What is Klaytn (KLAY)?

What is Klaytn (KLAY)?

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Klaytn, which launched in June 2019, is a public blockchain platform that aims to communicate the benefits of blockchain technology by offering an approachable user experience and development environment.

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Through an efficient ‘hybrid' architecture, the platform combines the greatest aspects of both public and private blockchains and private blockchains. While public blockchains are known for their decentralization, control, and distributed governance, private blockchains are synonymous with low latency and high scalability.

Klaytn's mission is to make blockchain technology accessible to all users, from microbusinesses to corporate departments. The protocol's objective is to enable worldwide decentralization using blockchain. Additionally, the idea has garnered attention from a slew of globally renowned businesses.

 

Component Klaytn (KLAY)
Technologies Istanbul BFT, Proof-of-Contribution
Market Capitalization $3.3 Billion+
Open-Source Yes
Consensus Mechanism Istanbul BFT, PoC
Smart Contracts Yes
Founders/Authors Jaesun Han
Launch Date 2019
Circulating Supply of Coins 2,557,629,876 KLAY
Maximum Coin Supply None
Mining-based Coin? No
Is Klaytn a Stablecoin? No
Does Klaytn have a burn rate? No
Does Klaytn have a Whitepaper? Klaytn has a Position Paper that can be viewed here

 

Evolution and Development of Klaytn

Klaytn originated as a subsidiary of South Korea's largest publicly listed technology business, Kakao. Kakao is a very respected firm in South Korea, well-known for its numerous services and large user base.

As a multi-service firm, Kakao chose to enter the crypto market after the 2017 bull run. As a result, the corporation was motivated to develop its native cryptocurrency, which resulted in the creation of Klaytn.

Efforts to realize the Klaytn venture were almost derailed when the business encountered various setbacks from the country's banking regulations, like what happened with Facebook's Libra.

However, Yeo Minsoo's, Kakao's CEO, the crypto goal was finally realized in mid-2019. The firm navigated several limitations and roadblocks with the assistance of its blockchain-based affiliate, Ground X. Following that, the Klaytn blockchain was successfully launched.

 

What makes Klaytn unique?

Developers and programmers may quickly install their native chains or connect existing chains on Klaytn with no prior technical knowledge or expertise. 

According to Klaytn's documentation, anybody may create their own token economic ecosystem without a highly-skilled technical adviser.

Klaytn's ecosystem of decentralized apps (DApps) allows users to choose or design the ideal app for their requirements.

Due to the platform's decentralized structure, users have almost endless use cases since app publishing is not restricted. Klaytn enables decentralized exchanges, digital asset management, art collection and trading, game creation, and game development.

Institutional investors, including Humanspace, Wemade Tree, and Piction Network, have noticed Klaytn's adaptability.

The blockchain employs an upgraded version of an Istanbul BFT to replace other blockchain's PoW and PoS processes. To function with the combined blockchain performances, the network uses Practical Byzantine Fault Tolerance (PBFT).

A Proof-of-Stake consensus method powered by a restricted number of validators is available for beginners.

The blockchain is an enterprise-oriented network that can be compared to Ethereum (ETH). Smart contracts use an unmodified replica of the Ethereum Virtual Machine to speed up transactions. In addition, the Klaytn blockchain can handle 4000 transactions per second.

 

What are the main uses for Klaytn?

KLAY is the Klaytn blockchain's native token. The token is utilized for all platform transactions in addition to a wide variety of decentralized blockchain-based applications on the system.

It is used to pay and trade for any apps that operate inside the Klaytn ecosystem.

Klaytn (KLAY) offers a broad development path that enables various degrees of blockchain technology for a variety of use cases.

Klaytn blockchain's primary goal is to provide the blockchain to companies. In other words, it primarily supports firms, whether small or large-scale. The major goal was to provide them with the possibility to incorporate blockchain into their technical infrastructures.

Furthermore, via Klaytn's ecosystem, these firms benefit from a private and public blockchain. The network's private blockchain feature assures confidentiality. It also ensures the protection of critical data while boosting the network's scalability.

