Klaytn

Klaytn is a public blockchain focusing on metaverse, Gamefi and creator economy. The project was officially launched in june 2019. Later, it is committed to promoting the ecosystem construction of metaverse and chain game scenarios. It is a public chain developed by Ground X, a blockchain subsidiary of the Korean Internet giant Kakao. However, it is currently headquartered in Singapore and is currently expanding its global business from its international base in Singapore. Currently, it is mainly promoted through the continuous improvement of Klaytn platform, investment in potential blockchain projects and the creation of infrastructure for the metaverse by combining blockchain with the real world.

Klaytn's vision is not only as a blockchain, but also a metaverse platform solution. In September 2021, klaytn opened the era of Klaytn2.0, and its service objects were upgraded to be available to all. In order to become a "one-stop" blockchain for the builders of the metaverse, Klaytn 2.0 provided an open source suite for the developers of the metaverse to show support.

How does KLAY Work?

In the world of decentralization, Klaytn network centers on enterprise and uses the enhanced Istanbul Byzantine Fault Tolerance (IBFT) to replace the common proof of work (POW) and proof of stake (POS) consensus mechanisms. This IBFT consensus mechanism combines the advantages of private and public blockchains so that the network can run a hybrid infrastructure and is more practical. In addition, Klaytn, in addition to using IBFT as its main consensus mechanism, still supports the POS consensus mechanism, but only supports a limited number of validators.

The operation of the Klaytn network depends on three types of nodes. The consensus node (CN) and the proxy node (PN) work together to form a core cell (CC). The consensus node participates in the block generation process, and the proxy node provides a network interface. PN transmits the transaction request to the consensus node and propagates the block down to the endpoint node. The end node (EN) is used as the endpoint to process RPC API requests of Klaytn network and data sent between service chains.

The validator node of Klaytn calls the core cell operator to form a core cell network or CCN to process transactions on the Klaytn blockchain. The validator node is operated by the members of the Governance Committee and receives 34% of the reward of each block.

Due to EVM equivalence, any tool running on Ethereum can run seamlessly in the Klaytn ecosystem. In addition, the architecture of Klaytn blockchain supports the addition of customizable blockchain, which operates autonomously as a subnet. The service chain is flexible and easy to customize, and can adapt to any type of network services. With the help of a service chain, enterprises or large networks can have their own dedicated execution environment, which is not affected by other blockchain applications.

What is KLAY？

KLAY is the native token of the Klaytn network. It is a crypto digital asset. The capital structure continues to operate with the block generation of the Klaytn network. KLAY can conduct transactions on the Klaytn network, mint NFT on the Klaytn network, and provide liquidity on the supported DFI protocol to obtain other crypto assets.

The initial supply of KLAY is 10 billion. Since the launch of the autonomous network, the annual inflation rate is 300 million KLAY. 9.6 KLAYs will be minted for each block to pay for the reward of the block. However, the annual inflation rate may change through the Klaytn governance process, and the number of KLAYs used to pay block awards may also change accordingly.

The chain governance and reward structure of Klaytn are based on the smart contract system to ensure the circulation market value and inflation target of KLAY tokens. As one of the mainstream crypto digital currencies, KLAY has developed a mature payment system across chains and platforms. The international expansion plan being implemented is also hopeful to give KLAY more value and recognition.

KLAY Crypto Wallet

In addition to placing KLAY in the Gate.io exchange to facilitate trading, KLAY can also be placed in the crypto wallet.

There are Kaikas and Klip wallets in the Klaytn network. Klip is a wallet embedded in the Kakaotalk message application, connecting its 1.67 million KYC users to various DApps in the Klaytn ecosystem; Kaikas is a browser extension wallet, which is used by multiple Klaytn DeFi platforms and OpenSea.

In addition, the Klaytn network also supports MetaMask, Huobi Wallet, Coin98, Token Pocket, Alphawallet, Biport and other wallets. Therefore, in the above crypto wallets, the use and storage of KLAY can be "cold" or "hot" depending on the network environment of each wallet tool. Specific use depends on the usage habits of the holder.