Ground X, the blockchain subsidiary of South Korean messaging company Kakao, launched the test version of its blockchain network Monday.
The network, called Klaytn, will be available to 10 partner companies domestically and internationally in a range of industries, including entertainment, social media and finance, according to Ground X.
Ground X will release a commercial version of Klaytn to the public in 2019. The network creates a base for running decentralized applications. According to a company white paper also released Monday, Klaytn’s hybrid approach marries concepts from private and public blockchains. It uses consensus nodes, invited participants in a network, to form a private blockchain that records and confirm transactions.
However, anyone can connect to these networks as a ranger node, serving as verifiers of blocks that the consensus nodes have created. Consensus and ranger nodes will receive Klay tokens, the amount depending on their contributions.
Ground X touted the platform’s “enhanced speed and performance of the dApps (decentralized Applications) to be made readily available for mass users.”