Klaytn is on a mission to increase the accessibility of blockchain technology to enterprises globally.
What Is Klaytn (KLAY)?
Founded in June of 2019 by Ground X, Klaytn is a public blockchain platform that strives to explain the benefits of blockchain technology by providing a user experience and development environment that is approachable. The platform incorporates the best features of both public and private blockchains, as well as private blockchains, into a single platform. Ground X is a blockchain subsidiary of Kakao Corporation, which is Korea’s largest internet messaging company.
Currently, with Klaytn 2.0, the team is starting on a chain-rebuilding campaign with the goal of making the blockchain the metaverse blockchain for all. Using an EVM-equivalent layer 1 blockchain aims to serve as the trust layer for all communities, recognizing their involvement and contributions while bringing them together in the new world and providing them with empowerment.
How Does It Work?
The structure incorporates three logical subnetworks to enable the integration of private and public blockchains:
- Core Cell Network (CCN): It is responsible for verifying and executing transactions submitted by Endpoint Nodes then distributing blocks across the network.
- Endpoint Node Network (ENN): It is in charge of creating transactions and processing data requests from service chains.
- Service Chain Network (SCN): They are Klaytn subnetworks that are run independently by blockchain applications (BApps). They are connected with the main chain through Endpoint Nodes. Blockchain applications can run on the Klaytn public chain (CCN + ENN) or private chain (SCN) through this structure with high transaction speed.
Due to the fact that the Klaytn blockchain is primarily targeted at enterprises with high data transaction volumes, a conventional consensus mechanism like proof-of-work (PoW) or proof-of-stake (PoS) will almost certainly be insufficient. Rather than that, Klaytn is implemented through an advanced consensus technique called IBFT (Istanbul Byzantine fault tolerance).
There are three types of nodes: CN (Consensus Node), PN (Proxy Node), and EN (Endpoint Node). CCOs (Core Cell Operators) are responsible for managing CNs and generating blocks. Each node in the network verifies these blocks.
Klaytn accomplishes rapid finality by adopting and upgrading Istanbul BFT; because validation and consensus are performed for each block, there is no fork, and the block’s finality is assured immediately upon reaching consensus.
‘Metaverse Package’ for Builders
- Primary Infrastructure: Toolkits for the end-to-end integration and development of blockchains Individualized L2 solution SDKs and frameworks for smart contracts Wallets and chain exploration applications Solutions for distributed storage Oracle assistance Bridges
- Secondary Infrastructure: Ecosystem that enables the production and provision of products and services. Services of integration/abstraction Integrating stablecoins DAOs and NFT Markets DEX and DeFi are two well-known financial interfaces.
With the metaverse package, the complexity of blockchain technology will no longer be an impediment. It is designed to help builders of metaverse enter the blockchain world as smoothly as possible.
- Instant finality: Even with increased consensus nodes, improved performance, and numerous feature enhancements, Klaytn will maintain one-second block finality to ensure fast transactions that cannot be reversed.
- Scalability: Service chain is Klaytn 2.0’s default L2 solution. It is highly flexible and easy to deploy.
- Low Cost: The transaction charge should be predictable and determined by the transaction’s complexity only, not by external factors.
Sustaining Ethereum equivalency benefits both the Klaytn and Ethereum ecosystems. The majority of Ethereum Improvement Proposals (EIPs) could be moved and integrated into the Klaytn core development agenda, while Klaytn Improvement Proposals (KIPs) could contribute to the evolution of Ethereum and EVM. When the development community makes a contribution to one environment, it makes a contribution to both.
Decentralization with Stability
When the meta verification level reaches a crucial point, Klaytn’s governance will be completely decentralized via DAOs and builders. Klaytn will eventually grow into a DAO of DAOs and a platform for DAOs to communicate the Klaytn Communities’ voices via on-chain processes. A stakeholder-based governance model will be implemented, allowing governance participants who can garner the most support from Klaytn Communities to shape Klaytn in their preferred direction.
- Token Name: Klaytn
- Ticker: KLAY
- Blockchain: Klaytn
- Token Standard:
- Fungible Token Standard: KIP-7.
- Non-fungible Token Standard: KIP-17, KIP-37
- Contract: Updating…
- Token type: Utility
- Circulating Supply: 2,760,000,000
- Total Supply: 10,782,297,981
Token Release Schedule
Token Use Case
KLAY has 3 major use cases:
- Network utilization: KLAY is yielded for any transactions on the Network.
- Yield Farming: Users can utilize KLAY to deliver liquidity on KLAYswap (AMM DEX) and make other Klaytn Compatible Tokens. They can also make a gain is by staking KLAY.
- Minting NFTs: Users can also utilize KLAY to mint Klaytn’s NFTs and market them on Opensea.
Klaytn’s ecosystem has established itself as a backbone for enterprises looking to enter the market with the fewest possible technical capabilities. With businesses adopting blockchain technology, it is a given conclusion that the world of decentralized money will swiftly receive widespread recognition. KLAY is the cryptocurrency of choice for a large number of reputable and institutional businesses, resulting in the network’s continued growth in popularity.
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If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.