The internet firm’s blockchain-unit, GroundX, claimed during a press conference in Seoul that Klaytn can process up to 300 transactions per second. On the other hand, the Ethereum blockchain can handle up to 20 transactions per second.
“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,”said Ground X CEO Han Jae-sun.
Klaytn nevertheless sacrifices a critical element of blockchain systems: decentralization. The feature ensures that no single entity takes control over the blockchain, but GroundX believes the probability of forging records on their ledge is less because of an alternative function.
“To encourage service providers to maintain a stable network, Klaytn features transparent evaluation and incentive mechanisms called Proof of Contribution (PoC) and Klaytn Improvement Reserve (KIR). PoC assesses the contribution level of all economic entities within the Klaytn ecosystem and provides KLAY token that correspond to each entity’s level of contribution. KIR, on the other hand, is allocated for anybody committed to maintaining sustainable ecosystem growth through various activities such as platform research or community events.”read the GroundX official white-paper.
The primary network of Klaytn was launched in late June. Several large companies, including LG Electronics, LG, Celltrion, and Netmarble, immediately joined the blockchain. Kakao affiliates including Kakao Pay, Kakao Games are also participating.