Why do we just start migrating to Klaytn from Stellar? What and how are SIX tokens and other content assets stored on Klaytn? What does this mean for our future with Klaytn?
Klaytn is a global public blockchain platform developed by Ground X, the blockchain subsidiary of the leading South Korean Internet company, Kakao. SIX Network has been in partnership with Klaytn since the launch for Klaytn’s Mainnet Cypress in June 2019. Our parent company, FSN Asia, is also one of Klaytn’s governance council members.
In this article, we would like to show you (1) the 3 reasons we choose to migrate from Stellar to Klaytn infrastructure, (2) our migration plan and (3) our future with Klaytn.
Rationale behind Blockchain Selection
Our project started off with the vision to empower digital creators by establishing decentralized financial services. From the beginning, we highly believe that centralized payment processing platforms like apple pay, google pay, etc are sleeping partners in the supply chain. With Stellar blockchain technology, it has enabled us to build a fast, secured and reliable wallet to store our asset (i.e. SIX tokens).
Users in our ecosystem can then purchase contents from writers directly using SIX tokens without a centralized payment processing platform sharing a big portion of transaction value from the real value creator in the supply chain. However, as our project grows to match with real business demand, there are not only payment transactions that we are dealing with but also selling/ licensing/ swapping intellectual property assets on our platform (i.e. project “ECHO” and ‘snap’).
For the past 3 years, blockchain technology has developed fairly quickly. Only a year and some months from our establishment in March 2018, Klaytn has shown us that it is a very reliable platform not only for payment but also for asset management (i.e. storage, transfer, and commerce).
Our studies on Klaytn and its infrastructure have impressed us and here are the 3 reasons SIX Network migrates into Klaytn blockchain network.
1.Klaytn’s vision to trigger the mass adoption in blockchain space aligns with SIX Network’s.
Whenever we decide to partner with any companies or projects, the first thing we focus on is the vision of our potential partners. As we have to work very closely with Klaytn team, we have to make sure that both of us have common goals in this blockchain space.
We believe that Klaytn would empower us as a BApp to operate at our best with practical and scalable blockchain. With the highest performance and most productive environment offered by Klaytn, SIX Network as one of Klaytn’s BApps would be able to deliver the best experience possible for our users/ customers.
2. Technology from Klaytn enables us to not only provide the best payment service but also the best media management provider.
Our studies on Klaytn are quite impressive. Aside from very low gas fee for transactions, the speed, the security and the scalability characteristics of Klaytn blockchain also match with what we need in a blockchain.
As earlier explained, with real business demand in the market, SIX Network has grown from just a decentralized payment system company to a company that creates 360-degree tools for users to store both physical and digital assets on blockchain (Project “ECHO” and ‘snap’). For this reason, we need a blockchain with reasonably low gas fees, highly secure and sufficiently fast to transfer huge amounts of data on a blockchain and scalable enough to store huge amounts of meta assets. Klaytn is the answer to our needs.
3.SIX Network’s current and potential user range matches with Kakao’s current and potential user range.
As we are looking to become one of the leading blockchain companies with the focus on data and payment transactions (e.g. selling/ licensing/ storing assets on blockchain). We believe that once we are able to integrate our token contract as well as data contract onto Klip, the first Klaytn wallet on Kakao application, we would be able to penetrate more users and help empower them through our BApps.
Our Migration Plan
As we are the only Stellar-based project that plans to settle down with Klaytn, it takes quite sometimes for us to figure out how to make the token swap process work smoothly with no issues. As all other projects with the migration plan are ERC-20, it becomes easier for them to make the token swap as Klaytn runtime environment is compatible with Ethereum Virtual Machine and executes smart contracts written in Solidity. Anyway, we have figured out the smooth and secured token swap process and the swap has begun on 29 May 2020.
SIX Network Token Contract
The flow of SIX tokens on Klaytn is recorded on token contract. However, it is still not publicly available for the public to inquire about the transaction details of any KCT-based token on Klaytnscope. As we discussed with the Klaytn team, this internal transaction information shall be available very soon this year. The following is the token contract of SIX Network.
Smart contract address: 0xEf82b1C6A550e730D8283E1eDD4977cd01FAF435
Our Future with Klaytn
In October 2019, we have started to integrate Klaytn into our project. ECHO was the first to use Klaytn blockchain as a way to store proof of metadata being uploaded into blockchain. Users can check the hashed content or the metadata of their content through Klaytnscope.
Below is an asset being stored on ECHO and the proof of metadata is stored on Klaytn.
The below screenshot shows asset transactions being stacked on ECHO data contract. Addresses under “FROM” are the contact address of individual creators on ECHO and the only one address under “TO” is the data contract address of ECHO. The gas fee for one asset is very low and currently covered from ECHO.
In May 2020, SIX Network also launched another blockchain application platform called ‘snap’, which is a virtual inspection platform with our capture-locked image technology to help individuals and enterprises inspect captured images to ensure that there is no manipulation of images’ metadata during the process of inspection.
‘snap’, also uses infrastructure from ECHO to store metadata of images taken through ‘snap’ application (iOS, Android). There are several important elements in an image that ‘snap’ encrypts, hashes and stores them on blockchain to ensure that there is no manipulation to the image being taken.
In the future, once SIX tokens are migrated into Klaytn and SIX tokens are compatible with Klip wallet. We will be able to empower more and more users to easily use our applications and the exchanges of our tokens will be much easier, faster and more secure than any other traditional banking/ payment systems.
Klaytn is a global public blockchain platform developed by Ground X, the blockchain subsidiary of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.
About SIX NETWORK
SIX Network, founded in March 2018, is a blockchain project based on reinventing the digital economy to establish decentralized financial services while improving Wallet-to-Wallet interactions. SIX Network pursuits transparent, fair, secure, and efficient ecosystem for all stakeholders in the digital creative economy by providing these solutions, SIX Digital Asset Wallet, Decentralized Financial Services, Wallet-to-Wallet (W2W) Decentralized Commerce
SIX Network Official Channels
· Website: https://six.network
· Facebook: https://www.facebook.com/thesixnetwork (Official)
· Medium: https://medium.com/six-network (Official)
· Bitcointalk: https://bitcointalk.org/index.php?topic=3222272
· Github: https://github.com/thesixnetwork
· Reddit: https://www.reddit.com/r/sixnetwork/
· Kakao: https://open.kakao.com/o/gQNRT5K
· Twitter: https://twitter.com/theSIXnetwork
· Telegram community: https://t.me/SIXNetwork (International)
· Telegram Korean: https://t.me/SIXnetworkKorea
· Telegram Chinese: https://t.me/sixcn
· Telegram Thai: https://t.me/SIXnetworkTH