South Korea’s upcoming mobile messaging app, Kakao, declares in recent press conference at Seoul that the company’s blockchain platform Klaytn is fifteen times faster than Ethereum’s, the open source blockchain platform for establishing decentralized applications.
GroundX, Kakao’s subsidiary, publicly announced that block mining with Klaytn is much faster and efficient than Ethereum. What Ethereum can achieve in fifteen seconds, Klaytn processes the task within a single second. Moreover, it can process up to 300 transactions every second, as opposed to Ethereum’s twenty.
The claim for lightning fast transactions comes following the Kakao blockchain’s entry in B2B platforms last month. Han Jae-Sun, Ground X CEO confirms,
“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.”
Ultrafast transactions vs. permissionless network
Kakao’s assertion, however, comes at a cost. While on the one hand, Ethereum offers its users with a permissionless network, Kakao on other, is a closed permissioned ecosystem.
As a result, the hypersonic speed transactions may lead to mass adoption of Kakao’s blockchain platform, however, the decentralized ethereum that self-executes transactions is far from losing its charm.
Kakao’s market capitalization has only just begun
In its whitepaper, Kakao claims to have merged the concept of ranger nodes and consensus nodes to produce a private self-contained blockchain platform that offers higher transparency and improved scalability.
Needless to say, Klaytn manages to grab a massive market share with over seven hundred million users and fifty service enterprises such as LG and Celltrion.
Kakao plans to further its Klaytn blockchain adoption by exploring a range of applications in the field of insurance, healthcare, community programs and data authentication.
“With the reduced response time, many projects that we believed unfathomable could eventually come true,” Jae-sun remarks.
Ethereum still a first-choice for DApps
Meanwhile, despite a number of new entrants marking their entry into the decentralized applications market, Ethereum continues to be the most-favored decentralized smart contracts platform for DApp developers.
After all, ethereum’s largest and most comprehensive upgrades are yet to hit the market.