• Klaytn’s network goes down for thirty hours, panicking investors
• Many people have questions as to whether Klaytn’s operations are still safe following the collapse.
• Sigma Chain, which is a more robust and scalable solution for blockchain technology, can be a good option for small businesses.

The crypto exchange crackdown of two months ago has made fear and uncertainty the dominant theme in South Korean digital assets markets. At the time, the Bank of Korea suggested that they create their own cryptocurrency and went ahead to do so.

After the Central Bank Digital Currency (CBDC), the Bank of Korea declared it would perform simulation research of CBDC. Many research services providers offered bids for the work. Ground X won the contract to do the research. Rep. Yang questioned that decision. Rep. Yang claims that Ground X lacks the original technology needed to conduct such a massive project.

Ground X was an affiliate to Kakao that designed a blockchain network called Klaytn, (KLAY), which launched June 2019. Klaytn went down last night for about 30 hours. That caused confusion among NFT-based projects that had issued Klaytn tokens.

A number of people questioned whether NFT data issued by the Klaytn Network was secure. Industry experts pointed out that, even though Klaytn has been normalized the NFT projects that were based on Klaytn still have concerns about the stability of Klaytn.

Klaytnscope currently displays only one node. A further restriction was that deposits or withdrawals down Klayton-type crypto coins were not allowed on any of the cryptocurrency exchanges. Investors are concerned that once the network is restarted, the coin’s value will plummet along with DeFi deposits, NFTs and other crypto exchange deposits.

Source: Klaytnscope

There are now more innovative, sustainable and profitable blockchain technology businesses that enable companies to incorporate blockchain. These firms also provide real-world solutions for such companies. Sigma Chain is just one example.

Sigma chain doesn’t rely on third party software like Klaytn, KLAY. All of the technology used by Sigma chain is in-house, making it highly scalable. Because many of the blockchain solutions are difficult to adapt because they have been hard-coded to make them more flexible, Sigma Chain decided to create a new language.

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