However, the public blockchain inside Klaytn's ecosystem allows data decentralization and ensures governance distribution. It contains the required technologies for keeping the system as scalable and user-friendly as practicable.

 

What is the future potential for Klaytn?

The Klaytn blockchain has a bright future because of its range of use cases in:

  • Business growth. Klaytn's most prominent feature is that it simplifies technical operations for firms, which is a plus. Its scalability allows organizations and developers to keep up with the fast-changing world of blockchain. Thus, firms may simply enter the blockchain market and gain from it.
  • Infinite use cases with modest costs Klaytn's uniqueness allows users to begin, build, and deploy applications that best meet their requirements. Thus, consumers have a limitless number of use cases. Interestingly, because the platform pays most of these developers' expenses, they have little or no fees to pay.

 

Price analysis on Klaytn

Klaytn was initially launched in 2019, and its price analysis tracks back as early as 2020. Over the past two years, the following price history can be indicated:

 

  2020 2021 to date
KLAY Price High $0.374 $4.25
KLAY Price Low $0.065 $0.461
Market Cap $10.43B

 

Price prediction on Klaytn

The short-term data analysis from trustworthy experts is negative for the Klaytn coin, with 19 bearish indications to 7 optimistic. On average, crypto experts predict that KLAY will double in value from $2.634 in 2022 to $6.011 in 2025.

 

Which wallets are the best option for storing Klaytn?

Of all the wallets that support KLAY, the following are the best options to store, send, and receive KLAY:

  1. Coin98
  2. Kaikas
  3. BitKeep
  4. D'CENT
  5. NOVAwallet

 

1. Coin98: Coin98 Wallet is a non-custodial and non-fiat wallet that supports not just the Klaytn platform but also a variety of other platforms like Ethereum, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche's C- and X-Chain, and many more.

Since it is a decentralized wallet and platform, users have total ownership over their funds; no one, even the creators, has access to your wallet. Users can easily store KLAY, KIP7, or KIP37 standard tokens with confidence in the Coin98 wallet.

 

2. Kaikas: Kaikas is a Chrome, Firefox, and Opera browser extension wallet. Like Ethereum's Metamask, Kaikas gives advanced users a safe and useful web-based interface to communicate with Klaytn.

KLAY and Klaytn-based tokens may be stored and used to verify requests from web-based Klaytn Blockchain Applications (BApps). Ground X's Medium Story about Klaytn's Kaikas.

 

3. BitKeep: The world’s biggest multi-chain mobile wallet claims BitKeep. They say no registration is required, only one mnemonic manager for all currencies.

To maintain asset security, the wallet supports more than 20 chains and thousands of tokens. Finally, they focus on the user experience by delivering over 40 improvements.

 

4. D'CENT: IoTrust's D'CENT crypto wallet comes in several configurations. This firm was formed by security specialists with over 20 years of expertise in developing deeply integrated security solutions.

A mix of software and hardware security measures, D'CENT Hardware Wallet, protects its customers' digital valuables.

 

5. NOVAwallet: The UX of NOVAwallet is simple and easy to use. Once installed, the program asks for the wallet. In this case, Klaytn can be selected. Once users have selected Klaytn, they can transmit and receive KLAY via the seed backup interface.

Several use cases and authentication methods are being investigated now. Additionally, NOVA Wallet has an in-house BApp Station that allows users to access BApp websites.

 

Where can you buy Klaytn?

KLAY can be sold, purchased, and exchanged on any of the following crypto exchange trading platforms:

  1. Coinone
  2. Korbit
  3. OKEx
  4. Probit
  5. HotBit

 

1. Coinone: An established cryptocurrency trading site in Asia, Coinone has become a popular place to buy, sell and trade coins. Depending on the amount of trade, fees are lower than average for the category. There are no referral schemes, free accounts, or how-to tutorials available on the exchange.

