Klaytn, a South Korea-based public blockchain, has partnered with Ethereum developer ConsenSys to advance its central bank digital currency (CBDC) efforts.
Klaytn is a public blockchain based on Ethereum technology, founded by Ground X, a subsidiary of Kakao, which operates Korea’s largest social network of over 50 million users. Compared to other networks, Klaytn is more controlled, because its consensus network is operated by a governing council of approved corporates such as Worldpay, LG, SK Networks, UnionBank, and Hanwha Systems.
The current announcement involves Klaytn developing a private blockchain for the potential digital won. But this, according to Ledger Insights, demands greater privacy. Hence with ConsenSys, it is developing a private blockchain to enable the data protection that financial institutions demand. It will also provide scalability through a layer 2 (batching) solution as well as interoperability bridges with other blockchains.
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