podcasts

The Metaverse Blockchain, with Sangmin Seo of Klaytn

podcasts

The Metaverse Blockchain, with Sangmin Seo of Klaytn

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.

Posted by The Metaverse Blockchain, with Sangmin Seo of Klaytn - May 2022

Background

The Metaverse Blockchain, with Sangmin Seo of Klaytn Outlier Ventures

  • 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

The Metaverse Blockchain, with Sangmin Seo of Klaytn Outlier Ventures

  • 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
  • They 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

The Metaverse Blockchain, with Sangmin Seo of Klaytn Outlier Ventures

This podcast summary was prepared by The Reading Ape in collaboration with Outlier Ventures. The Reading Ape is a humble servant of the written word.

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