Kakao, the most popular mobile platform in South Korea, has released its public blockchain platform, Klaytn.
Klaytn’s simple development environment and pleasant user experience are part of the company’s larger mission to prove blockchain technology’s worth and practicality by making it available to the masses as a blockchain service.
Klaytn’s long-term goal is to provide blockchain services to a massive user base through steady platform development.
A brief history of Klaytn
Klaytn’s origins can be traced back to KaKao, a prestigious South Korean publicly traded technological firm.
Kakao, led by CEO Yeo Min-Soo, is well-known for several things.
One of these is the distribution of a mobile messaging application called “KaTalk,” designed solely for cellphones made by Kakao.
The cryptocurrency market caught Kakao’s eye in 2017 as Bitcoin, and other altcoins were through a huge bullish race. Partly because of the company’s diversified revenue model.
Given the increased interest from the likes of Facebook and other corporate entities, Kakao felt compelled to join in. Therefore, the business went ahead and created its very own cryptocurrency called Klaytn.
Kakao, like many other corporations, has experienced pushback and failure since entering the cryptocurrency market, the majority of which has come from the country’s financial regulators.
Comparably, Facebook faced significant regulatory hurdles during the development phase of its LIBRA initiative.
Kakao overcame many obstacles on its path to launching Klaytn, their cryptocurrency, in the middle of 2019.
GroundX, a blockchain-based subsidiary of the company, was crucial to the successful rollout of the Klaytn blockchain and is largely responsible for its prominence in the industry.
What is Klaytn?
As was previously said, Klaytn is a public blockchain project emphasizing business that uses a hybrid architecture to bring the best features of both public and private blockchains together in a friendly way to end users.
The modular network Klaytn employs it possible for enterprises to easily integrate and, more crucially, to build and run their unique service-oriented blockchains on the Klaytn platform.
These service-centric blockchains, also known as service chains, operate independently as subnetworks, adding to the foundation of Klaytn’s business-friendly ecosystem.
The adaptability and personalization of these service chains mean that they may accept virtually any type of online service.
However, those associated with gambling and financial speculations are not supported.
Soon after its 2019 debut, Klaytn signed on more than 40 initial services providers (ISPs) from various sectors and industries. Including healthcare, entertainment, banking, and others.
More than a dozen locations have chosen their initial batch of Internet service providers (ISPs) based on the quality of their blockchain-based services and the number of their active userbase. So, how exactly does Klaytn work?
What Makes Klatyn Unique?
Given its business-centric nature, Klaytn replaces the standard Proof-of-work (POW) and Proof-of-stake (POS) consensus mechanisms with a refined implementation of Instabul Byzantine Fault Tolerance (IBFT).
In particular, Klaytn uses a real-world BFT, which enables the network to run a hybrid infrastructure. Bringing together the best features of both private and public blockchains.
Where POS or POW is implemented independently, the underlying architecture of Klaytn cannot be established.
Despite the fact that IBFT is Klaytn’s preferred consensus mechanism. The POS consensus mechanism, which can only support a small number of validators, is still available to beginners.
The Klaytn blockchain has features similar to Ethereum’s (ETH) but operates significantly faster because it uses the same virtual engine.
For instance, the smart contract virtual machine utilized by Klaytn can handle at least 4,000 transactions per second while using a gas rate less than one-tenth that of ETH.
As an additional point, significant institutional adoption of blockchain technology has yet to occur. Scalability concerns will be addressed, especially at the enterprise level, thanks to Klaytn’s adoption of BFT.
Additionally, Klaytn provides an integrated development environment for programmers via its DX products, which allow for compatibility between hosted services.
Furthermore, and perhaps most interestingly, Klaytn transactions are fixed, and as a result, transaction costs are predictable, which is an advantage over most other host blockchains. One of the biggest obstacles to widespread enterprise blockchain use has been removed.
Klaytn BApp Ecosystem
Klaytn differs from other blockchain systems in that it refers to its service chains as Blockchain applications rather than decentralized applications (DApps) (BApps).
When compared to other host blockchains, BApps on Klaytn are not required to run decentralized web services on the service chain, earning them the title of “first-class citizens in Klaytn’s world,” as stated on the company’s official website. This is why even a novice can use the POS consensus process.
Regardless, the public mainnet of Klaytn and the security and transparency it affords thanks to blockchain technology are useful for both centralized and decentralized BApps. It’s worth noting that by 2020, there were well over a dozen of these BApps, formerly known as ISPs, operating on the Klaytn mainnet.
Not following the standard practice of most host blockchains, where token holders can participate in the network’s governance, Klaytn instead delegated the governing activities to a board that consists of multinational businesses and organizations, as expected of a blockchain designed for large enterprises.
On the other side, the board members of Klaytn are the ones who put out ideas for and ultimately approve or disapprove of network-wide changes and initiatives. These board members’ second responsibility is monitoring their node networks or service chains.
The platform’s governing board members are ultimately accountable for the ecosystem’s expansion and improvement.
Klaytn Improvement Reserve (KIR)
If a developer or other platform member makes an important contribution to the expansion of the Klaytn network, they will be rewarded with Klaytn Improvement Reserve (KIR).
In particular, the KIR protocol can reward members of the governing board who contribute proposals that either add to the overall growth of the network or enhance the user experience.
Furthermore, KIR enables partners to quickly and affordably integrate cutting-edge smart contract-based applications.
Klaytn token (KLAY)
On the Klaytn blockchain, KLAY is the standard token. KLAY is the primary utility token for the platform and is used by all other blockchain applications on the network.
Plus, it’s the medium of trade and payment for all Klaytn ecosystem apps. At the beginning of the first quarter of 2021, there were roughly two billion KLAY in circulation, and there was growing interest from major players in the business.
Ultimately, the Klaytn blockchain effort seeks to speed up the sector-wide adoption of blockchain technology by providing a scaling solution at the institutional/enterprise level.
Frequently Asked Questions
What’s the current Klaytn price? What is the value of 1 Klaytn right now?
You can buy one Klaytn for $0.217419 right now. The value of a Klaytn has decreased by -3.01% over the past day. Please visit our currency conversion page to view KLAY pricing in your preferred currency.
When did Klaytn start?
Klaytn’s earliest available trading data is for September 2019. (based on current exchange data).
How high can the Klaytn price go?
The highest price ever paid for KLAY was $4.2205, which is now a record low. Over a year has passed since it last traded at that price. Numerous forecasts have been made about how much Klaytn will cost in the future.
The Klaytn blockchain is an open-source platform aiming to help businesses create custom, semi-blockchain solutions. Up to this point, Klaytn has received a great deal of interest from various sectors. Moving forward, though, they plan to concentrate on facilitating metaverse enterprises. The network’s native token, known as the KLAY token, is exchanged for transaction fees and rewarded on the platform.