Quantstamp, a Y Combinator-backed blockchain security company, has completed its audit of smart contracts for Klaytn, the blockchain platform created by Kakao, the operator of South Korea’s dominant messaging platform KakaoTalk. Built by GroundX, a Kakao subsidiary, Klaytn is a business-centric blockchain platform designed for mass adoption.
“The biggest challenge facing blockchain applications today is user adoption,” notes Richard Ma, CEO of Quantstamp. “With over 90% market penetration in Korea and 40 million monthly active users, Kakao is well-positioned to bring blockchain to a large and active user base.”
With the belief that businesses will drive mass adoption of blockchain technology, Klaytn is designed to address all the roadblocks hindering blockchain adoption today. To ease development, it provides a strong developer experience through its familiar use of Solidity, a development environment and supporting tooling. For enterprises it provides the transparency and integrity of blockchain technology with the performance and reliability needed for business applications. For users, the Klaytn platform provides means to simplify account creation and management, private key safekeeping and wallet provisioning and setup, as well as UX guidelines and references for developers to create easy to use interfaces.
“With Klaytn we have the technology and business partners that we think really can scale and serve a massive new userbase,” says, Junsic Youn, Lead of Product Management at GroundX. “With the scale of this project, the stakes were high and we wanted to make sure it was safe to deploy. Quantstamp has a good reputation for thorough audits. Their professional process and experience in the field led us to choose them to ensure the security of the Klaytn blockchain platform.”