Klaytn

Klaytn aims to popularize blockchain as the main net representing Korea among the world's blockchain networks. The consensus mechanism (algorism) is a way to reach consensus between subjects without trust. Blockchain technology is used to reach an agreement on whether a block is valid or not. The performance of the blockchain network depends on the performance of the selected consensus mechanism and has a significant impact on the usability of the blockchain application. The Klaytn mainnet Cypress shows the following performance.

• It does 4,000 transactions per second.

• Immediate transaction completeness(finality).

• Block creation time in 1 second.

• 50 consensus nodes participate in the consensus process.

Fast processing speed and low fee.

Ethereum introduced the concept of smart contracts, breaking the limitation of Bitcoin and creating a chain that can be coded, which brought a big change to the cryptocurrency market. However, Ethereum has the disadvantage of high transaction costs and slow processing speed. Although we changed from Ethereum POW to POS, the fees are affected by the capacity of the network, and since the POS transition is only an algorithm conversion and not an operation to increase the capacity or throughput of the network, the fees will not be lowered much, and if there are too many transactions, it will take a long time to synchronize the blockchain data, up to 30 minutes or more.

Klaytn introduces Practice Byzantine Fault Tolerance (PBFT) to prevent problems. In the POW alg orithm, each node receives and verifies blocks, but does not exchange messages between nodes to reach an agreement. However, PBFT can ensure the completeness of the block as soon as each node communicates with another participating node to reach an agreement and the node reaches an agreement. Klaytn selects Kylatn Governance Council, delegates authority, and applies PBFT, so Klaytn Mainnet Cypresscurrently has a block generation interval of 1 second and can handle 4,000 transactions per second. More than 50 consensus nodes can participate in the Consensus Node Network (CNN), and the number will continue to increase as Klaytn continues to actively optimize algorithms.

Klaytn compatibility Klaytn is not the best just with fees and fast speed. Platforms such as EOS, Tron, and Nano also boast good performance. Klaytn boasts compatibility with Ethereum. Currently, more than 80% of the Dapp ecosystem is operated by the Ethereum chain. However, many Dapps are struggling with actual service due to high fees and slow speed. Klaytn is a chain developed using Ethereum open source, and its smart contract development environment is similar to Ethereum. In order to solve the Ethereum problem, Ethereum participants will continue to move to Klaytn and grow into Klaytn's main blockchain.