LG Used New Blockchain Platform Klaytn Developed by Kakao Subsidiary

By Anne W. | June 28, 2019
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Ground X – a blockchain subsidiary of the South Korea-based, high-profile tech heavyweight Kakao – has rolled out the mainnet of its Klaytn platform. The news was delivered by The Korea Herald on June 27th.

The platform – which was built specifically to support decentralized apps (DApps,) – is expected to boost the blockchain adoption rate in the nation. A number of major firms in South Korea are utilizing the platform for their systems, LG included.

Han Jae-sun – CEO of Ground X – revealed that the total market value of the companies, currently using the Klaytn platform, stands at $64.8 billion.

Klaytn platform is officially facilitating 9 DApps for the time being, including an application that enables customers to write reviews for restaurants, by giving them diners as a reward, or another one which particularly encourages people to upload videos with entertaining content. Kakao looks to have support for up to 34 DApps available on Klaytn by October.

The launch has received a big amount of attention from the general public, since Kakao is considered one of the biggest tech firms in South Korea, owning up to 96% of the market share in the country. Apart from its messaging app and gaming platforms, Kakao also provides content and financial services.

In May 2019, Kakao was rumoured to have plans of introducing a built-in crypto wallet in its Kakao Talk messaging app, as soon as the Klaytn mainnet is officially available.

A testnet for Klaytn took place in October 2018, with 10 firms from inside and outside of the country running experiments with the new ecosystem.

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