Representatives of Kakao, a messaging application from South Korea, said that the newly launched blockchain-based network Klaytn is 15 times faster than Ethereum. This was reported at the press conference of Ground X, a subsidiary of Kakao, which is working with blockchains.
It is argued that, as a result of fast processing, the Kakao solution delivers a throughput of 300 transactions per second, compared with 20 transactions per second from Ethereum. General Ground X CEO Han JAE-SUN commented on the achievement:
“I believe it would be the initial version of a mobile [blockchain] service. With the reduced response time, many projects that we believed unfathomable could eventually come true.”
According to the white paper, Klaytn was developed with a hybrid approach that adopts the concepts of consensus nodes (CN) and ranger nodes (RN) to achieve both scalability and transparency. Ground X also said that large companies such as LG have joined the Klaytn governing council and that a number of projects are already being built on the new blockchain and will be released by the end of July.
Image courtesy of Incrypts