What is Klaytn and the history of Klaytn — HKToken Course 17

There are huge diversities in the nature of cryptocurrencies as the innovation of each cryptocurrency is serves different purposes. Hence, even though all cryptocurrencies are similar, a majority of cryptocurrencies have diverse purposes and various underlying technologies. Klaytn (KLAY) in its design functions similarly to Facebook‘s (NYSE: FB) Libra network, although with more advanced features as noted by its founders. It is an emerging blockchain project that seeks to combine the exclusive functionality of a public and private blockchain.

More precisely, Klaytn is a blockchain network that provides a friendly user experience and development environment. Meanwhile, it communicates the essence and value of blockchain technology to all types of users, either retailers or institutions.

The foundation of Klaytn was from a business-oriented basis. As such, it was designed to specifically integrate business infrastructures with blockchain solutions. Klaytn can accommodate all types of users with the combined features of public and private specs it possesses. As a result, it has gained the interest of many people including reputable brands in just a few years after its launch.

Klaytn’s History

The origination of Klaytn began through South Korea’s leading publicly traded tech company, Kakao. Kakao is a highly reputable company in South Korea, well recognized for its diverse services and the significant number of users in the country.

Being a multi-service company, Kakao decided to venture into the crypto industry after the 2017 bull run caught its interest. As such, the company was inspired to create its own cryptocurrency, which led to the innovation of Klaytn.

Efforts to actualize the Klaytn initiative were almost altered as the company was faced with several backlashes from the country’s financial regulators, similar to the case of Facebook’s Libra.

However, the crypto vision of Yeo Minsoo, CEO of Kakao, was eventually actualized in mid-2019. The company dived its way through several restrictions and hindrances with the help of its blockchain-based subsidiary, Ground X. Afterwards, it successfully launched the Klaytn blockchain.

Core Tech of Klaytn

The blockchain uses an enhanced version of an Istanbul BFT which substitutes for other blockchain’s Proof-of-work (PoW) and Proof-of-Stake (PoS) mechanisms. With this, the network implements Practical Byzantine Fault Tolerance (PBFT) with modifications to operate with the combined blockchain performances it features.

Although, it permits beginners to use a Proof-of-Stake consensus mechanism, such that powers a limited number of validators.

The blockchain is a business-oriented network that functions closely like the Ethereum (ETH) network. It adopts an unaltered clone of the Ethereum Virtual Machine for its smart contracts which hasten transactions with an extraordinary speed. The blockchain in its uniqueness can process 4000 transactions in one second.

Klaytn Blockchain Apps

The platform provides magnificent services for all forms of users especially enterprises. It possesses and hosts more than 50 blockchain applications. These applications have different functionalities as they have diverse duties to perform on the blockchain.

The platform extends its hostage to diverse crypto gaming platforms, as well as various staking services. To name a few of the blockchain applications hosted on the platform, there are Orbit Bridge, Makestar, Quotabook, Tessa and many others.

Also, to mention a few of its hosted gaming apps, there are Crypto dragon, Crypto Sword, Games Knight Story, and many others.

Klaytn Governance Council

Being an enterprise-oriented blockchain platform, Klaytn has delegated the operations regarding the improvement and activities within the ecosystem to multinational businesses and organizations.

In other words, its governing council members consist of multinational enterprises and organizations. Thus, these council members have the right to propose and vote for adjustments concerning the performances of the platform and its node network.

More precisely, the council members are responsible for ensuring the growth and development of the platform’s ecosystem.

Klaytn Improvement Reserve (KIR)

Klaytn Improvement Reserve (KIR) is a mechanism the project adopts to offer reward services to users who contribute to the improvement and growth of its ecosystem.

When qualified users submit proposals on activities like community incentives, making adjustments on the platform, as well as improving its user experience, they can get rewards or subsidies for their contribution to the ecosystem through the Klaytn Improvement Reserve (KIR).

KIR allows partner developers the opportunity to innovate, deploy and execute smart contract-based applications with impressive speeds alongside extremely cheap fees. This is because the platform had incurred a fee policy which implies that Klaytn will be responsible for all transaction fees that these developers are subject to.

Klaytn (KLAY) Token

The native token of the Klaytn blockchain is KLAY. The token is used for all transactions taking place on the platform and all other blockchain applications on the network.

It serves as a means of payment and exchange for all applications running within the Klaytn ecosystem.

As of the first quarter of 2021, over 2 billion KLAY were in circulation in the crypto market, gaining a surging rate of enthusiasm and recognition in the industry.

Advantages of Klaytn

The Klaytn blockchain comes with many benefits to the retail and institutional users it serves. Some of them are:

Business development. The most notable benefit of Klaytn is that it facilitates businesses’ technical operations, which is obviously a push forth for businesses. With its flexible scalable nature, it offers businesses and developers the ability to keep track of the fast-moving world of blockchain. As such, businesses can easily venture into the blockchain industry and enjoy the benefits thereof.
Unlimited use cases with low transaction fees. Klaytn, in its unique nature, offers users the opportunity to initiate, develop and deploy the applications best suitable for their needs. Therefore, it is correct to say that the users have unlimited use cases before them. More interestingly, since the platform has taken it upon itself to pay the fees incurred by most of these developers, they are therefore left with little or no fees to settle.

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