On February 10, the biggest blockchain project spearheaded by the South Korean Internet giant Kakao, Klaytn, confirmed that the Huobi crypto exchange would join the Klaytn Governance Council. Huobi is the latest company to join Kakao’s public blockchain project. This project operates its distributed network under shared governance.
Klaytn is a public blockchain platform that was developed by Kakao’s blockchain unit, Ground X. Its main net was launched in June 2019. Klaytn works with major businesses and firms as a part of its Governance Council program. Together, they run their distributed network under shared governance.
The council members work as primary decision-makers for Klaytn’s technical and business plan while undertaking the platform’s ownership. The members make decisions regarding the consensus node network operation. Moreover, they strive relentlessly to ensure that Klaytn-based applications are developed, and its technology is implemented precisely to their existing services.
The Klaytn Governance Council now has 28 enterprises with Huobi onboard. Other notable members include Union Bank of the Philippines, LG Electronics, and Celltrion.
The Council Is Expanding
Based on a detailed press release, the entry of Huobi will reinforce a roster of some of the biggest digital enterprises globally. Binance, and Kakao, Klaytn’s parent company, are among these digital brands in the Council.
Ground X believes that the contributors who operate the platform and have their interests similar to the platform’s long-term development goals are highly qualified to carry out the Klaytn governance. Sangmin Seo of council-member Ground X commented on the entry of Huobi:
“We are excited for Huobi to work with other Council members to jointly run and govern the Klaytn platform, as well as create use cases that can foster the development of the global blockchain ecosystem.”
Klaytn is a public blockchain project’s mission to offer a user-friendly blockchain experience to the millions of its users. To achieve that,the platform unifies multiple features of private and public blockchains resulting in a hybrid design.
The Council comprises of KakaoIX and Kakaopage as its members. It makes major decisions about spending resolutions, technical updates, and funding policy. Additionally, it empowers businesses to create and offer Blockchain Applications (BApps).
Point of View
Huobi is currently operating a leading global blockchain and digital assets business. Since its launch in 2013, the company offers a secure and convenient trading platform providing digital asset management services for millions of users in over 130 countries. The multi-chain Huobi Wallet is secure, highly reliable, and user-friendly. It supports KLAY (Klaytn’s token) and other Klaytn-compatible tokens.
Huobi’s vice president of global business, Ciara Sun, while speaking to the partnership commented:
“The new partnership advances Huobi’s mission to make blockchain technology more accessible to users across the globe. We are looking forward to working closely with other Council members to accelerate the growth of the whole blockchain ecosystem.”
Huobi is created upon strong reliability and stability, comprising of extensive service development for mass adoption. The platform supports real-world applications. It also lets the applications of large scale to be produced right away so that end-users can make full use of services without much expertise in crypto or blockchain.
A Fast Growing Ecosystem
In November 2019, reports emerged that the firms on Klaytn’s governance council are worth a cumulative 70 trillion won (over $59.3 billion). The CEO of Kakao, Yeo Min-soo, at that time, said that Klaytn platform is similar to Facebook’s Libra. However, he was quick to add that Klaytn blockchain is way ahead in its development compared to Libra.
During the event, Min-soo insisted that the platform does not belong to Kakao. Instead, he said that it belongs to all the Klaytn council members. Since its launch, Klaytn blockchain has been stable and has functioned without any errors stopping its operations. He alleged that the platform processes over 700,000 daily transaction volumes comparable to the Ethereum blockchain that has been active since 2015.
Kakao is working on seamless integration of a Klaytn wallet, dubbed Klip, in its Kakao Talk messenger. Moreover, it launched an exclusive edition of Samsung’s Galaxy S10 smartphone in partnership with the company. In that instance, the firm preloaded the devices with its Klay tokens.
With all these developments taking place, it seems Klaytn platform is ready to welcome more members to its governing Council.