Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate
Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.
While they are still very much in their infancy, Parity Technologies is already making moves to expand the space and achieve its vision to become the blockchain of choice for gaming and metaverse projects worldwide.
For this purpose, Parity is powering Klaytn’s open-source public blockchain which caters for both retail and enterprise use-cases. Originating as an Ethereum hard fork, Klaytn was developed by Ground X, the blockchain arm of Korea’s internet giant Kakao with 50 million users worldwide. Of note, Klaytn blockchain platform was chosen to power the Central Bank Digital Currency (CBDC) project with the Bank of Korea.
Parity, together with its native software development kit (SDK) Substrate, counts many blockchain projects who adapted its offering to their use cases. As such, Klaytn is now taking advantage of the open-source blockchain software that Parity provides to build a Substrate-based chain, Klaytn-Substrate.
David Shin, Head of Global Adoption at Klaytn Foundation, said: “The collaboration with Parity is in line with our vision to create an interoperable blockchain platform for the metaverse. Klaytn-Substrate will open up new possibilities for dApps to be developed in a multi-chain environment, and to explore collaborative use cases between the Klaytn and Polkadot chains.”
Omar Elassar, VP, Ecosystem Development at Parity Technologies, added: “We’re excited to work with Klaytn to help its onward journey as a major player in the metaverse and gaming. The team at Klatyn recognize that Substrate is the optimal SDK for technical and business use case exploration.”
This technical collaboration seeks to promote decentralization and open source technologies that will allow Klaytn to serve people who wish to build, work or play in the metaverse.
This chain is initially gearing up its infrastructure to be the blockchain of choice for gaming, the metaverse, and the creator economy. It also serve as an alternate implementation of the Klaytn specification and as a sidechain to Klaytn’s main chain.
Klaytn-Substrate will be bridged to Polkadot and to the Klaytn mainnet to act as an intermediary environment where businesses can combine in interesting and synergetic ways. Additionally, it will act as a key “canary network” for Klaytn to quickly capture new use cases and technologies, and provide its community with more options for building apps within the Klaytn ecosystem.