South Korean IT Corporation Kakao has compared its new blockchain with Ethereum, not in favor of the second one.
On Tuesday, Kakao Ground X organized a press conference in Seoul to announce that its Klaytn platform is 15 times faster than Ethereum's 1 second vs. 15 seconds to add blockchain transactions.
The developers also stressed that their blockchain is capable of processing 300 transactions per second, while Ethereum is only 20.
"I believe that Klaytn will become the initial version of mobile blockchain service," said Ground X CEO Han Jae Soon, adding that the increased speed will allow to implement many projects that previously seemed impossible.
In order to increase performance, Kakao donated decentralization of its system, which was not an opening for the cryptocurrency industry. According to white paper, Klaytn uses a hybrid approach involving consensus and free nodes. The former are controlled by a limited number of project partners and form a private blockchain on the basis of a BFT algorithm, while the latter can re-check the transactions transferred to the network.
The launch of the main Klaytn network was announced at the end of June. Ground X said that several major companies, including LG, have already joined the project management team, and a number of third party developers have begun to develop and port their products to Klaytn.