Kakao launches blockchain platform Klaytn

South Korean internet company Kakao has rolled out a public network platform, The Korea Herald reports. Kakao’s blockchain subsidiary Ground X has officially launched Klaytn as its mainnet, now available for commercial use.

Besides Kakao affiliates, a number of tech companies have joined the blockchain project in order to promote the technology. Klaytn has support from South Korean tech giants like LG, Celltrion and Netmarble, as well as other Southeast Asian companies. Twenty companies have formed Klaytn’s “governance council;” they will be part of the decision-making process.  

“The launch paves the way for commercialization of the blockchain system,” said Ground X chief Han Jae-sun. The combined market value of all the companies taking part in the project equals 75 trillion won ($64.8 billion), added Han. He believes with the help of Klaytn’s partners, the platform’s “stability and reliability” can be further enhanced to bring in new partnerships. 

Some of the partners are using their own cryptocurrencies for the blockchain transactions; others need to use Kakao’s cryptocurrency Klay for rewards. In order to promote participation, users will get Klay for their contributions to the platform.

There are nine applications available on the platform, with 34 expected to be available by October. Kakao refers to them as “BApp”—blockchain apps—instead of opting for the traditionally used term “decentralised apps.” However, the two terms describe the same type of applications, and the decision to use a different name stems from “want[ing] to give the impression that users are capable of experiencing various blockchain services based on the Klaytn platform,” a Kakao official said.