Cocoa blockchain project Klaytn holds first consortium meeting

Ground X, the blockchain subsidiary of South Korean Internet giant Kakao, has developed the blockchain platform Klaytn, which offers blockchain-based applications. The consensus nodes of the Klaytn platform are operated by a consortium of influential companies from the Asian region who presented their results and strategies at a first council meeting.

The blockchain network Klaytn of the Korean internet giant Kakao held the first council meeting with the 27 companies involved. According to a press release issued on 27 November, the members of the consortium act as operators of the Klaytn nodes and are also involved in the control of the Klaytn ecosystem.

The Governance Council program of the DLT Klaytn Project is a project of Ground X, a subsidiary of Kakao. The alliance of important companies and organizations from Asia is pursuing the development of a platform for blockchain-based applications (BApps). Its members include the tech company LG Electronics, the crypto exchange Binance, the telecommunications group Axiata Digital and HashKey, a FinTech group based in Hong Kong.

The consortium companies are responsible for controlling the blockchain platform and operating the consensus nodes. During the council meeting in Seoul, Klaytn showed members the applications they can use as node operators to control the Klaytn ecosystem.


Ground X has developed the public blockchain platform Klaytn, which provides UX/UI and Developer Experience(DX) environments for developers to create blockchain services. Klaytn launched Mainnet in June 2019. Klaytn also announced that they will release the KakaoTalk-embedded Klip digital wallet early next year 2020. The messenger service KakaoTalk has more than 50 million active users and is particularly widespread in South Korea. The implementation of the digital Wallet Klip is intended to integrate new customers into the crypto market. Klip supports the KLAY token and will also be published as a browser extension under the name “Kaikas”.


Governance Council

During the meeting, Council members presented their findings and strategies on how to integrate Klaytn into their business models. The Philippine UnionBank presented its strategies for developing the blockchain market in Southeast Asia. Yeahmobi, a China-based mobile marketing platform, presented its efforts towards a decentralized advertising platform. In addition, Gumi, WeMade and Neoply showed their blockchain games, which they will publish on the platform in 2020.

In addition, the council members discussed the development of new cross-industry and supra-regional markets. In view of the growing Asian blockchain market, the Governance Council wants to accelerate the development of blockchain applications in various industrial sectors. At the event, Klaytn also announced that some of Korea’s most powerful corporations such as SK Networks, GS HomeShopping and Hanwha Systems have joined the Governance Council. With the new companies on board, the Council now has 27 full members.