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What is Klaytn? In-depth Analysis of Klaytn (KLAY)

I. What is Klaytn?

Klaytn, Kakao-backed blockchain, announces 5 key partnerships for global expansion in 2022

Klaytn is a public blockchain platform developed by Ground X, the blockchain division of the 50 million-user-strong global KAKAO, a Korean internet powerhouse. Due to the existing blockchain platform’s performance constraints, Kakao has developed a customized blockchain platform to address the issue of network congestion that today’s mobile and internet services confront.

With its affordable prices, high throughput, and quick response times, Klaytn is creating a chance for companies wishing to use blockchain technology. In addition, Klaytn intends to support flexible scalability, guaranteeing that companies and developers can keep up with the rapidly evolving blockchain industry.

II. Striking Features of Klaytn

The team creates a BApp (Blockchain App). The Klaytn ecosystem’s most crucial component and distinct feature from other Blockchain initiatives are this.

By combining Klaytn’s capabilities, BApp designers give their users the greatest experience possible comprised of:

  • Swift response from the network, rapid transactional speed
  • Scalable flexibility
  • Supporting the final party’s transaction expenses

Furthermore, BApp features significant connectivity with older enterprise assets (via enterprise proxies), enabling businesses to quickly incorporate Blockchain technology into current services.

With the aforementioned capabilities, the project has used Blockchain technology in several fields, including the following:

  • Entertainment

The entertainment sector has always been attractive. In order to construct BApp and collect fees from fans, services linked to music, movies, and celebrities, among other sources, Klaytn has leveraged the power of this industry. This is claimed to be highly intelligent, enabling the Klaytn project to achieve previously unheard-of “bargain” profits.

  • Gaming

The potential-rich, smokeless Esport Gaming sector just achieved a significant advancement. Future predictions include that gaming will serve as a stopover for developers, who will incorporate BApps into in-game item exchange transactions and use the Livestream service to connect players and followers. With these potentials, Klaytn has not shied away from introducing Blockchain technology into this industry, drawing in a sizable participant base while also encouraging the platform’s further improvement and reaffirming its place in the market.

  • Web-Based Content

It is also anticipated that readers would pay service fees for the dissemination of manga and anime content in the future. Because there is a huge market for Japanese comics, particularly among young people.

  • Payment/Remittance

Financial services are used for payments and user-to-user.

III. Core Technology of Klaytn (KLAY)

1. How Klaytn Addresses Blockchain Issues Currently Existing

These are the restrictions that other Blockchain systems at the moment face:

  • Scalability: It is clear that you can do a lot of tasks rapidly. Scaling issues with Blockchain initiatives are now present. This causes a lengthy transaction processing time.
  • Lack of finality: In the Blockchain, a block’s finality assures that the transactions contained inside it cannot be altered and will proceed as planned. Blockchains’ present drawback, meanwhile, is their lack of finality.
  • Branching: The act of splitting into two or more branches.

2. How Klaytn Solves By Consensus Algorithm

Klaytn strives to build a platform that is service-focused and business-ready. To address the peculiarities of blockchain networks, Klaytn implements PBFT using an optimized version of Istanbul BFT. Helping additional nodes join the network is the aim. With a block duration of one second, Klaytn Mainnet Cypress can deliver a throughput of up to 4,000 transactions per second (TPS). The Consensus Node Network (CNN) now supports more than 50 consensus nodes, and as Klaytn continues to improve the algorithm, the number will increase. On Klaytn, there are three distinct sorts of buttons:

  • Consensus Node (CN) and Proxy Node (PN) work together to form a Core Cell (CC). Consensus nodes participate in block generation, while Proxy nodes provide the interface to the network. PNs transmit transaction requests to CNs and transmit blocks down to Endpoint Nodes.
  • The Endpoint (EN) node serves as an endpoint to process Klaytn network RPC API requests and process data sent between service chains.

