ZoneBitcoin EditorialYou will hear more and more about Klaytn and the KLAY token. Businesses and individuals are starting to see the value of this blockchain that really wants to innovate in the field.
The KLAY token is currently attracting quite a few investors and it was time to write an article about it.
So see for yourself the beautiful graph below. It quickly reached its peak and it seems that after the bearing time, the Klay token has some nice surprises in store for us.
So, today I'm in good shape and I'm going to tell you what you need to know about Klaytn and its KLAY token. This will give you a better idea if you want to invest or pass on this token.
Who is the team behind Klaytn?
The founder is Jeasun Han and he was the CEO of GroundX (which is actually the company behind Klaytn). The founder has a doctorate in electrical and computer engineering which he obtained at the University of Science and Technology of Korea. With the prospect of teaching at university, he continued his post-doctoral research where he focused on distributed computing research.
We are therefore initially dealing with a serious researcher who nonetheless has an entrepreneurial streak. In 2007, Han founded NexR, a startup working in big data and cloud computing. This is where he will be hired as technical director in a company specializing in the Cloud.
So this is what we know so far about the founder of Klaytn: an expert researcher in distributed computing and the cloud by experience.
Now let's see what he designed.
Okay, so what is Klaytn (KLAY)?
You know, the project dates back to 2019 despite a public launch in 2021. For two years, the teams behind Klaytn have developed this particular blockchain that aims to bring together the best features of public and private blockchains (including their low latency and high scalability) through a so-called "hybrid" design.
This hybrid design has been designed to be accessible to all profiles ranging from the average user to startups including very large groups.
Until then, we don't yet see what makes Klaytn special. This is the next paragraph, dear reader.
What is special about Klaytn?
The big advantage of Klaytn is its incredible accessibility to people who have no technical knowledge. There is no need to be an expert in crypto or to know anything about blockchain. No way! There is no need to consult an advisor or an expert to launch your own token on Klaytn. No need to even read the documentation! Honestly, it is easy to create your token on Klaytn! This is what they call their "User Friendlyness" side. Yes, indeed.
In addition to its ease of use, Kalytn has the capacity to perform 1500 TPS while it is 15 for Ethereum. Faster therefore and without the use of layer 2.
Personally, it reminds me a bit of Waves in its early days. We could create our tokens easily and it seemed revolutionary at the time!
Thus, all users can easily develop an application that perfectly meets their needs. And, you can do everything on Klaytn in terms of services. We can create applications to sell assets, works of art, create video games and of course DEXs.
With this flexibility in development, Klaytn necessarily attracts the interest of institutional investors (Humanspace, Wemade Tree and Piction Network to name only the most important) and individuals.
The ecosystem is growing and more and more developers are joining Klaytn to develop their projects.
Tokenomics: How many Klaytn (KLAY) are there in circulation?
The maximum cap is undefined and there is currently a supply of 10 KLAY tokens. The circulating supply is 527 KLAY tokens.
In fact, with each new block, new KLAY tokens are created and the sum of the transaction fees used for the block (the block reward therefore) are gathered and distributed to the next three recipients in accordance with a predefined ratio:
- the Klaytn Governance Council receives 34% of the offer,
- the blockchain consensus receives 54% and
- the remaining 12% is then sent to the Klaytn Improvement Reserve (KIR).
Klaytn network security:
In their research, the teams behind Klaytn recognized that Proof of work and even proof of stage consensus mechanisms are not ideal. Thus, they chose to rely on an optimized version of an Istanbul BFT (which therefore implements the Practical Byzantine Fault Tolerance (PBFT) with some modifications though.
Klaytn introduced proof-of-contribution (PoV), designed to reward significant contributions from participants in the Klaytn token economy. By combining these consensus mechanisms, Klaytn obtains a versatile and decentralized environment, thus encouraging block validators to carry out their tasks. Furthermore, through this hybrid consensus approach, blockchain fulfills its goal of providing a ready-to-use, service-centric environment for its users.
How to buy Klaytn (KLAY)?
You can buy Kalytn on the majority of exchange platforms such as Binance, Gate.io or Bithumb.
------
Disclaimer: This is not investment advice. This is general information. Do your personal research before investing.
Our affiliate links and blog partners:
To buy cryptocurrencies (simple way):
To generate interest on your cryptocurrencies:
To secure your cryptocurrencies:
To have fun and play
