South Korean internet giant Kakao announced that its Klaytn blockchain is 15 times faster than Ethereum. The decentralized platform is operated by Kakao’s subsidiary, Ground X.
According to a report by the Korean Herald, the company revealed at a press conference held by Ground X on July 9th in Seoul that Klaytn was successful in mining a block in as little as a second, whereas Ethereum takes approximately 15 seconds.
Ground X said its network allows a transaction throughput of 300 TPS (transactions per second), far faster than the 20 TPS output on Ethereum.
According to Ground X CEO Han Jae-sun, the speed of the Klaytn network will allow many new projects to become a possibility.
“I believe it would be the initial version of a mobile blockchain version. With the reduced response time, many projects that we believed unfathomable could eventually come true,” he said.
The company’s whitepaper has disclosed that the Klaytn blockchain is created from a hybrid approach, adopting consensus nodes (CNs) and ranger nodes (RNs), in order to address issues of scalability and to enhance transparency.
On Klaytn, the CNs tend to be partners invited to join the network. CNs in the blockchain system are formed with the aim of confirming transactions using a Byzantine fault-tolerant (BFT) consensus algorithm.
Still, other parties can act as an RN on the network, with these nodes double-checking blocks on the platform propagated by CNs.
Ground X added that several major companies in South Korea are also working with the firm on new projects set to be launched this year.
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