What are the Common Keywords of Kakao’s Blockchain Partners? Korea · Reverse ICO · Named Investors
Kakao’s blockchain subsidiary ‘Ground X’ announced primary partners for its own platform, Klaytn. The main similarity among them is that they already demonstrated the competitiveness in their existing industries. Another similarity is that most of them are Korean projects invested by not only Korean but also global investors.
Among nine partners, six of them executed the reverse ICO for the sake of expanding their existing businesses by applying the blockchain technology. AB180(AirBloc), Foodiest(Hint Chain), Huiseoul(Cosmochain), Finda(Rayon), and Battle Entertainment(Fiction Network) are well-known in the startup field. In particular, Foodiest, Huiseoul, and Finda are familiar to consumers.
These six startups finished the ICO this year. Airbloc ended ICO with the amount of $ 230M this June, and Cosmochain with 50,000 ETH(about $1,027M as of current value). Meanwhile, Hint Chain will finish its pre-sale by this month and execute the main ICO at the end of next month. These projects attracted investments from various venture capitals and crypto funds because they are well-established in their original industries.
Finda’s Rayon has Foundation X and GBIC as initial investors. Foundation X also invested in Airbloc. Airbloc’s other investors are as follows: LINE’s Unblock, Huobi Captial, Coinplug, Fenbushi Capital, Signum Capital, Blockwater Capital, Node Capital, and ICON.
In the case of reverse ICO, venture capitals are also notable players. Even before its reverse ICO, Foodiest was invested by famous VCs such as 500 Startups, Mirae Asset Capital, Primer, and Strong Ventures. At the same time, Battle Entertainment’s Piction Network Project was invested by top-tier Korean VCs, including Smilegate Investment, KTB network, and IMM Investment.
All projects, except for VETTA, are based in Korea. The rationale behind the decision is to maximize the synergy with Kakao. Kakao Talk has a market share of more than 95% in the Korean mobile messenger market. As such, DApps are likely to use Kakao Talk platform in a strategical way. Thus, Kakao Talk can be a great cornerstone for a quantum jump for blockchain projects, where contents and data are exchanged based on a large scale user network.
Another reason Korean projects are prominent is the internal review system. Any company or developer wishing to use Klaytn’s testnet should submit an application through the homepage and will receive the testnet environment after going through the internal review. Klaytn’s consensus node consists of business partners on the platform. Moreover, a ranger node system is applied in order to increase the reliability of the consensus node. In other words, Klaytn is looking for a proven partner beyond a certain level, rather than providing a platform on which anyone can play.
Of course, the possibility is open for Klaytn to have global partners. On September 10th, Klaytn had a meet-up in San Francisco. It was the first official event after its release of testnet. More than 100 developers and service providers participated in the event.
— by Dubo Shim (Seoul Economic Daily, firstname.lastname@example.org)
Original Article: http://decenter.sedaily.com/NewsView/1S60GSCF60
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