More and more Korean blockchain developers are discarding Ethereum and choosing the domestic blockchain platform ‘Klaytn’, developed by Kakao. It is analyzed that Korean blockchain developers prefer to rapidly take a market share in Korea rather than pursue a global success.
A source from the blockchain industry said on Jul. 16 that a beauty business blockchain developer, Cosmochain, is planning to leave the blockchain platform Ethereum and convert its platform to Klaytn. Accordingly, the basis of their independent cryptocurrency token ‘Cosmocoin’ will be changed from Ethereum to Klaytn. The exchange platforms that accept Cosmocoin are helping the Cosmochain with the platform transfer.
Aside from Cosmochain, dozens of Korean blockchain developers such as ‘TEMCO’(Bitcoin basis) and ‘SPIN PROTOCOL’ · ‘AIRBLOC’(Ethereum basis) are preparing to transfer their platforms to Klaytn. As Kakao is rapidly expanding its DApp partners, it is expected that approximately 50 domestic developers will be using Kakao’s blockchain within the end of this year.
Most of these Korean blockchain developers have chosen overseas platforms, Bitcoin · Ethereum during the Korean ‘ICO Boom’. These two platforms have enormous developer-pool and were global standards for many cryptocurrency exchange platforms. It led Korean developers to choose either Bitcoin or Ethereum as platforms. Even recently, Samsung Electronics has released a software development kit(SDK) based on Ethereum. SK also is developing a blockchain service based on Ethereum.
However, despite the obvious advantages Bitcoin and Ethereum provide, the reason why the more Korean developers are developing with Klaytn is that Klaytn provides more advantages in the domestic market. More developers aim to achieve success in the domestic market, rather than on a global scale. The globally heightened attention to the blockchain, especially like Facebook announcing the development of Libra, led Korean developers to think that it is better to target the domestic market with the help of Kakao.
Personnel from a development company that recently chose to move their platform to Kakao said, “When DApp is installed in the Kakao Talk which everyone in this country is using, Korea can possibly become one of the largest blockchain markets in the world. Even though Kakao does not have any globally used service, it is still the No. 1 platform in Korea and it would do the work.”
Another person in concern of a Kakao DApp partner expects, “As Klaytn core is forked from Ethereum, the developers using Ethereum Smart Contract would more easily transfer to Kakao. As LINE, its competitor does not have that much of an impact in Korea compare to their power in Japan and Southeast Asia, Kakao will be leading the blockchain market in Korea at least until the release of Libra.”
News 1(2019.07.16.) ‘이더리움 버리고 카카오로’…‘생존’ 택한 韓 블록체인 개발사들
Donga news, retrieved from http://www.donga.com/news/article/all/20190716/96502728/1
