The blockchain space has a new entrant that is claimed to be 15 times faster than Ethereum.
The participant is the newly launched blockchain mainnet Klaytn, developed by South Korean firm Kakao, whose subsidiary GroundX said at a recent press conference that the platform can mine a block in less than a second – compared to Ethereum, which takes around 15 seconds to perform the same task.
As reported by CoinDesk Klaytn, which is a business-centric platform for mass adoption, provides a transaction throughput of 300 per second at its speed, whereas Etheruem is able to process 20 transactions per second. According to Kakao’s white paper, Klaytn is designed with a hybrid approach adopting the concepts of consensus nodes (CNs) and ranger nodes (RNs) to achieve both scalability and transparency.
By making the announcement, GroundX said that big names in the tech industry, such as LG, had joined a governing council for Klaytn and many projects are already in development with the new blockchain and will be released by the end of July.
Moreover, blockchain security firm Quantstamp recently completed its audit of smart contracts for Klaytn. Quantstamp CEO Richard Ma said: “The biggest challenge facing blockchain applications today is user adoption. With over 90 per cent market penetration in Korea and 40 million monthly active users, Kakao is well-positioned to bring blockchain to a large and active user base.”
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