Ground X to take blockchain to the masses

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Ground X to take blockchain to the masses

Kakao’s blockchain subsidiary Ground X will launch public blockchain platform Klaytn in June with the goal of popularizing services based on the advanced database technology.

“Klaytn will be the first blockchain [platform] that will popularize [the use of] blockchain,” said Ground X CEO Han Jae-sun at a press event held in Pangyo, Gyeonggi, Tuesday. “We will create a blockchain [platform] that can be utilized [as easily as people] use their smartphones by lowering the entry barrier and creating a user-friendly interface.”

Klaytn is different from the Luniverse platform unveiled by Dunamu in that it has its own live blockchain, known as a mainnet, rather than providing blockchain support and hosting space to other companies.

One of Klaytn’s best qualities will be its speed.

Blockchain is a new kind of database.

Unlike traditional databases, which store all information on a single computer or server, blockchain data is simultaneously stored across multiple computers.

“We will develop a blockchain service that can be used by not only users but also service companies and programmers.” Han added, “To do so, our basic premise is not to exceed one second for the block creating process.”

But increasing the speed of block creation lowers the speed of transactions per second, and vice versa, according to Klaytn.

“We’re currently tuning the software to raise the speed and security,” said Han.

To create a friendly blockchain ecosystem, Ground X has pulled in partners with 400 million combined users.

“The total service users of our partners, including 50 million from Kakao, sum up to 400 million worldwide,” said Han. “These users could be our platform users when our partners start offering blockchain-based services.”

Klaytn introduced its nine partners at the press event, with services range from health care to dating and bicycle sharing. They are mostly global enterprises who are based worldwide, including in Japan, the Netherlands and Argentina.

Meanwhile, Han denied earlier reports that said Kakao will integrate a crypto wallet to its social messaging app. “Though there were reports that Kakao Talk will integrate a crypto wallet, nothing has been confirmed. We are still reviewing the way to distribute tokens.”

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