Messaging giant, Kakao’s development arm, which goes by Ground X has unveiled the test network for its own Blockchain network.
According to the firm’s statement, the Blockchain test network that has been dubbed as the Klaytn has already been made available to a select few. The project’s Whitepaper has also already been published, detailing the specs of the platform, which aims to lay the technological groundwork for dApps (decentralized applications).
Going by the contents of the Whitepaper, the new Klaytn platform has been developed through the adoption of a hybrid system where CNs (consensus nodes) and RNs (ranger nodes) are utilized in order for the platform to be both scalable, as well as transparent.
In the adopted CN and RN concept, the CNs will be the partners who have been invited to test the platform. The invited partners will be collectively forming a private Blockchain where transactions will be batched and confirmed through the activation of the BFT (byzantine fault-tolerant) consensus algorithm. Public participants will be able to connect to the network and take part in it as RN, meaning their duty would be double checking the blocks created by the CNs.
In the Whitepaper group, X explained that the Ranger Nodes (RN) will be able to download the blocks that have been created by the CNs and every so often discuss among themselves, while at the same time saving a copy of the Blockchain network. The RNs will be validating the blocks that have been selected by the CN and checking that they are not ambiguous on the content of any select block height. The white paper goes on to state that any member of the public is able to join the Blockchain platform as an RN.
Incentive For Participating On The Test Network
Ground X claimed that through the CN, RN concept adoption, it has been able to reduce the test network’s block propagation interval, as well as increase its throughput. The block propagation interval has been cut down to one per second while the throughput has been amped to fifteen hundred transactions every second.
As a way of incentivizing participation on the network, the firm has included a program where participants, which includes both RNs and CNs, on the platform will be proportionately rewarded according to their contribution through KLAY tokens. The exact ratio to be used in the distribution of the KLAY tokens is yet to be announced, however, the firm clarified that there are 10 billion tokens to be distributed that will be added to yearly.
The development arm of Kakao has additionally stated that it will be publishing the source code of the network on the Klaytn main network, to be unveiled early next year.
Expanding Into The Blockchain Sphere
This newly developed Blockchain has been launched at a time when just recently the firm announced that it is looking at getting into the Blockchain sphere. The firm said at the time that it will be integrating the network with its current Internet offers.