Kakao's blockchain platform Klaytn audited by Quantstamp

Quantstamp, a blockchain security company, has completed its audit of smart contracts for Klaytn, the blockchain platform created by Kakao. This development was on 09 July.

Quantstamp introduced Kakao as the operator of South Korea’s dominant messaging platform KakaoTalk. Quantstamp further added that built by GroundX, a Kakao subsidiary, Klaytn is a business-centric blockchain platform planned for mass adoption. Quantstamp conveyed that Klaytn is designed to address all the roadblocks troubling blockchain adoption currently. This was backed by the belief that businesses would drive blockchain acceptance.

Richard Ma, CEO of Quantstamp expressed – 

“The biggest challenge facing blockchain applications today is user adoption. 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.”

Quantstamp sustained by adding that in order to ease development, it provides a strong developer experience through its use of Solidity. This is a programming language and a development environment. Quantstamp further added that for enterprises it provides the transparency and integrity of blockchain technology. The blockchain security company also mentioned the provision for performance and reliability needed for business applications. 

quantstamp is a blockchain security company that develops security products

Quantstamp stated that for users, Klaytn platform provides simplified account creation and management. The other offerings are private key safekeeping, wallet provisioning, and setup, as well as user interface (UX) guidelines. Junsic Youn, Lead of Product Management at GroundX suggested that with Klaytn they had the technology and business partner that could serve a massive userbase.

In March, there were reports about Quantstamp establishing a limited liability company, Quantstamp Japan GK. It was substantiated that this inception comes in the wake to assist Japanese startups and enterprises in using secure blockchain technology. This establishment is backed by sizeable investment from the Japanese financial holding company, Nomura Holdings, and Digital Garage, an Internet business group.

Quantstamp concluded by sharing insight on its singular assignments and tasks. Quantstamp is a blockchain security company that develops security products, conducts smart contract audits and also engineers services, protocols along with other automated security tools. The Quantstamp Security Network aims to improve smart contract security and the reputation of projects that create smart contracts.