South Korean messaging app provider Kakao has claimed that its recently launched Klaytn blockchain network is up to 15 times faster than ethereum.
As reported by The Korea Herald on Tuesday, Kakao’s blockchain subsidiary GroundX held a press conference in the South Korean capital Seoul, saying that, while Klaytn can mine a block in as little as a second, ethereum takes around 15 seconds.
As a result of the speedy processing of the network, Kakao’s offering is said to provide a transaction throughput of 300 per second, compared to ethereum’s 20 transactions a second, the report indicates. With the reduced response time, many projects that we believed unfathomable could eventually come true.”
Ground X announced the Klaytn mainnet launch on June 27, saying that the blockchain is aimed to bring about mass adoption of blockchain services.
CNs are invited partners on the network that together form a private blockchain to batch and confirm transactions by running a Byzantine fault-tolerant (BFT) consensus algorithm.
With the announcement, GroundX said that major firms such as LG had joined a governing council for Klaytn, and that a number of projects were already building with the new blockchain and will be released by the end of July.