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Kakao’s Klaytn to implement TSS to spur mass blockchain adoption

Chayanika Deka

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Source: Pixabay

Klaytn, the leading blockchain project led by South Korean Internet giant Kakao, is all set to introduce Threshold Signatures Scheme [TSS], in line with its end goal of mass adoption of blockchain technology.

The partnership with ZenGo, a keyless crypto-wallet, will bring in TSS to remove the burden of a single atomic private key and split the responsibility between multiple parties to the Klaytn blockchain.

The official blog post announced,

“Klaytn is backed by Kakao, the company behind Korea’s leading Instant Messaging app with hundreds of millions registered users. Klaytn explicit goal is blockchain mass adoption. We believe that our TSS technology is pivotal for such goal… To implement a TSS wallet with a blockchain, we need a mature enough developer environment. Klaytn network had all the required ingredients in its testnet”

Presently, Klaytn supports smart contracts that essentially allow users to add multi-signature security. According to ZenGo’s official release, implementation of TSS would provide further advantages to existing smart contracts. The post also revealed that the partnership is focussed on Southeast Asia due to both high adoption rates by consumers and advanced regulations by governments.

Besides, Klaytn had previously revealed bringing in numerous global exchanges, wallets, and blockchain application listing portals under its hood and expanding its blockchain ecosystem to stir mass adoption of the tech globally. This included popular cryptocurrency exchanges like OKEx, UpBit Indonesia and Coinone.

Notably, Binance, one of the world’s largest cryptocurrency exchanges, recently joined as a member of Klaytn’s 24-company board to stimulate “sustainable growth” in the industry and to bring meaningful use cases. The board, which is focussed on making key technical and business decisions for the network and is involved in the development of applications utilizing blockchain, includes industry giants like LG companies and Union Bank of the Philippines, among others.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.