Klaytn is a universal public blockchain platform that aims to integrate the distributed governance and decentralized control functionalities of public blockchains with low latency and high scalability features of private blockchains using a hybrid design. It is designed by GroundX and built by Kakao which is the creator of South Korea’s widely known messaging platform “KakaoTalk”.
This service-centered project seeks to provide a user-friendly blockchain experience and development environment to over 50 million users worldwide. The protocol is backed by a lot of esteemed brands across the globe and is governed by the Governance Council which is among the largest blockchain networks that include giant ecosystem builders like Binance, Worldpay, Hashkey, Kakao, MakerDao, and LG Electronics.
Launch Of Klaytn
Klaytn was launched in June 2019 on the KakaoTalk app’s Klip wallet. It is intended to help companies reward their participants with fungible and non-fungible tokens every time they fulfill a microtransaction or when they respond to sponsored content. Because Klaytn is aware of the pitfalls of the proof-of-work and proof-of-stake consensus mechanisms, the network introduces an enhanced version of an Istanbul BFT. The blockchain implements a Practical Byzantine Fault Tolerance (PBFT) consensus algorithm with modifications to run with the integrated protocol performances. As a result, it can process a high throughput of 4000 transactions per second. Furthermore, the protocol introduces the proof-of-contribution that is aimed to reward participants in the Klaytn token economy.
Since its introduction, the cryptocurrency has quickly accumulated over 40 initial services partners. They are from a wide range of industries including entertainment, finance, e-commerce, and healthcare services.
KLAY is the Klaytn Network’s native utility token. It is used for transactions and to provide liquidity on the Klaytn DeFi ecosystem such as KLAYswap and KLAYstation. With KLAY tokens, a user can farm other projects tokens or stake KLAY tokens to gain rewards. Participants can also mint NFTs on the Klaytn ecosystem.
Credits: Images used are provided by: https://www.klaytn.com/
