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Klaytn (blockchain system)

The name of the base system (platform): Projects based on blockchain technology
Developers: Kakao
Date of the premiere of the system: June, 2019
Branches: Information technologies

2019: Announcement

On July 9, 2019 the South Korean Internet giant Kakao stated that its blockchain system works with Klaytn 15 times quicker, than Ethereum.

At a press conference in Seoul representatives of Ground X company (IT - "subsidiary" of Kakao) told that if in Ethereum network blocks are created each 15 seconds, then it happens in Klaytn every second. The Klaytn network can process up to 300 transactions per second that much more 20 transactions per second in network of "air".

It is provided a blockchain system which is 15 times faster than Ethereum
It is provided a blockchain system which is 15 times faster than Ethereum

According to developers, the options Transaction Types and Service Chain provide the high performance and flexibility of scaling of network.  The first optimizes traditional processing of single transactions, defining additional transaction types and giving the new opportunities promoting effective parallelization.

Service Chain, in turn, represent solutions for scaling of BApp (blockchains-applications) with large volumes of traffic by formation and management auxiliary a blockchain networks.

Klaytn also provides to users the functional work benches doing development process of software intuitive and productive. The "corporate proxy" allowing developers to use Klaytn in combination with own methods mobile or web developments was among these functions.

One more functions — Klaytn IDE (integrated development environment) supporting processes of creation, testing and implementation of codes in browsers and at the local level. 

The Klaytn platform intended for work with the decentralized applications began to be created in March, 2018. About $300 million were invested in development of the project.

By July, 2019 the blockchain network of Klaytn is in commercial operation. It is used by LG, Celltrion and Netmarble companies. In the future other IT and financial companies in Southeast Asia promise to support the project.[1]