Different blockchain ecosystems compete for mainstream traction. Most of these networks support the deployment of smart contracts ad dApps. Klaytn is a very interesting venture in this regard, as Kakao has shown a keen interest in the distributed ledger space.
What is Klaytn Exactly?
Most people who think of smart contracts and dApps will know Ethereum, NEO, TRON, and EOS. Klaytn is not a name most people are familiar with, even though it is equally as powerful. This global blockchain project by Kakao is designed to serve the needs of enterprises first and foremost.
The public service-centric platform offers a user-friendly blockchain experience to its users. Kakao is convinced that they can reach millions of people in the years to come. Although it is a public blockchain, it is not a “clone” of existing public ecosystems such as those found powering most cryptocurrencies.
Klaytn borrows aspects from public and private blockchains alike. This allows it to maintain a decentralized data and distributed governance model while offering high scalability and low latency. This hybrid approach has attracted the attention of numerous dApp developers from all over the world.
A Strong Focus on Blockchain Apps
Due to the enterprise-oriented approach by Kakao, it is evident that the company wants to help develop new applications. For Klaytn, the BApps, or Blockchain Apps, are the main bread and butter. These high-performance offerings can cater to a growing range of potential use cases, both now and in the future.
The scalability aspect of this ecosystem comes in the form of Service Chains. These separate chains allow the main Klaytn blockchain to remain free from bloat, while handling the Blockchain App’s individual needs in parallel.
Another intriguing feature is how Klaytn provides transaction fee subsidization for end-users. This gives developers the time and space to deliver an optimal user experience.
Combined with how interoperable this network is with legacy enterprise assets, there are tons of opportunities waiting to be explored. This “backward compatibility” facilitates the integration of blockchain into existing products and services.
Data Analytics Over the Blockchain
One intriguing use case for Klaytn is how Kakao is highlighting its potential. More specifically, the Klaytn ecosystem provides proprietary data analytics solutions which make use of crucial blockchain features. Those include token economy health diagnosis, network congestion monitoring, and account type profiling, among others.
These are not the only data features users and developers can take advantage of. More traditional business metrics are also provided to clients.
Klaytn’s blockchain-oriented features offer a far more inclusive for enterprises to take full advantage of when exploring this innovative technology.
Ensuring Future Growth
Getting developers and enterprises excited about Klaytn will not happen overnight. Kakao has launched a $1 million blockchain app competition in May of 2019, which ended in October of this year. The five fifteen teams all received prizes in the form of the native KLAY token.
Furthermore, a recent blog post explains how things have progressed in the past five months. A fair few Blockchain Apps have been built on top of Klaytn so far.
Several of these applications are among the top 10 dApps available across different blockchains today. This further highlights the viability and prominent aspects of Kakao’s public blockchain infrastructure.
Perhaps the biggest announcement was made by Samsung this year. The electronics giant confirmed it will launch a new version of the Galaxy Note 10. This unit, named KlaytnPhone, will natively support blockchain applications and offer a cryptocurrency wallet.
It is another validation of the work put in by Kakao’s team to bring blockchain technology to a broader audience.