The Metaverse Podcast - The Metaverse Blockchain, with Sangmin Seo of Klaytn
Primer: Klaytn is an open source blockchain that has the best features of both public and private blockchains. How did they come about? In this episode of The Metaverse Podcast, host Jamie Burke speaks with Sangmin Seo to learn the origins of Klaytn, their features, and the South Korean crypto scene.
Background
Working in Kakao, one of the largest IT companies in South Korea, for 4 years
In 2018, Kakao established Klaytn and Ground X
Joined Ground X as a software engineer
Did a PhD in parallel programming and high performance computing
Before Ground X, he was a research engineer at Samsung and computer scientist at Argonne National Lab
Klaytn
An open source blockchain that combines the best features of both public and private blockchains
Mainnet has been live since June 2019
Has a council of large enterprises from both Web2 and Web3
Differences Between 2019 And Today
In 2019, they were talking about mass adoption of blockchains
Nowadays, the focus is on the metaverse
Their Corporate Structure
Ground X is a subsidiary of Kakao
After 3 years, Kakao established a new company called Krust Universe
Krust Universe took over the development of Klaytn blockchain
These days, Ground X focuses on crypto wallets and NFT services while Klaytn Foundation and Krust Universe focus on development of the Klaytn blockchain
Their Technical Design
Focuses on performance and scalability, sacrificing the permissionless feature
Has a 1 sec block time and 1 sec finalization time
Their governance council decides which validators get to join the network
Their Governance Council
Have 33 members in their governance council
Most of them are from the Web2 world
These companies wanted to learn and experiment what blockchain is
Have a diverse group from Web2 companies, Web3 projects, game companies, etc.
Use Cases In Gaming
Working with game companies since 2019
Netmarble started developing games using Klaytn blockchain technology
This helps game devs to focus on their games rather than on blockchain congestion
Expecting more game and entertainment companies utilizing Klaytn in their services
NFT Implementations For DeFi
Klaytn has been supporting NFTs from the start
Klaytn is one of the blockchains that OpenSea supports
NFTs supported include ERC-721s and ERC-1155s
Game companies can turn their in-game assets into NFTs. These NFTs could be used in DeFi
Klaytn Network Adoption
Have a block explorer called Klaytnscope
Have more than 330 fungible tokens and 100 NFTs
Transaction volumes have been increasing — 20 million transactions per day
The South Korean Crypto Scene
People are very supportive and proactive in adopting cryptocurrencies and blockchain technology
Have been giving lectures in a university. More than 90% of the students have cryptocurrencies
The government is moving to help protect users and traders
The South Korean Government And Their Metaverse Strategy
The government has been listening to experts as to how they can combine blockchain, NFTs, and the Metaverse together
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