What is Klaytn (KLAY)? Project overview and KLAY . token

• General overview of the Klaytn (KLAY) project
• What is Klaytn (KLAY)?
• How does Klaytn Blockchain work? (Klaytn Architecture)
• Highlights of Klaytn
• Klaytn's Ecosystem
• Klaytn . project development roadmap
• Project development team, investors and partners of Klaytn
• Overview of KLAY . token
• Basic information about KLAY . token
• KLAY . Token Allocation
• KLAY . token release schedule
• Exchange and wallet for storing KLAY token tokens
• Assess the potential of Klaytn project, should invest in KLAY token or not?
• summary

General overview of the Klaytn (KLAY) project

What is Klaytn (KLAY)?

Klaytn is an enterprise blockchain platform developed by Ground X, a blockchain subsidiary of Korean tech giant Kakao. Klaytn's modular network architecture allows businesses to conveniently customize and operate their own service-oriented blockchains built on top of the Klaytn architecture. These independently operated subnets are called Service Chains and provide the core infrastructure for a Klaytn business-friendly ecosystem.

The Klaytn mainnet launched in June 2019 and quickly attracted over 40 initial service partners (ISPs) covering a wide range of industries and sectors, from entertainment and e-commerce to healthcare and finance.

How does Klaytn Blockchain work? (Klaytn Architecture)

Klaytn was created to target businesses with large data transaction volumes, the use of basic consensus mechanisms such as Proof-of-Work (PoW) or Proof-of-Stake (PoS) has may not be enough. Instead, Klaytn is deployed through an advanced consensus mechanism called IBFT (Istanbul Byzantine fault tolerance).

The Klaytn blockchain consists of 3 different types of nodes: CN (consensus node), PN (authorization node) and EN (end point node). CN is managed by CCO (Core Cell Operator) and is responsible for block generation. These blocks will then be verified by all nodes in the network. Since validation and consensus are done for each block, there will be no fork and block finality is guaranteed immediately after consensus is made.

To deal with the problem of increasing communication volume in the BFT algorithm, Klaytn solved it by using a random selection of a valid committee. The common CNs will form a council (Council) and on each block generation a part of them is chosen as a member of the committee. Consensus messages are exchanged only between committee members. This helps to reduce the amount of communication on the network and limit below design even if the total number of CNs increases.

However, Klaytn still uses PoS to support a limited number of initial validators while keeping IBFT as its primary consensus mechanism.

Highlights of Klaytn

High performance

With this mechanism, Klaytn can process transactions at speeds up to 4,000 TPS and ensure transaction completeness.

Service chains are the default Layer 2 solution for Klaytn that is customizable and easy to deploy, thereby increasing scalability. The service chain can have its own admin rights and connect to the Klaytn main chain to immobilize data or transfer assets.

Low cost

End users will not incur any transaction fees higher than what current traditional systems are asking for. Transaction fees will always be stable and are determined by the complexity of the transaction, not surrounding factors such as market volatility, trading volume, etc.

Ability to grow rapidly

Any tool that can run on Ethereum will be usable on the Klaytn ecosystem with just a few simple technical steps, from EVM to libraries and APIs. New tools created in the Klaytn ecosystem can also be mutually accepted in the Ethereum ecosystem. Thanks to this ability, when the growing community contributes to an ecosystem, they are actually doing this for both Ethereum and Klaytn.

Fully focus on developing the ecosystem and community

Klaytn is the first and largest platform focused on growing its ecosystem through the Klaytn Growth Fund. This fund will provide grants and investments to various organizations and individuals that are contributing to the development of the Klaytn economy.

In addition to protocol development, Klaytn is also expanding its influence through building various user communities such as game guilds, DAOs, etc.

Transparency, security and decentralization

Anyone can request transactions as well as retrieve and confirm transaction results on the blockchain. The Klaytn blockchain is a decentralized network and no malicious node can break the integrity of data. 

Klaytn's Ecosystem

Launched in 2019, up to now, Klaytn's ecosystem has gradually completed with all the necessary pieces.