 

PROS CONS
The exchange offers some of the most popular crypto assets  There is no referral program offered
There is a proprietary trading terminal that is feature-rich There is a lack of demo accounts and education
The exchange has some of the best security to protect users' funds and data  
There is a mobile app offered with a user-friendly interface  
There are several staking programs offered  
The exchange can offer crypto loans to eligible traders  

 

2. Korbit: Korbit is a crypto exchange trading platform that provides an innovative web platform and mobile trading app that can be used. There are several charting capabilities, basic tools, and a comprehensive order book with various market entries.

 

PROS CONS
Korbit is reputable and there are no scam reports The exchange is extremely focused on the Korean market
The platform is available in both English and Korean There is a restricted asset base
There is 2FA offered on the platform The charts only offer a few tools for technical analysis
The exchange offers the ability to buy crypto assets with fiat currency  
The fees are reasonable, and the fee system offers high volume traders reduction in fees  
The user interface is clean and aesthetically pleasing  

 

3. OKEx: OKEx, founded in 2017, is now one of the world's major cryptocurrency exchanges by trading volume, assuring near-constantly high volatility.

OKEx is a well-known online cryptocurrency exchange trading platform that uses innovative blockchain technology to deliver a wide range of financial services.

 

PROS CONS
OKEx has a native blockchain and cryptocurrency The exchange does not accept United States clients
OKEx supports EVM and there is a cross-chain gateway compatible with various solutions There are limitations on withdrawals
The trading costs on OKEx are low  
Users can use fiat currency deposits to fund their accounts  

 

4. ProBit: ProBit is a cryptocurrency exchange with a tiny user base. It excels at some tasks, like basic cryptocurrency trading and initial coin offerings.

ProBit customers with a high volume of transactions might consider purchasing and keeping the utility token PROB on the exchange to benefit from trading fee savings, staking incentives, and referral bonuses.

 

PROS CONS
Traders can earn trading cost reductions when they use PROB There are no lending services offered
Investors have access to initial exchange offerings (IEOs) There are no direct bank deposits offered
There is a native digital wallet and token offered The mobile app is not compatible with iPhone
There is a wide selection of trading pairs offered There is limited technical support

 

5. HotBit: Established in 2018, HotBit exchange is one of the major cryptocurrency exchanges, offering extensive functionality, a mobile app, and an appealing user experience.

This exchange has worked with many prominent blockchain technology industry players to provide traders and investors with a safe, reliable, and feature-rich trading environment.

Members of the HotBit team from the United States of America, China, and Taiwan, and each brings many years of expertise to the creation of this exchange.

 

PROS CONS
The exchange offers a wide range of trading pairs including BTC, ETH, USDT, and several others There is no margin trading offered
The platform does not have a KYC procedure  There are no affiliate programs offered
The platform also has a mobile trading app  
There are multilingual options on the platform  
The exchange is available in 170 countries and there are more than 7 million users, giving the exchange a high trust score  

You can buy Klaytn safely from these cryptocurrency platforms.

What is Klaytn’s largest Competitor?

Ethereum is the largest competitor of Klaytn.

The fact that Klaytn forked Ethereum's source code gives them a lot in common. Klaytn and Ethereum employ the same elliptic curve (SECP256k1) to sign transactions.

This means that transactions between Klaytn and Ethereum are not possible. Unlike Ethereum, Klaytn charges a fixed cost and does not let users choose their own gas rates.

Unlike Ethereum, Klaytn uses a PBFT variation to reach an agreement. Benefits and drawbacks of BFT include a convenient consensus while network synchronization is slowed as a disadvantage.

 

What is the Staking Process involved with Klaytn?

A Committee of randomly chosen Council members is constituted for each block. One member of each committee is designated as the Proposer, while the other members of the committee are designated as Validators.

Block rewards are split equally between the Proposer of a block and those who are successful in adding it to the Klaytn network.

Members who risk more KLAY have a greater chance of being chosen as a Proposer and claiming the block reward. Therefore the more KLAY a member invests, the better their chances are of being chosen as a Proposer.

For as long as Klaytn Governance Council members meet the minimum staking threshold of 5 million KLAY, they are free to stake or unstake their own KLAY at any time.

