Klaytn is a business-focused blockchain project that combines the unique capabilities of both public and private blockchains together to deliver an easy-to-use blockchain experience through its integrated infrastructure.
In particular, Klaytn uses a modular network that allows businesses to operate seamlessly and, more importantly, create and deploy their own custom-built blockchain focused on service in the Klaytn architecture.
These service-focused blockchains are otherwise referred to as service chains, and they automatically function as subnetworks that contribute continuously to Klaytn's core business-friendly ecosystem.
Realizing that these service chains are flexible and easy to customize, they can easily accept any type of web service, however, other than those related to gambling and financial speculation.
Behind the Klaytn development team, there is a company under the blockchain project Ground X, which is part of Korea's largest mobile platform called Kakao. Ground X aims to gain mass adoption of blockchain-powered services. All this with a scalable blockchain platform that provides visual and operational services.
Jaesun Han is one of the co-founders and the executive director of the Ground X team. Jaesun later founded the technical accelerator FuturePlay and served as its technical chief.
Another person responsible for Klaytn's development is Myeongjin Jeong, financial director of Ground X, who mainly oversees the company's operations. The head of the Wallet Group is Sangeon Bae. Bae has joined Ground X with extensive experience in software development and project management.
Klaytn is designed with the motive of offering enterprise-grade scalability, EVM performance, and solidity compatibility. Using a hybrid management framework and an improved PBFT compliance method, the Klaytn network supports up to 4,000 transactions per second (TPS) performance combined with 1-second block creation time and instant completion.
Core Cell Network: The Core Cellular Network consists of core cells for validating and executing transactions sent through Endpoint Nodes.CCN is responsible for creating and distributing blocks throughout the network.
Endpoint Node Network: The Endpoint Node Network is created from Endpoint Nodes that are responsible for creating transactions, processing data requests in the service chain, and processing all RPC API requests.
Service Chain Network: The Service Chain Networks in Klaytn are similar to side chains in that they are made up of auxiliary blockchains attached to the main chain via Endpoint Nodes. These Service Chain Networks exist to enable blockchain applications or BApps.
· KLAY is a traditional currency for the Klaytn project. It is fully transferred to the network and is used to pay transaction fees when creating or executing smart contracts or when transferring the currency itself. · KLAY operates as network fuel or GAS. A payment method between platform users and compliance nodes to complete the requested transaction. As a result, when nodes are rewarded for work with KLAY tokens, it serves as an incentive for developers to build high-performance applications. · KLAY is also part of the platform management council as a consensus nodes stake cryptocurrency to raise the bar for the Consensus Council. The person who proposes the block is rewarded with newly minted coins for the proposed block and a transaction fee is charged.
DATE | NEWS/EVENTS | IMPACT |
04/04/2022 | Klaytn team announced the increase in Cypress gas price | -16% Decrease |
23/06/2021 | Klaytn gets listed on the largest cryptocurrency exchange, Binance | +25% Increase |
Klaytn has been aggressively growing its network, adding new functions and features at a regular pace on a blockchain network that’s both fast and scalable. With applications ranging from games to DeFi to NFTs Klaytn really is living up to its promise of making blockchain BApps accessible to millions of people worldwide.
Unlike many other crypto projects, Klaytn operates in a very integrated manner. The project is governed by a decentralized governance structure, but most of the participants are corporate partners or other crypto companies. In many ways, this structure can benefit from the legitimacy of the project from the point of view of other enterprises, given its position on enterprise implementation.
While the Klaytn project is progressing well, most of its applications are limited to South Korea. One of the biggest challenges for future projects is to extend the one-stop platform strategy to the international arena. Klaytn will have great prospects if it can find a solid global base in terms of apps, partnerships, and exchange listings.
Klaytn