Presenting Klaytn at Ethereum’s Devcon — Part 2
After the first day of the conference, we attended the Global Coin Research x Decrypt Media Founder Happy Hour in the evening to see our partner, Joyce, the Founder and Editor-in-Chief of GCR. Joyce earlier participated in a discussion session with our Jason at the Consensus 2019 in New York. GCR’s recently published e-book, “The Small Handbook to Asia Crypto: on Local Ecosystems, Trends and Regulations,” also features Klaytn, which you can access via here.
Later, we participated in the KryptoOsaka Meetup: BUIDLing projects of East and West, hosted by Erica of KryptoSeoul. Our Sam, the Head of Technology, introduced Klaytn’s vision and technology, and engaged in a discussion session with other great panelists from CoinMarketCap, HyperLedger, Cosmos, Terra, Zcash, and BlockStack. We were also excited to see some of our community members including the 1st place winner of the past Klaytn Hackathon!
Junghyun presented on the 2nd day on Klaytn’s extension of Ethereum’s account and transaction models. He first introduced some of Klaytn’s features that support enterprise usability and mass user adoption: immediate finality, high performance, high scalability, hybrid network architecture, and high usability.
He then identified some of Ethereum’s usability limitations that include immutable private key, lack of multisig mechanism, difficulty of extending functionalities, unnecessary transaction fields, and lack of fee delegation.
In efforts to improve such limitations, Klaytn has adopted some of new features. First, Klaytn has added account management functions to offer better flexibility in empowering users: changeable private keys, support of multiple private keys, and support of role-based keys, i.e. breaking down permissions based on signing transactions, updating accounts’ key, paying transaction fee on behalf of users. The native support of multi-sig and role-based keys, which is demanded by industry, will hopefully accelerate the blockchain mass adoption and build trust with users.
Klaytn also refined the transaction model so that each transaction type serves a specific function. This separation of concerns gives more opportunities for performance, usability enhancement, and storage optimization (i.e. 64B reduced for EOAs by adding 1B overhead for type per account) as well as makes it easy to add or extend platform features. Utilizing this design, we introduce several new transaction types without breaking backward compatibility to support the transaction-fee delegation and the extended account management features mentioned above.
Klaytn’s new account and transaction models are also applicable to other Ethereum-compatible blockchain platforms, and we hope that our system can trigger the mass adoption of blockchain experiences for millions of users across the globe.
It truly was a meaningful opportunity for us to be able to share our efforts towards enhancing usability at this year’s Devcon. We are very grateful for all the attendees, including the Tokyo FinTech’s wrap-up on Junghyun’s presentation!
In addition to our sessions and meetups, we also met with several teams and projects that could potentially work together with us in the future. We are dedicated to continually offering high-quality and user-friendly blockchain services, and together with our partners, we will further strengthen our ecosystem.
Devcon 5 was full of inspiring sessions and exhibitions, plus great rest zones, giveaways, and treats. We also look forward to seeing the newly proposed Ethereum 2.0 moving forward.
More updates on our technology and business to be shared on our Medium page.
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a Singapore-based non-profit organization established in August 2021.
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