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9 July
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Kakao’s blockchain subsidiary Ground X has announced during a press conference in Seoul that its blockchain platform Klaytn is fifteen times faster than the Ethereum one, The Korea Herald reports.

It's been pointed out that Klaytn completes the mining process in a single second, while the Ethereum's block mining time is about 15 seconds.

Ground X CEO Han Jae-sun believes it (blockchain) would be the initial version of a mobile DLT-service.

"With the reduced response time, many projects that we believed unfathomable could eventually come true," he added.

The main aim of Klaytb is to make blockchain more affordable and applicable for end-users by eliminating traditional inconveniences such as wallets, private keys, and cryptograph addresses.

Earlier this year, Kakao raised $90 million through a private coin offering for its blockchain platform.

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