Two update cycles after the staking are done, freshly staked KLAY takes effect in the staked block's staked data. As a precautionary measure, the withdrawal of staked KLAY must be delayed by one week.

The Gini coefficient may be used to alter the effective amount of staked KLAY to avoid small groups of heavily invested Council members from monopolizing the claim to Klaytn Governance Council Reward.

 

What can Klaytn smart contracts do?

In the Klaytn ecosystems, smart contracts refer to applications that communicate with the Klaytn blockchain. When the parameters of the smart contract are met, it will automatically execute.

The conditions of smart contracts are encoded, and their status is maintained. The Klaytn network enables the development and execution of smart contracts in a variety of ways.

The Klaytn development toolkit is interoperable with Remix and Truffle and supports Solidity. On Klaytn, Solidity smart contracts may be created and executed using the latest Solidity compilers.

Klaytn supports Solidity because it is Ethereum's de facto standard contract programming language and has a vibrant community.

Klaytn wants to allow smart contracts written in more programming languages in the future, increasing developer participation and letting them utilize their chosen development environment.

Klaytn will continue its exploration of fascinating programming languages.

 

Is Klaytn a Good Investment?

Yes, Klaytn can be a good investment.

Klaytn's ecosystem has established itself as a backbone for businesses seeking to join the market with the minimum technical skills necessary.

With corporations incorporating blockchain technology, it is a foregone conclusion that the realm of decentralized money will quickly gain general acceptance.

Klaytn (KLAY) is the cryptocurrency of choice for many respected and institutional organizations, resulting in the network's popularity steadily increasing.

 

What is the supply and distribution of Klaytn?

Tokens on the Klaytn blockchain have an undetermined maximum limit and currently have a total quantity of 10,527,368,819 KLAY. The current supply is 2,448,059,130 KLAY.

The Klaytn Governance Council is allocated 34% from the overall supply, the blockchain consensus receives 54%, and the remaining 14% goes to the Klaytn Improvement Reserve (KIR).

 

Is Klaytn a viable Alternative Coin?

Yes, Klaytn is a good Alternative Coin according to these factors:

  • Hacking – Klaytn does not have any record of a successful hacking attempt.
  • Security – Klaytn is secured by an innovative consensus method.
  • Transaction speed – Klaytn can process up to 4,000 transactions per second, which is faster than Ethereum, Bitcoin, and a few other blockchains combined.
  • Technology – Klaytn uses innovative technology, including Istanbul BFT, Proof-of-Contribution, and more.
  • Potential Investment – Klaytn is a good potential investment because of its real-world application and world uses

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Klaytn And Bitcoin?

Klaytn's usefulness is typically inferior to that of Bitcoin and is anticipated to remain so for the conceivable future. This may indicate why it is less popular with users. However, this might just be due to its relative youth in comparison to Bitcoin.

KLAY coins are about 70 times more affordable to transfer than BTC. Additionally, its transactions are confirmed about two thousand times quicker.

 

  Bitcoin Klaytn
Price change 20/21 +400% +160%
Market Cap $800 Billion+ $3.3 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #1 – Original Crypto #48

 

What are the differences between Klaytn and Ethereum?

Ethereum is a digital currency and a programmable blockchain and platform for decentralized computation. Developers may use the platform to build decentralized apps and issue new cryptocurrency assets called Ethereum tokens.

Klaytn is an open-source and decentralized blockchain-based project that was built from the bottom up to support millions of users and developers who want to launch projects, from microbusinesses, individuals to corporate departments globally.

 

  Ethereum Klaytn
Price change 20/21 +880% +160%
Market Cap $460 Billion+ $3.3 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #2 #48

 

What are the differences between Klaytn and Dogecoin?

Klaytn is typically more useful than Dogecoin and is likely to keep that advantage much into the future. Additionally, Dogecoin is more popular with users, even though Klaytn has more useful applications.

KLAY coins are about 30 times more affordable to transmit than DOGE coins. Additionally, its transactions are confirmed around five thousand times quicker.

