Today Korean public blockchain Klaytn announced it has partnered with Ethereum developer ConsenSys to advance its central bank digital currency (CBDC) efforts. Klaytn was founded by Ground X, a subsidiary of Kakao, which operates Korea’s largest social network of over 50 million users. Last October, the Bank of Korea acknowledged it was discussing central bank digital won with Klaytn amongst other private players.
The announcement involves Klaytn developing a private blockchain for the potential digital won. But if there’s a bridge to the public blockchain, the question is whether derivative versions of the CBDC will be allowed to circulate on the public blockchain.
Klaytn is a public blockchain based on Ethereum technology but is more controlled than others because a governing council of approved corporates operates its consensus network. Some governing members are cryptocurrency companies, but it includes big brands like Worldpay, LG, SK Networks, UnionBank and Hanwha Systems.
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