What is Klaytn in this guide? We will answer questions such as who created it and what are its features.
What is Klaytn
Launched in June 2019, Klaytn is an open blockchain platform that provides an accessible user experience and development environment to reveal the true value of blockchain technology. The platform combines the best features of both public blockchain (decentralized data and control, distributed governance) and private blockchain (low latency, high scalability) networks with its design that efficiently blends it.
Klaytn aims to bring blockchain technology to all types of users, from micro-startups to corporate structures. The company’s goal is to make decentralized structures available globally through blockchain. In addition, the project has already attracted the attention of many respected brands around the world.
Who is the Founder of Klaytn?
The Klaytn blockchain was developed and launched in June 2019 by GroundX, the blockchain subsidiary of Korea’s largest mobile platform Kakao. After two years of success in Korea, the Klaytn Foundation, a non-profit organization dedicated to the Klaytn network and ecosystem, was established to kickstart Klaytn’s global expansion.
The Klaytn Foundation is a non-profit organization founded to accelerate global adoption and ecosystem maturity on Klaytn. The foundation manages the Klaytn Growth Fund and works with Krust, a subsidiary of internet giant Kakao Corp, which invests in projects built on Klaytn.
What makes Klaytn unique?
An end-to-end metastore developer package:
To simplify metastore creation, Klaytn offers an end-to-end suite of metastores that includes customized L2 solutions, SDKs and smart contract libraries, IPFS solutions, wallets, chain explorers, oracles, and bridges, as well as an ecosystem of supporting services such as: presents. like stablecoin integration, NFT marketplaces, tradfi interfaces and more.
1 second deterministic finality: Klaytn utilizes an optimized version of Istanbul BFT that enables transactions to achieve absolute finality within a second, allowing for responsive user experiences and enabling use cases where near-instant and irreversible finality is necessary—such as the real-time minting of in-game item drops.
Klaytn’s data guarantee: Proof-of-Work and Proof-of-Stake blockchains exhibit probabilistic finality, which means there is a tiny chance that a transaction recorded on the chain can get reversed. This makes these blockchains unsuitable for mission-critical applications, especially if used at scale. Klaytn’s IBFT consensus algorithm guarantees that data recorded on the blockchain is correct and will never be reversed, in order to deliver the reliability and data consistency needed for large-scale applications.
Support for Ethereum equivalence: Klaytn supports EVM as one of the emerging standards for metadata storage and Web3, and adopts the EVM specification as follows: * Making Klaytn’s technical stack equivalent to the Ethereum stack from an interfacing and execution perspective * Building on existing Ethereum clients and interfacing libraries to inherit improvements made in open source code bases * Enabling Ethereum Improvement Proposals (EIPs) and Klaytn Improvement Proposals (KIPs) to contribute to both ecosystems
A unique management structure: At the heart of Klaytn’s unique approach to decentralization is the Governing Council (GC). These GC members, which include leading global businesses and DAOs across geographies and industries, form a compact validator network that can deliver the benefits of a decentralized public blockchain while maintaining the performance of a permissioned blockchain. Going forward, Klaytn aims to further increase decentralization by adding more DAOs to its GCs to create a “DAO of DAOs”.
Built-in scalability through service chains:Klaytn uses the widely accepted hub-and-spoke model as one of its leading scalability solutions. Klaytn’s speakers or service chains can be customized for specific DApp requirements such as high throughput, custom node configurations, or custom security levels. Additionally, support for nested service chains will provide the exponential scalability needed for metastore scale adoption.
$1 billion protocol-level ecosystem funding:Klaytn has earmarked a total of $1 billion to support ecosystem growth through a combination of on-chain tokens that reinvest 66% of the originally issued replacement KLAY and newly issued KLAY. Funds are allocated to various grant and award programs such as: * Klaytn Improvement Reserve (KIR) for infrastructure, tools and services that improve the quality of the Klaytn network * Klaytn Growth Fund (KGF) for early stage projects High potential to have a positive impact on Klaytn * In Klaytn Proof of Contribution (PoC) program rewarding smart contract creators that contribute to the growth of on-chain activities
The preferred enterprise-level blockchain:Klaytn is the preferred blockchain for enterprises and enterprise-level use cases, counting industry titans such as Japan’s GMO Internet Group, Indonesia’s Salim Group, and mobile gaming giants Netmarble and WeMade amongst our partners. Klaytn is also the official blockchain partner for Bank of Korea’s CBDC project, which is running off a private, modified version of Klaytn.
What is KLAY?
KLAY is the native digital asset that powers and secures the Klaytn protocol. Klaytn was launched with the issuance of 10 billion KLAYs at the time of formation, and there are currently 2.6 billion KLAY coins in circulation. In each new block, 9.6 KLAY will be printed and the sum of the newly issued KLAY and the transaction fees used in the block (collectively referred to as the “block reward”) will be collected and distributed to the following three target accounts in a predetermined manner. rate: * Klaytn Governance Council Award: 34% * Klaytn Growth Fund (KGF): 54% * Klaytn Improvement Reserve (KIR): 12%
How Many Klaytn (KLAY) Coins Are in Circulation?
In the protocol, whose maximum supply is not defined, the total number of KLAY tokens currently available is 10,527,368,819. With undefined supply, the Klaytn blockchain is gaining popularity among cryptocurrency enthusiasts. The current circulating supply is 2,448,059,130 KLAYs. In each new block, the newly created KLAY and the sum of the transaction fees used for the block (collectively called the “block reward”) are added and distributed at a predetermined rate to the following three target accounts: Klaytn management accounts for 34 percent of the supply, blockchain consensus 54 percent of the supply. The remaining 12 percent is reserved for the Klaytn development reserve (KIR).
- Market Cap: $3,195,304,330 (Feb 22, 2022)
- Circulating Supply: 2.634.585.819 KLAY
- Total Supply: 10.782.297.981 KLAY
- Max Supply: No Data
- All Time High: (Apr 02, 2021) $4.38
- All Time Low: (May 06, 2020) $0.05733
Where to Buy Klaytn (KLAY)?
KLAY is available for trading on a growing number of major exchanges, with Binance, Bithumb, KuCoin, and many more offering cryptocurrency and stablecoin pairs.
What is Klaytn in this guide? We answered the questions of who created it and how it works. Keep following us.
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