Will Blockchain hit Mass Markets Apps?

The world of cryptocurrencies, blockchain, and Ethereum is filling up to the point of explosion. Unfortunately, blockchain as a decentralized platform does not mix with conventional centralized [platforms due to the nature of the consensus protocols and the validation process that every new node is required to perform.

As such, one of the biggest and most intriguing issues in the blockchain market today is how to create a platform that connects to the mass market platform and allow 3rd party systems to attach and enjoy the benefits of a secure blockchain system.

Daum Kakao, the South Korean messaging developer, wants to bring distributed ledger technology (DLT) int the fold, and enhance security and the speed of user experience (UX) through decentralized networking.

Daum Kakao is working on such an application, called a dApp through its subsidiary GroundX. GroundX is developing a testnet called Klaytn that will, according to them, the link between DLT’s and the main net. Essentially connecting 3rd party accessibility via dApps to blockchain platforms.

Let’s just say that if they succeed, it would be like finding the holy grail of software solution, and would be as astounding as the initial blockchain platform development.

A statement made by GroundX said “Klaytn UX seeks to improve the inconvenient UX of existing blockchain platforms by allowing average end-users to experience blockchain technology in the most seamless way. The easy Klaytn UX eliminates the traditional inconveniences including wallets, private keys, and cryptograph addresses in order to lower the barriers to blockchain technology for normal end-users.”

What this translates into is that Klaytn will essentially be the next evolutionary step in blockchain development, where dApps will enable users to enjoy the blockchain technology through 3rd party interfaces, and essentially remove the need for wallets and cryptocurrencies as a means to promote use.

This does not mean that Klaytn will end coinage, on the contrary, it will reward users with their own token “Klay.” So what do we have here?

The paradox:

Blockchains get slower with use, as the bigger, they get, the more work is required to verify transactions. Consensus protocols are the key to relieving this issue. Centralized platforms, standard internet apps. Do not have the same constraints, but speed and security is an issue, so, on the one hand, you have the speed and diversity of a centralized platform competing with the security and instant transaction processing of a blockchain platform. While one is compromised for security, the other is compromised for growth.

The solution:

Change the consensus protocols and create a validation process that closes blocks in a finite measure, removing the need for historical revalidation for new nodes. This will open the way for main net or standard multi-user platforms to connect with blockchain decentralized platforms.

GorundX claims that it has reduced the speed of a transaction from the bitcoin hour, via the Ethereum several minutes, down to a less than a second for Klaytn. What they have claimed to have done is managed to separate the consensus nodes from the ranger nodes, where a CN is a validation node, and an RN is a non-validation node. This sounds good in theory, but if you know the CN’s you can hack the system, so all that Klaytn has done is create a compromised blockchain.

Orbs

There is a blockchain security speed solution, the Orbs consensus protocols delivers a randomized fixed number of CN’s, so that no matter how big the network, these constantly changing CN’s are chosen in a totally random way that defies hacking. As such, the system remains fast.

Klaytn

However, since Klaytn is not an Orbs system, I can only think that they have reached a different solution, which retains the security of the network while randomizing the validation process. After all, since a randomized CN is also an RN when it’s not a CN, once you create a limited number of “rigid” entities, such as CN’s and RN’s you eliminate the probability of chance and provide easy access to hackers.

Decentralization is all about the security, and the issue of speed is now the main issue that defies a totally secure system and retains the framework rigid to mainnet interfacing.

GroundX CEO Jason Han states that “The popularization of blockchain requires providing a practical blockchain service for mass adoption thereby validating the value and utility of blockchain technology. In order to achieve this, we have designed Klaytn that can provide an easy and friendly environment for end-users, service providers, and developers all at the same time, and we will successively feature most advanced services with our partners.”

At present Klaytn is accessible to only 10 South Korean and Global partners and is being used to develop entertainment, gaming, healthcare, social media, digital advertising, video streaming, and finance applications.

Conclusions

I doubt that Klaytn has circumvented speed and security, the consensus protocols and the architecture of the blockchain demand a total restructuring of how the blockchain is developed and managed. If GroundX has solved this issue, then they are the next Google in software size.

Join the discussion

avatar
  Subscribe  
Notify of