The Klaytn blockchain from the fold of messaging app giant Kakao has just gone live, with a governing body supported by big enterprises like LG.
Ground X, the Kakao Corp subsidiary behind the Klaytn blockchain platform, says the companies already using ecosystem are worth a combined $64.8 billion.
It is hoped that the platform, which focuses on decentralized apps (DApps,) will drive blockchain adoption in the country. Several major companies in the region are using the technology from launch, including LG.
Han Jae-sun, Ground X’s chief executive, said the firms using Klaytn have a combined market value of $64.8 billion.
Nine DApps are currently available on the platform, including a program that rewards diners for leaving restaurant reviews and another that incentivizes users to upload entertaining videos. By October, Kakao hopes to have 34 DApps available.
The launch is significant because of Kakao’s dominance in South Korea, where it has a 96% market share. As well as providing messaging platforms and gaming, the internet giant offers content and financial services.
A testnet for Klaytn was unveiled back in October, and at the time, 10 domestic and international companies were involved in experimenting with the new ecosystem.
Ground X, the blockchain subsidiary of South Korea’s Kakao, has raised $90 million in a private coin offering, Bloomberg says.