 

  Dogecoin Klaytn
Price change 20/21 +7,300% +160%
Market Cap $22 Billion+ $3.3 Billion+
Past Hacks None None
Popularity High Low
Altcoin Rank #12 #48

 

What are the differences between Klaytn and NEO?

Klaytn usefulness is typically inferior to Neo's and is anticipated to remain so for the conceivable future. Despite this, Klaytn has a larger user base.

In comparison to NEO, KLAY coins are much more costly to transfer. However, Klaytn transactions confirm about one hundred times quicker.

 

  NEO Klaytn
Price change 20/21 +160% +160%
Market Cap $1.70 Billion+ $3.3 Billion+
Past Hacks None None
Popularity Medium Low
Altcoin Rank #69 #48

 

What are the differences between Klaytn and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Klaytn, on the other hand, is fungible, which means that one KLAY has the same value and characteristics as another KLAY.

 

What are the differences between Klaytn and Solana?

Solana is typically more utilitarian than Klaytn and is likely to keep this advantage far into the future.

SOL coins are around 90 times cheaper to transfer than KLAY coins. However, their transaction speed is on a par with or slightly slower than Klaytn currencies. Solana is about 30 times more decentralized than SOL, which makes SOL more trustworthy and safer.

 

  Solana Klaytn
Price change 20/21 +9,300% +160%
Market Cap $54 Billion+ $3.3 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #5 #48

 

What are the differences between Klaytn and Cardano?

Cardano is typically more useful than Klaytn and is likely to preserve that advantage far into the future. Additionally, Cardano is more popular among crypto enthusiasts, traders, and investors, because of its age.

While Cardano has a 71% available quantity of ADA coins, Klaytn's available supply is unknown/unlimited. In terms of inflation, Cardano has around double the rate of Klaytn.

 

  Cardano Klaytn
Price change 20/21 +2,100% +160%
Market Cap $42 Billion+ $3.3 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #7 #48

 

What is the difference between DApps and BApps?

Decentralized Applications (DApps) and Blockchain Applications (BApps) refer to the same thing. However, in the case of Klaytn, BApps are the native applications that are hosted on its native blockchain.

Several Klaytn ISP's host BApps (blockchain apps) on their Service Chains. For this reason, Klaytn uses “BApp” instead of “DApp” or “decentralized application” since it does not need app providers to operate decentralized web applications on its native Service Chains.

All BApps can use Klaytn's public mainnet and gain from blockchain-based transparency and security. The first BApps were released on the Klaytn mainnet in June 2019, along with other measures to promote the Klaytn BApp ecosystem.

By 2020, Klaytn's mainnet had two dozen BApps. Their blockchain-enabled features include collecting non-fungible tokens (NFTs). Every BApp needs KLAY coins to run and bill for its services.

The Klaytn Governance Council, which includes high-profile strategic partners like LG Electronics and Celltrion, awards top-performing BApp developers with KLAY coins. This adds to the developer's revenue from having a profitable BApp on Klaytn.

 

What is Service Centricity?

Service centricity correlates with customer-centricity, which means that the customer is prioritised more than anything else. Klaytn consists of a core cell network (CCN), Endpoint Node Network (ENN), and a Service Chain Network (SCN).

The proprietary Klaytn Service Chain enables organizations to adopt a bespoke Klaytn blockchain solution bundle that meets their business demands and infrastructure resource availability.

In addition to the foregoing functionalities, Service Chain allows enterprises to establish trustworthy connections with the public Klaytn mainnet, allowing them to generate irrefutable data validation proofs that secure the data integrity on specific Service Chains.

Service Chain also offers a network bridge function that links various Service Chains to the public mainnet to permit tokenized digital asset transfers across blockchain networks.

 

Is Service Centricity an advantage?

Yes, it is a major advantage because it is believed that businesses around the globe can drive the mass adoption of blockchain technology.

Collectively, businesses can sow the seeds for blockchain experiments across a wide range of industries. Larger players are anticipated to launch blockchain-enabled goods with more polished interfaces appealing to a broader audience.

They will establish unparalleled end-user touchpoints by leveraging their enormous user base, boosting market acceptance, and bringing in new consumers for other blockchain applications.