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Is Klaytn a public chain or a private one?

4 months ago

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Is Klaytn a public chain or a private one?

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On May 14, Klayton developed by Ground X, a blockchain subsidiary of Kakao, was listed on GDAC, a Korean cryptocurrency exchange, without prior arrangement. Upon acknowledgment, Ground X had made an announcement expressing its abashment.

Klayton stated that 'GDAC listed its coin KLAY without any prior arrangements with Ground X' and added that 'all undergoing business cooperations and the future ones will be terminated'. Also, Klayton mentioned that 'traders should take extra caution since all KLAY listed "unofficially" cannot be certified as to its legit coins.'

Ash Han, the CEO of GDAC, commented on his SNS that he "respects the decisions of Ground X but many cryptocurrencies listed on GDAC did not have to communicate with the project team." He also stated justifying his action that "the blockchain was able to grow to the current status because of its unique decentralized economy and the open source." Moreover, he shared the ways to check the legitimacy of KLAY without going through its developer.

According to the industry sources, many see this incident in favor of GDAC since Klayton initially marketed its service as an open-source with decentralization in its core value so that everyone can use it freely and now tries to control the distribution of its cryptocurrency.

Myunghun Cha, the CEO of CoinOne, quoted that "the essence of blockchain is decentralization", and "I want to know that any of the exchanges listed Bitcoin have ever contact Satoshi (the developer of Bitcoin) in the process." He advised that if Klayton wants to control everything from the center, it should make a T-Money(Korean Payment Service), not a blockchain.

The side of Ground X is somewhat understandable. Nevertheless, it brings up a question of whether Ground X is even a blockchain developer.

The concept of blockchain came to the world dreaming of decentralization in a centralized society: an equal and autonomously maintained way that operated by participants without an authoritative central organization, institution, or organization. If Klayton wanted full control over KLAY, would it be better if Ground X hardforked a private chain to make and operate KLAY?

MCS, a cryptocurrency derivatives trading platform, cannot be an open-source for the security of a trading platform and cannot adopt the decentralized method yet due to the current limitation of the blockchain industry, however, it is with the spirit of blockchain in that it creates a trading platform with its traders. In addition, MCS aims to lead the blockchain ecosystem in a positive direction.

   

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Published 4 months ago