Klaytn uses the term BApp instead of the widely used Dapp because the platform does not force application providers to run decentralized web services on their service chain. Even centralized BApps can interact with Klaytn's public mainnet and benefit from its blockchain-backed security and transparency. As of 2021, there are over 60 active BApps on the Klaytn mainnet. 

Klaytn . project development roadmap

Born in 2019, all the goals in the previous development roadmap of Klaytn have been completed. In the near future, the project will continue to build and develop Klaytn 2.0 towards becoming a foundation of the metaverse.

Technology:

• Scaling through the service chain:
  • Support building service chain bridge
  • Increase network size and infrastructure to be able to interact with more service chains
  • Implement nested service chains, increasing scalability exponentially
• Optimize consensus

Developer support:

• Released an end-to-end metaverse package with a library of standardized smart contracts
• Released open source IPFS gateway to manage Klaytn data about gaming, metaverse, NFT
• Released a chain explorer that allows tracking data on blockchain
• Launch of an open source DEX and NFT Marketplace
• Release of SDK to connect to blockchain and various components of the ecosystem
• Launching a browser and mobile wallet to store assets

Administration:

• Decentralization with DAO
• Increase search and network upgrade to get more members for the Board of Directors of Klaytn

Project development team, investors and partners of Klaytn

Development team and advisor

Klaytn is currently built and developed by the Klaytn Foundation with members with many years of experience in the field of technology and blockchain:

• Sangmin Seo (Director of Klaytn Foundation) : He holds a PhD from Seoul National University with many years of experience working in the technology field for large companies and organizations such as Samsung, ManyCoreSoft and National Laboratory. Argonne of America. Currently, he is also the Chief Technology Officer and Chief Product Officer of Ground X.
• David Shin (Global Adoption) : He has many years of experience as a manager, salesman, consultant for many large organizations and companies such as Manulife Financial, IBM Canada, Morgan Stanley Japan, Standard Chartered bank, investment bank Barclays, Tezos Foundation, TZ APAC… 
• Younho Lee (Leader of Strategy and Investment) : He used to work as Investment Director of Lindeman Asia Investment and Huobi Korea before moving to Ground X with Klaytn.
• Junghyun Kim (Core Development Team Leader) : He has many years of experience as a senior software engineer for Samsung and Ground X before joining Klaytn Foundation.
• Terry Wilkinson (Ecosystem Development Lead) : He is currently the Founder and CEO of two technology companies, Polytree and Anchor Value. Previously, he worked as an engineer, team leader, and blockchain development director of iSTOX, Finterra Technologies and Asset Exchange YOSEMITE.
• Neo CK Yiu (Technology Advocacy Team Leader) : He has many years of experience as a software engineer, advisor, and chief technology officer for Oxford Blockchain Society, BCG Digital Ventures, Krust Universe, De Beers Group...

Investors and partners

Klaytn is governed by a Board of Directors consisting of ecosystem builders and service providers. The Board of Directors is one of the largest blockchain consortium consisting of global enterprises such as Kakao, Binance, MakerDao, Hashkey, Worldpay, LG Electronics.

With the support of Kakao Group, Klaytn has successfully cooperated with many large companies in the entertainment and service industries. On June 27, 2019, Klaytn formed a coalition of multinational organizations called “The Klaytn Governance Council” for the purpose of managing the platform, unifying node operations, and developing the ecosystem. including the world's leading enterprises such as Kakao, Binance, MakerDAO, HashKey, Worldpay, LG Electronics, SK networks...

Overview of KLAY . token

KLAY is the native utility token of the Klaytn blockchain with various use cases across this ecosystem. KLAY can be used to:

• As a means of payment. All transactions happening on the platform, BApp can be paid in KLAY
• Participate in Klaytn DeFi applications and services such as KLAYswap, KLAYstation…
• KLAY can also be used to mint NFT

KLAY tokens are also rewarded to the best performing BApp developers as determined by the Klaytn Board of Directors. This provides developers with an additional source of income beyond their profits from running a successful BApp on Klaytn.

