Klaytn (KLAY) operates as a high-performance public blockchain and decentralized ecosystem. The protocol was designed to empower businesses and entrepreneurs to create and integrate blockchain technologies. As such, the network provides a variety of helpful features designed to eliminate hurdles to blockchain adoption while streamlining the onboarding process.
History of Klaytn (KLAY)
Klaytn (KLAY) launched and saw immediate adoption. The network officially went live in June 2020. Notably, the network had 40 Initial Service Partners (ISP). These partners were from diverse industries including healthcare, eCommerce, entertainment, and finance.
Notably, Klaytn was launched by the South Korean tech giant and internet provider Kakao. Kakao is a dominant force in the region. The company boasts revenues of 4.16 trillion KRW. Additionally, the firm’s instant messaging app Kakao Talk has more than 220 million registered users. There is a good chance you will see more blockchain integration into these other services in the near future. Notably, integrating Klaytn into Kakao Talk would prove to be a major milestone for the sector.
What Problems Does Klaytn (KLAY) Attempt to Fix?
One of the premier issues that Klaytn (KLAY) developers sought out to tackle was developer and user confusion. There are many technical barriers for businesses seeking to integrate blockchain services into their traditional business systems. Klaytn removes all friction points from the equation via a simplistic interface.
Centralization
Another major issue that Klaytn (KLAY) helps to alleviate is centralization. The platform was built from the ground up with decentralization as a main characteristic of the network. In this way, Klaytn users enjoy a higher level of transparency and security.
Benefits of Klaytn (KLAY)
There are many benefits that businesses and startups realize when they join Klaytn’s network. For one, the platform has proven to be reliable. The network has developed a strong community that can assist you with your integration processes. Here are some other benefits worth mentioning.
Scalability
Klaytn (KLAY) offers low latency and enterprise-level scalability. Specifically, the network is capable of 3,000 tps which puts it on par with major payment processors. To make this throughput possible, the system leverages Service Chains. These off-chain protocols provide more flexibility and expandability.
Security
Klaytn (KLAY) is an open-source project that has been carefully vetted by the community. Additionally, the platform has undergone third-party code audits by the Y Combinator-backed blockchain security company, Quantstamp.
Legacy Systems
One of the biggest advantages gained by Klaytn (KLAY) users is interoperability with legacy business systems. Klaytn envisions a more subtle blockchain integration where the benefits are present but the technical barriers have vanished. They provide smooth interoperability with existing data tools as part of this approach.
Expandable
Klaytn (KLAY) was built for Dapp developers and businesses. The ecosystem enables Bapp developers to be creative and expand on the user experience. The network’s open-source code and community give developers a powerful edge when creating their new systems.
Sustainability
Compared to the top blockchains of today, like Bitcoin and Ethereum, Klaytn is far more sustainable. The network has a small carbon footprint and low energy requirements. Much of this efficiency stems from the network operating a Proof-of-Stake consensus algorithm.
How Does Klaytn (KLAY) Work
Klaytn (KLAY) is able to provide a user-friendly blockchain experience due to its unique technical characteristics and features. The network combines a custom-built blockchain, cryptocurrency, community governance, and much more.
Klaytn Blockchain
The Klaytn (KLAY) blockchain is a Byzantine Fault Tolerant (BFT)-based public blockchain. It provides a scalable, secure, and user-friendly platform to businesses and start-ups. Klaytn has a 1-second block latency and near real-time finality.
KLaytn (KLAY) Consensus
Klaytn (KLAY) utilizes a Proof-of-Stake (PoS) consensus mechanism to validate the state of the blockchain. PoS networks are more energy-efficient than Proof-of-Work networks because they eliminate the use of miners. Instead, regular users secure the network by staking their tokens in a network wallet. For their efforts, users receive rewards based on the time and amount they staked.
KLAY
KLAY is the utility and governance token of the network. This cryptocurrency plays a variety of roles in the ecosystem. You can use KLAY to pay your transaction fees. It’s also a very fast and efficient medium of exchange. You can stake the token to secure passive rewards and you can even use it for collateral for secondary tokens.
Klaytn Wallet
The Klaytn Wallet is easy to navigate and very secure. The dashboard makes it simple to complete tasks like sending or receiving KLAY. Best of all, the wallet is non-custodial. As such, you’re the only one who has access to your tokens. Even the developers can’t access your tokens.
Klaytn Improvement Reserve
The Klaytn (KLAY) Improvement Reserve is a non-profit tasked with improving the network. The group provides both technical and financial support to projects that could positively impact the network. There are a variety of developer tools also available from the group.
Bottom Line
Klaytn’s approach is simple, make it easier for businesses to leverage blockchain services without it being a huge fiasco. Notably, the network’s interoperability with legacy systems is a big draw for major firms ready to make the leap. For now, Klaytn (KLAY) operates as a pioneering force in the enterprise-grade decentralized service provider’s arena. You can expect the network to expand its positioning as more users get hip to its helpful features.
