Klaytn mainnet launch: The sun will never set on the GET Protocol

https://www.klaytn.com/countdown

“Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions.” — Klaytn.com

Several months ago we announced that the GET Protocol was one of the launching partners of GroundX’s Klaytn blockchain. On the 27th of June Klaytn(Korean Standard Time) will launch their mainnet. An exciting moment for sure!

To summarize, until further notice, the GET Protocol remains running on the Ethereum blockchain as does its ERC20 token. As we are not rushing the migration process. We will await the Klaytn mainnet to stabilize before making permanent decisions.

Why we are choosing for Klaytn

Our choice for choosing to be an Initial Service Provider of Klaytn is based on two aspects. The first aspect is the fact that Klaytn’s blockchain infrastructure is fully business and integration focused, more than any other blockchain in the market. This results in huge improvements in areas as cost-efficiency, scalability, and data reliability. The second aspect is fueled by the potential of being part of the Klaytn ecosystem.

End users all over the world care more about usability and price of the service they receive. Business ethics and transparency are important, but they generally come second. While this fact can be frustrating, it is important to embrace its merit and deal with this reality.

Recipes for adoption

Putting your tech in the hands of ends users requires more than having a code base available. You need a strategy to actually commercially roll out the solution.

Our tech

As a company active in the ticketing industry for over 3 years we have experienced that having an objectively more elegant and complete service, doesn’t mean you have the keys to the whole ticketing sector. It just doesn’t work that way, although GET Protocol is undoubtedly gaining prominence (with Itix and Audio Obscura additions being prime examples).

Kakao’s network & reach

This partner we found in GroundX, a subsidiary of Korea’s Kakao Corp. In the following paragraphs, I will briefly elaborate on what the ‘Kakao/Klaytn ecosystem is and how we envision this ecosystem to support further GET growth and integration in the Korean peninsula.

More users, more room for synergy

In 2017 Kakao had more than 220 millions users on their messaging and content platform. The last few years the company has been rapidly expanding in other industry verticals.

Kakao Corp & the Klaytn business ecosystem

GroundX is a subsidiary of Kakao Corp, a large Korean conglomerate that is owner/shareholder in a wide array of prominent internet & media companies. All data listed below are all available for the public on Kakao Corps website.

Overview of all business verticals in which Kakao has a presence. Source: https://t1.kakaocdn.net/kakaocorp/admin/ir/results-announcement/3888.pdf

Business focus

As Kakao controls a large number of large internet businesses, they set out to build a blockchain component that would be able to support actual real-world use of blockchain technology. As such Klaytn is specifically built to be a blockchain for economically scalable and 100% legal business models.

Kakao’s strategy to create an immersive ecosystem for the end user. Klaytn will be the foundation for all these different applications to interact and settle.

A shared vision of the future

Partnering with a company that is part of a larger conglomerate only really makes sense if there is a shared vision in how the future looks. As stated in one of the reports, Kakao aims to bring a portion of the companies in their portfolio together on the Klaytn blockchain. By joining this network the GET Protocol will also be able to tap into this network of collaborating companies and their users.

A peek in Kakao Corps portfolio

To give an idea of what is possible, I will list a few companies in Kakao Corps portfolio that have overlap in our ambitions.

  • Crypto /Blockchain: GroundX -> The Klaytn blockchain.
  • Kakao Chat/Talk-> Messaging app with more than 50 million active daily users.
  • Melon Ticket -> Ticketing providing services for prominent K-pop stars and other events.
  • Fintech/Crypto -> Exchanges like Upbit & Coinone.
  • Kakao Game, Kakao Friends, Daum Portal -> Digital content, e-sports, gaming
  • Kakao Music -> Music distribution, Fan engagement, artist management & event promotion
Source: https://medium.com/klaytn/introducing-klaytn-governance-council-66281fe8610

Focus on actual adoption and business use case

There is no shortage of high-performance blockchains with little to no actual users. Even if a blockchain has high amounts of traffic, generally this traffic then originates from applications in the ‘grey zone’ of the digital economy (like gambling, prediction markets & erotic content).

Product/market fit. The problem of ticket scalping in Korea

As most of the readers will be aware, one of the GET Protocols main USPs is the fact that we specialize in locking fan identity to ticket assets. The main added benefit of this feature is that it allows us to practically eradicate ticket scalping.

Important disclaimer

Klaytn, is launched by GroundX, a subsidiary of Kakao Corp. In no shape or form does this article directly imply that this status will surely result in integration or usage by any of the aforementioned Kakao Corp subsidiaries.

More about the GET Protocol

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