Basic information about KLAY . token

• Token Name: Klaytn Token
• Ticker: KLAY
• Blockchain: Klaytn Service Chain
• Token Type: Utility, Governance
• Non-fungible Token Standard: KIP-17
• Token Standard: KIP-7
• Initial Total Supply: 10,000,000,000 KLAY
• Circulating Supply: 2,818,688.704 KLAY

KLAY . Token Allocation

• Protocol Reserves: 53%
• Private Sale: 18%
• Business Development: 16%
• R&D and Technology: 8%
• Team: 5%

KLAY . token release schedule

You can see information about the KLAY token unlocking schedule through the table below:

At the time of mainnet launch, 9.6 KLAY will be minted per block. This implies an annual inflation of KLAY of 3% (approximately 300 million KLAY) compared to the 10 billion KLAY originally issued. This annual inflation rate is subject to change through the Klaytn governance process.

Exchange and wallet for storing KLAY token tokens

Currently, KLAY is listed and supported for trading on a number of exchanges such as Bithumb, Binance, MEXC, OKX, Gate.io, Bybit...

KLAY token is developed on a completely new private blockchain platform, you can visit https://wallet.klaytn.com/ to create a crypto wallet for the Klaytn ecosystem. Currently, there are also many popular e-wallets such as Klip, MetaMask, Coin98 Wallet that support storing KLAY tokens.

Alternatively, you can also store KLAY on exchanges that list this token.

Assess the potential of Klaytn project, should invest in KLAY token or not?

The Klaytn project is designed to revolutionize the enterprise blockchain space, and it looks like it's on the right track. Blockchain solutions like Klaytn are essential to promote companies and businesses to apply blockchain technology to their production and business activities.

With strong support from Kakao and its subsidiaries, KLAY is currently one of the most prominent cryptocurrencies in South Korea. Klaytn's ecosystem is actively growing with over 70 third-party services on the platform with an estimated 11 million users. Going forward, the Klaytn and Ground X development team aims to expand to global markets outside of Korea. In addition, the project is also aiming to develop into a decentralized platform with DAO as well as a solid infrastructure for metaverse projects.

Some outstanding achievements of Klaytn

• KLAYswap, the largest DeFi protocol on Klaytn, has exceeded 2 billion TVL with an average daily trading volume hovering around US$100 million. Klaytn also has partnerships with global DeFi protocols such as Injective, Definix… to expand its reach. Klaytn's proprietary digital asset platform, Klip has over 1,000,000 active users and is integrated with KakaoTalk, Korea's leading messaging app.
• In May 2021, Klaytn announced the official launch of the Klaytn NFT Marketplace on OpenSea. More than 1,800 NFT projects have been created on Klaytn. The top 100 projects among them have a total transaction volume of up to 10,800 ETH.
• Klaytn also announced the launch of KrafterSpace in May 2021. KrafterSpace makes it easy and fast for users to create and manage their digital assets.
• WEMIX is the tool that powers WeMade's Klaytn. WEMIX is also home to the MIR4 game title. This is a Play-to-Earn game developed on Klaytn with 1.3 million players in over 170 different countries. WeMade also recently announced plans to bring 100 games to its platform.
• In July 2021, Ground X was selected as the preferred contractor for the Central Bank Digital Currency (CBDC) pilot project led by the Bank of Korea. The project will be implemented on its own version of Klaytn.

Should I invest in KLAY tokens?

If you are living or working in Korea, you can completely buy KLAY to experience Kakao's services and applications released with Klaytn integration. If you believe in the future of Klaytn and want to own KLAY for investment. You should assess your needs, financial goals and improve your knowledge to make the best investment decisions when KLAY has an inflation rate of 3% per year. 

summary

Above is the basic information about the Klaytn project and the KLAY token. Klaytn is an enterprise blockchain with the goal of expanding the blockchain industry by creating a bridge between the financial sector and information technology. By providing businesses with the ability to build and deploy blockchain services, Klaytn is gradually asserting its position, aiming to become a leader in enterprise blockchain adoption.

For more details about the project, readers can view information at the media channels:

Website | Blog | Telegram | Twitter | Facebook | Discord | Medium | Youtube

• Klaytn successfully organized the first Blockchain event in Vietnam