes Klaytn Wallet to manage funds, Klaytn Scope to monitor all activity on the blockchain and BLASQ, a platform that rewards users with Klay tokens for answering queries.

To make the participation beneficial the network will proportionately distribute 10 billion Klay to both noes CN and RN, and additional tokens will be issued every year as block rewards. Ground X plans to unveil the mainnet by the first quarter of 2019. They also have some future plans to make the source code available to the public.

For detailed information visit the official Ground X website and Linkedin pages. You can subscribe to our newsletter for more latest updates. Let’s discuss more via Twitter.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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