What is Klaytn?
Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions. - klaytn.com
The Challenge
One of the most challenging parts of using Ethereum was that its block generation cycle was too time consuming for users to make a transaction. Having users to deposit tokens to its own address(e.g. exchanges) and making internal transaction isn’t the ultimate solution for smart contracts. There were other options like EOS, Zilliqa, and Cardano. However, for a project like Insureum, the keyword decentralization was not the holy grail, rather we tend to focus on the business needs.
Klaytn was made for business purpose, hence the company understands the criteria of why we need blockchain services. Ethereum based utility tokens are extremely cumbersome to use.
Transaction Fee Ecosystem
For instance, it’s not only the users who have to pay the transaction fee when purchasing a service, but also they have to pay the fee in Ethereum in the ERC-20 world. It might make sense when the users are familiar with the Ethereum ecosystem, but most of the users are not. There are few ways to work around this, but it’s even harder for users to proceed with the required actions.
However, Klaytn provides such service in nature, fee delegation(https://ryublock.tistory.com/26), in which the recipient can pay the transaction fee and users only have to care about their tokens by providing enterprise nodes (not perfectly clear how they are solved yet). This can significantly lower the bar of experiencing blockchain based services.
Transaction Speed
Ethereum’s 15-seconds block generation cycle definitely hampers user experience. It requires a lengthy processing time and even worse if we mind confirmations. 1 second block generation cycle was good enough for so called real time system. We will have to see how Klaytn performs with meaningful traffic.
Code Transaction
Insureum recently finished migrating the legacy Insureum(ISR) code to Baobab network. We are still working on a few more test cases for the migration. The codes are pushed to our repository, feel free to chip in. We will continue to announce our development procedures for back-end, front-end and its contracts.
Summary
There are numerous things that we need to verify on their mainnet. It's ecosystem is still vague, and nothing has come out to the market yet. However, Insureum believes that GroundX is doing a fine job for creating a solid playground for serious blockchain based enterprises and startups, and we are proud of being part of their journey. We will continue to post our migration process.
Insureum Homepage: https://insureum.co/
Insureum Telegram News (English&Korean): https://t.me/insureumnews
Insureum Telegram (English): https://t.me/insureum
Insureum Kakao (Korean): https://open.kakao.com/o/ggNWf8K
Insureum Blog: https://steemit.com/@ziktoman
Insureum Facebook: https://www.facebook.com/insureum
Insureum Instagram: https://www.instagram.com/insureum_zikto/
Find out more about Insureum weather and cyber risk products on our website today!