Kakao, the mobile messaging giant of South Korea unveiled the testnet version of its new blockchain platform on Monday, October 8, ahead of a formal launch in Q1 2019, as per the reports of local media outlet Korea Herald.
The platform is known as Klaytn. It is the brainchild of Ground X, a Kakao subsidiary. Developers, being focused on decentralized apps are presently working with around ten international and domestic partners to experiment with the fresh ecosystem.
As per the reports of Korea Herland, a meetup to introduce Klaytn will further take place during the San Francisco Blockchain Week on October 10.
The Herald quotes Ground X CEO Jason Han as commenting that the popularization of blockchain needs providing a practical service for mass adoption thereby validating the utility and value of blockchain technology. He further added that in order to achieve this, Ground X has designed Klaytn that can provide an easy and friendly environment for service providers, end users, and developers simultaneously.
Many of the standard features of blockchain platforms such as wallets, addresses, and private keys have been removed by the user “environment”. This has led to developers also privileging transaction speed for its in-platform token, which they claim will allow 1500 transactions per second.
Kakao has become increasingly active in the blockchain domain with projects blossoming from numerous sectors of the corporation and its subsidiaries.
It is to be noted that Ground X initially announced its plans in the month of March this year, at the time denying it planned to utilize an Initial Coin Offering to raise funds through token distribution. Ground X subsequently hinted that it might instead use a private placement.