What is Klaytn?
Developed by leading Korean IT company Kakao, Klaytn is a global Layer 1 public blockchain designed to power tomorrow’s on-chain world. With the lowest transaction latency amongst leading blockchains, enterprise-grade reliability, and a developer-friendly environment, Klaytn provides a seamless experience for users and developers that is second to none. Since its launch in June 2019, Klaytn has been accelerating blockchain mass adoption through a broad array of use cases from DeFi to real-world assets, entertainment and gaming, and even the Bank of Korea’s CBDC pilot project. Today, it is one of the only globally competitive Web 3.0 ecosystems developed in South Korea, generating more than 1 billion transactions from over 300 decentralized applications.
What makes Klaytn unique?
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.
Ethereum equivalence:
Klaytn supports EVM as one of the emerging standards for the metaverse and Web3, and has adopted the EVM specification by:
- Making Klaytn’s technical stack equivalent to the Ethereum stack from an interfacing and execution perspective
- Building on top of existing Ethereum clients and interfacing libraries to inherit any improvements made to their open-source codebases
- Enabling Ethereum Improvement Proposals (EIPs) and Klaytn Improvement Proposals (KIPs) to contribute to both ecosystems
A unique governance structure:
At the core of Klaytn’s unique take on decentralization is their Governance Council (GC). Comprising leading global enterprises and DAOs across geographies and industries, these GC members form a compact validator network that is able to deliver the benefits of a decentralized public blockchain while maintaining the performance of a permissioned blockchain. Moving forward, Klaytn aims to further increase decentralization by onboarding more DAOs to their GC to create a “DAO of DAOs”.
Built-in scalability via service chains:
Klaytn utilizes the hub-and-spoke model that is widely acknowledged as one of the leading scalability solutions. Klaytn’s spokes, or service chains, can be customized for specific DApp requirements such as high throughput, special node configurations, or custom security levels. In addition, support for nested service chains will provide the exponential scalability needed for mass adoption.
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.
Who are the founders 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 entity devoted to the Klaytn network and its ecosystem—was established to begin Klaytn’s global expansion.
Klaytn Foundation is a non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. The foundation manages the Klaytn Growth Fund and operates alongside Krust, a subsidiary of internet giant Kakao Corp that invests in projects built on Klaytn.
What is KLAY?
KLAY is the native digital asset that fuels and secures the Klaytn protocol. Klaytn was launched with 10 billion KLAY issued at genesis, and there are currently 3.2 billion KLAY coins in circulation. With every new block, 9.6 KLAY will be minted and the newly issued KLAY and the sum of transaction fees used in the block (collectively called the “block reward”) will be aggregated and distributed to the following three destination accounts in accordance to the predetermined ratio:
- Klaytn Governance Council Reward: 34%
- Klaytn Growth Fund (KGF): 54%
- Klaytn Improvement Reserve (KIR): 12%
Where can you buy KLAY?
KLAY is available for trading on many major centralized exchanges, including: Binance BingX Bit.com Bitazza BitBNS BitGet BitMart BitMex BitPanda BitPoint Bithumb Bitrue Bitvavo BlockFinex BTSE BTX ByBit CoinDCX CoinHako CoinOne Crypto.com DeepCoin DigiFinex Exolix Flipster FMFW Gate.io GDAC GoPax HitBTC HTX IndoDax Korbit KuCoin LBank MEXC Nominex OKX P2PB2B PrimeXBT Probit SimpleSwap Tokocrypto Upbit WazirX WhiteBit
KLAY is also available through the following fiat on-ramp services: Bit2Me BTX ChangeNow CoinSpot MoonPay XT.com
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