IV. What is KLAY?

1. Detailed Information about KLAY

Klaytn partners with Parity to boost its Metaverse growth | Invezz

  • Token Name: Klaytn token
  • Token Symbol: KLAY
  • Blockchain: Klaytn
  • Marketcap: $2,868,916,000
  • Blockchain: Klaytn Service Chain (EVM Compatible)
  • Fungible Token Standard: KIP-7
  • Non-fungible Token Standard: KIP-17
  • Consensus: Proof of Contribution
  • Token Type: Utility & Governance
  • Total Supply: 10,602,731,555 KLAY
  • Circulating Supply: 2,476,554,233 KLAY

2. KLAY Allocation

The total number of KLAY tokens will be distributed as follows:

  • Protocol Reserves: 53% – 5,619,598,369 KLAY
  • Private Sale: 18% – 1,908,542,842 KLAY
  • Business Development: 16% – 1,696,482,526 KLAY
  • R&D and Technology: 8% – 848,241,263 KLAY
  • Team: 5% – 530,150,789 KLAY

3. KLAY Ecosystem

4. KLAY Noticeable Milestones

  • KLAY Token Sale

Klaytn has had 3 rounds of KLAY token sales, but the data is from 2019 onwards and Klaytn has changed the Allocation for the sale. That’s why I don’t have exact information about the amount of KLAY sold in each batch.

  • Private Sale 1 (December 2018): $0.03/KLAY
  • Private Sale 2 (April 2019): $0.08/KLAY
  • Upbit Auction (September 2019): $0.15/KLAY
  • KLAY Token Release Schedule

KLAY coins will be issued upon the Mainnet launch at a rate of 9.6 KLAY/block. This amount (about 300 million KLAY) has increased by 3% annually compared to the initial value of 10 billion KLAY.

The governance structure of the Klaytn Governance Process allows for the modification of the KLAY minted amount. By June 2024, all of Klaytn’s supply will have been unlocked if the present pace and volume of releases are maintained.

5. Use Cases of KLAY

The KLAY native token for the Klaytn blockchain has the following uses:

  • Network Utilization: Use KLAY as a medium of exchange and pay transaction confirmation fees via the Ethereum blockchain, just like you would with ETH.
  • DeFi Protocol: The Klaytn blockchain’s DeFi space, which includes KLAYswap, KLAYstation, KLAT Staking, and others, uses the DeFi protocol.
  • Minting NFTs: Using KLAY to mint NFTs is an option.

V. How to earn & own KLAY?

Currently, users can buy KLAY directly at major exchanges like Binance, Okex, Coinone, Gate, MXC, etc.

VI. Which Crypto Wallets are suitable for KLAY?

Some of the providers you can choose from smart wallets to store KLAY:

  1. MetaMask
  2. Coinbase
  3. Ledger Nano X
  4. Ellipal Titan
  5. Binance
  6. Exodus
  7. imToken
  8. CoolWallet Pro
  9. Uphold

VII. KLAY Recent Developments

1. Roadmap

  • 2019 – Infrastructure
      • Building blockchain infrastructure.
      • Develop a toolkit for developers to use.
      • Build a network with applications with many users in many different fields such as gaming, healthcare, entertainment, finance, etc.
  • 2020 – Users
      • Extend user files through partner applications.
      • Improved stability and interoperability of dApps.
      • Encourage developers to develop dApps on the Klaytn blockchain.
  • 2021 – Klaytn World
      • Klaytn officially launched Mainstream.
      • Enhanced performance, scalability, and security.

2. Recent News about Klaytn

  • June 2021: Launch date announced for Klaytn-based Digital Art Marketplace – ‘klip Drops’.
  • June 2021: Digital Asset Platform Klip hits one million registered users.
  • May 2021: Officially launching NFT Klaytn Marketplace on OpenSea and NFT Minting Service KrafterSpace.
  • April 2021: Partnering with ConsenSys on Blockchain Solutions to promote the Korean Digital Currency Project.
  • March 2021: The Klaytn DeFi (KLAYSwap) ecosystem exceeds $1 billion in Total Locked Value (TVL).
  • February 2021: Forbes announces Klaytn in the top 50 blockchain companies for 2021.

VIII. Teams, Funds & Partners of Klaytn (KLAY)

1. Team

Ground X, a Blockchain division of Korea’s KAKAO Internet, which has tens of millions of users worldwide, is the company behind Klaytn.

