On Klaytn Usage (Part I)
Answers to…“Why do you need Klaytn?,” “What and how things are stored on Klaytn?,” “What happens in the future?”
On June 27, Klaytn launched Mainnet Cypress. In response, Cosmochain is also making a smooth transition to Klaytn Mainnet.
However, despite the launch of Klaytn Mainnet and the on-boarding process, there has been no visible change, and many holders have raised questions about how Klaytn is being used and what relationship there is between FitsMe and Klaytn
So, we’d like to explain the reasons and background for selecting Klaytn Mainnet as well as the details about usage status, execution plans, and ecosystem expansion plans.
1. Rationale for Klaytn Mainnet Selection
▶ Reasons why Cosmochain needs blockchain
Before discussing the reasons for selecting Klaytn Mainnet, we would like to first point out why blockchain is essential for the Cosmochain platform.
Cosmochain aims to connect consumers and companies through beauty data by reorganizing beauty data created by service users.
With blockchain, we are going to let users receive fair compensation for the data they created and provide untampered and reliable data to companies. We are also dicussing ways to provide continuous compensation if the data is produced is used with redundancy.
▶ Reasons for selecting Klaytn
As we mentioned earlier through This & That 02, we focused on 3S (Speed, Security, and Scalability) when it comes to selecting the Mainnet.
Klaytn 1) provided “user-friendly blockchain experience,” 2) was based on Kakao’s wide range of users, 3) and had commitment to excute its plans with a vision to expand blockchain ecosystem.
Klaytn was a project that matched with Cosmochain’s goal, which is to deliver blockchain services that satisfy modern end-user experience, Mass Adoption. Another plus factor was the fact that Klaytn’s gas fee was much lower than the Ethereum Testnet we previously used for Cosmochain’s beta test ‘COSMEE.’
2. Usage Status of Klaytn
▶ Now (STEP 1)
Currently, the data generated by FitsMe are recorded on Klaytn Mainnet user by user. As of now, Cosmochain takes up more than half of ISP (Initial Service Partner) TX (Transaction), which can be seen as a situation where Cosmochain is building the foundation for the data business along with the rapid growth of the FitsMe service.
Trasaction includes users’s personal information, preference and cosmetics (cosmetics in use) information. On Cosmochain DB, the raw data, and on Klaytn Mainnet, data encrypted with hashing algorithm are recorded.
To accomplish this, on July 1, 2019, Cosmochain’s data contract was deployed on Klaytn Mainnet. For each FitsMe users, an individual contract is created automatically, and data is generated when a user performs certain actions within the app. Records are made by sending data directly from individual contracts to Klaytn , and the cost entailed from this process is paid by Cosmochain through the payment for another structure.
Look into Cosmochain Data Contract
If you click the link above, you can see Cosmochain’s data contract through Klaytn’s block explorer, Klaytnscope, and a Contract screen like below will appear.
The following screen shows the transaction being stacked on the Cosmochain data contract. Addresses under FROM are the contact addresses for individual users and addresses under TO are data contract addresses of Cosmochain, who receive the data. Tx Fee is the fee required for data transfer, and it’s covered by Cosmochain.
For example, if you click on one of the From addresses, you can see the tx created by a specific user so far, as shown in the screen below.
Among them, if you press the first TX Hash, you can look up Input Data. These data made of numeric combinations are the encrypted user data. You can see the raw data of the user by matching it in the Cosmochain DB.
Cosmochain Token Contract
The flow of COSM (KCT) tokens is also being recorded through token contract. We cannot yet inquire the transaction details of KCT token on Klaytnscope, but the function will be added soon. Following is the token contract of Cosmochain.
The pattern index (DAU, MAU, tx volume, etc.) of Cosmochain contract deployed on Klaytn Mainnet will soon be updated on State of the Dapps.
▶ Afterward (STEP 2, and beyond)
FitsMe marketing project, which is the start of the Cosmochain token model, and related token flow will also be recorded on Klaytn Blockchain in the near future. We’re currently testing at Klaytn Baobab Testnet, and the movements of the test token are recorded on the testnet.
Token compensation will be made to the user wallets that interact in a certain way with marketing projects installed in FitsMe, and the details will soon be recorded on blockchain to ensure fair and transparent distribution of compensation.
In addition, there are many other ways to use Klaytn for Cosmochain. We will explain about future usage little by little.
3. Future Direction
Synergy with Klaytn
Klaytn is a blockchain project, which started its Mainnet on July 2019. Although it has only been a month since its initiation, Klaytn is driving a bigger blockchain ecosystem as prominent companies are joining Klaytn Governance Council.
As Klaytn’s first partner, Cosmochain is trying out hard to build a blockchain ecosystem with Klaytn and will continue to do so.
Answer to “Is it impossible to be listed after transitioning to KCT?”
We are not sure where this FUD that KCT cannot be listed on the exchange abroad came from. Perhaps most of holders are underestimating Klaytn right now. If KCT cannot be listed on the foreign exchange, we would have not transitioned to KCT. KCT will soon be supported by foreign exchanges as well.
About Cosmochain
Cosmochain is a blockchain project based on beauty data, founded in March of 2018. We aim to contribute to the development of beauty ecosystem by systematically managing data incurred within beauty industry, and providing data to those in demand through our platform.
Cosmochain Official Channels
● Cosmochain Web: https://cosmochain.io/
● Telegram(Announce): https://t.me/cosmochainannouncement
● Telegram (KOR): https://t.me/cosmochain_english
● Telegram (ENG) : https://t.me/cosmochain_global
● KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
● Medium : https://medium.com/Cosmochain
● Twitter: https://twitter.com/cosmochain
