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Extending Ethereum’s Account and Transaction Models in Klaytn

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Extending Ethereum’s Account and Transaction Models in Klaytn

Duration: 00:18:27

Speaker: Junghyun Kim, Donghwan Kwon, Sangmin Seo

Type: Talk

Expertise: Advanced

Event: Devcon 5

Date: Oct 2019

Ethereum has usability limitations that hindered mass adoption. To solve the issues, Klaytn, an Ethereum-forked blockchain platform, extended account and transaction models while preserving compatibility. Blockchain user accounts have been a technology adoption barrier. There are two pain points that Klaytn aims to solve. 1) A random hex string as an account address that is not human readable. 2) A single private key that is permanently attached to an account. Klaytn supports the creation of alphanumeric account address and update of the private key of an account. On top of that, the native support of multi-sig and role-based keys, which is needed by industry, will expedite the blockchain mass adoption. Klaytn refined the transaction model as well so that each transaction type serves a specific function. This separation of concerns gives more opportunities for performance and storage optimization and makes it easy to add or extend platform features. Utilizing this design, several new transaction types are introduced in Klaytn without breaking backward compatibility to support the transaction-fee delegation and the extended account management features mentioned above. We believe that Klaytn's new account and transaction models are applicable to other Ethereum-compatible blockchain platforms to increase usability and performance.
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