2. Investment Funds

At this time, Klaytn does not identify any particular investors in the initiative. However, they could have contributed financially to the initiative in order to join Klaytn’s board. Typically Hashed, is a venture capital firm that funded Klaytn and joined the project’s board of directors.

3. Partners

The initiative has partnered with significant organizations in the entertainment and service industries with the backing of the parent corporation, KAKAO Corporation.

The Cosmochain platform project and Klaytn joined in May 2018 with the goal of incorporating Blockchain into the ecosystem.

In a push to integrate blockchain technology into e-commerce, Terra (a stablecoin platform) has announced that it would collaborate with Klaytn.

The initiative created the “Klaytn Board of Directors” coalition of international companies and organizations on June 27, 2019. aims to be in charge of platform administration, coordinating node operation and ecosystem expansion.

In the alliance, there are famous corporations such as:

  • LG Electronics (subsidiary of the famous Korean electronics group LG).
  • PUBG game studio (available in over 150 countries, with over 400 million players).
  • Biopharmaceutical company Celltrion (2nd company capitalization in Korea).
  • In addition, there are Netmarble (the largest game company in Korea), and Union Bank (the largest bank in the Philippines).

Not stopping there, after Klaytn launched the Mainnet in July, the project cooperated to support the development of 9 other Blockchain projects. Among the most prominent are:

  • HintChain – food data marketplace;
  • Antube – video entertainment service;
  • Pibble – image SNS service.

And all will launch on Klaytn to diversify the services and products of the project.

In addition, the project worked well with 34 service providers and 4 distinct security firms. This is done to preserve the network’s stability. Additionally, providing consumers with the finest Blockchain experience is the goal.

IX. Where is Klaytn (KLAY) information updated?

Currently, Crypto users can fully consult, research, and analyze information about Klaytn (KLAY) through famous media newspapers such as Nasdaq, Bloomberg, Forbes, AP News, Yahoo!Finance, CoinTelegraph, Coindesk, etc

These media are constantly updated with useful information, new activities, outstanding events of Klaytn, and all the topics surrounding it. Accordingly, Meta Lion Ventures continuously updates the topic of outstanding projects in Blockchain and hot events organized between Meta Lion & partners.

X. FAQs about Klaytn (KLAY)

  • Who is Klaytn’s partner?

Potential partners that Klaytn has been accompanying are Samsung, LG, Union Bank, PUBF, Netmarble, etc.

  • Join Klaytn, should or not?

Unlike many other Blockchain-based systems, Klaytn is thought of as a viable initiative. For the reason that Klaytn develops a clear plan, uses Blockchain to function for businesses, enhances trading platforms, etc. But don’t rush things; take your time and study well. prior to investing.

  • What kind of transaction fees does a user have to pay to join Klaytn?

Built on the Klaytn Blockchain is KLAY Token. Users must thus pay fees for the Klaytn network and exchange fees when exchanging or transferring KLAY Tokens.

  • How might KLAY Token transaction fees be collected on Klaytn?

Klaytn’s transaction fee calculation is Transaction fee = (Total Gas Used) x (Unit Price). In there:

  • Total Gas Used: This is the total Gas fee of the Token that you trade.
  • Unit Price: price on each type of Token traded.
  • The Exchange Fee will depend on the specific regulations of the exchange.

Conclusion

To sum up, by building a link between the financial industry and information technology, Klaytn seeks to advance the blockchain industry. Klaytn is positioning itself as a leader in corporate blockchain adoption by giving enterprises the power to create and deploy blockchain services.

The Klaytn Blockchain project’s future appears to be relatively open since it has been on the minds of many cryptocurrency investors since its introduction in early 2019. of Klaytn is listed on OpenSea, the biggest NFT marketplace in the world, thus we should anticipate seeing NFTs. Furthermore, the introduction of the Samsung KlaytnPhone shows that the Klaytn ecosystem and the services powered by the Klaytn Blockchain are highly trusted.

The above is Meta Lion’s comment on the Klaytn project which is our personal opinion, this is not investment advice at all. Investors should be responsible for their own decisions.

2 comments

  • Hello there! This post could not be written any better!
    Reading this post reminds me of my old room mate!
    He always kept chatting about this. I will forward this
    post to him. Fairly certain he will have a good read.
    Thank you for sharing!

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