Klaytn to bridge divide between public and private blockchains
Ground X has launched a test network of its proprietary blockchain system that it has called Klaytn, the company said in a press release on Monday.
Ground X is the blockchain development division of South Korean messaging service Kakao, and has invited 10 network partners to test Klaytn. A white paper has been published in conjunction with the announcement on Monday.
Klaytn claims to take a hybrid approach to verification that adopts the concepts of consensus nodes – invited partners on the network – and ranger nodes that download the blocks created by the consensus nodes on the network.
The aim is to create a public blockchain true to the principals of security, transparency and decentralization, but that achieves the performance, reliability and flexibility of a private blockchain such as Hyperledger Fabric.
The rationale is clear, Klaytn’s white paper says: “Private blockchains tend to yield high throughput, work well in a stable environment, operate under a predictable cost structure, and integrate with backward-compatible security measures such as firewalls and intrusion detection systems.
“By contrast, public blockchains lack the properties that private blockchains promise to businesses.”
It says it offers exceptionally high performance, solid reliability, stability, low costs and a security model similar in complexity to that of private blockchains but with open access to allow auditing of blocks, thereby, decentralizing trust.