There is always a need for innovation! In order for innovations to do their job however, testing is needed. This testing is often time-consuming, requires a lot of attention and sometimes even reveals unthinkable flaws. Kakao is a very well-known South Korean messaging giant. Ground X is responsible for the blockchain development of Kakao and has just recently launched a test network for the messaging app’s own blockchain named Klaytn.
However, access to this testnet will be restricted. In a press conference, the company stated that only 10 partners of the network are invited. The whitepaper was also published with many details for the platform. The whitepaper shares all the necessary information about the technological foundation for decentralized apps or dapps. Kakao and Klaytn also take a rather unique approach by adopting concepts of census nodes (CNs) and ranger nodes (RNs). This hybrid approach is sought after in order to achieve scalability and transparency.
Kakao is working towards Kakao Coin and their own blockchain
By using this unique approach transaction confirmation is secured by CNs. They are invited network partners and are running a byzantine fault-tolerant (BFT) consensus algorithm. This also means public users are able to connect to the network and participate as a RN. The RN’s duty is to proof-check blocks, which are propagated by the CNs.
RNs are downloading the freshly created blocks from the CNs and periodically communicate among themselves, all the while storing a local copy of the blockchain. This allows them to validate the new blocks, which are chosen by the CNs and proof-check that the CNs never equivocate on the content of a given block height. The paper mentioned that anyone is free to join the network as a RN.
According to Ground X, this hybrid-style approach allows the block propagation interval in the testnet to be reduced to less than 1/sec and offers the amazing up to 1500 transactions/sec. This tempting transaction rate is not enough to attract many customers by itself.
In order to further incentivize user participation, the network will provide 10 billion “KLAY” tokens to both types of nodes. The distribution will be based on their contribution. An exact ratio hasn’t been announced yet. It’s known however, if the network will issue additional tokens every year as block rewards.
The network’s source code will also be made public at a later stage. Klaytn will go live in Q1 of 2019 if no complications arise. The testnet is being launched half a year after the South Korean messaging giant shared their plans to enter the blockchain space. Kakao have anounced previously that they are working on their own Kakao Coin, you can read more in the article below.
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The post Messaging app, Kakao launches their own Blockchain network appeared first on CoinStaker | Bitcoin News.
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