Klaytn: The metaverse blockchain for all
Klaytn is an open-source public blockchain protocol launched in 2019, supported by Kakao, a South Korean internet company with 50 million+ users worldwide. The platform aims to revolutionize internet services and eliminate any barriers of existing blockchain technology that poses a hindrance to performance.
Klaytn serves as the fundamental trust layer for the metaverse, bringing together and empowering communities in the new world. It is currently undergoing global business expansion, led by the Klaytn Foundation, a non-profit organization that was established to accelerate global adoption and ecosystem maturity on Klaytn. Klaytn Foundation strives to make blockchain technologies accessible to every nook and corner of the world.
A complete package of tool sets which can be built with full autonomy, managed by a dedicated package manager.
Source: Klaytn’s Lightpaper
Primary Infrastructure: Tool sets for end-to-end blockchain integration and building:
- Customized L2 solutions as well as create/transfer assets.
- SDKs and smart contract libraries.
- Wallets and chain explorers.
- Distributed storage solutions.
- Oracle support.
Secondary Infrastructure: Ecosystem for supporting products and services
- Integration/abstraction services.
- Stablecoin integrations.
- NFT Marketplaces.
- DEX and DeFi.
- Traditional finance interfaces.
Throughput & transaction finality
Klaytn’s network can handle a massive number of transactions per second with better decentralization, while simultaneously maintaining 1-second deterministic finality which will never be reversed.
The Klaytn network supports 1 second block generation times and immediate finality. It has been shown to have one of the lowest average latency among blockchains. Klaytn aims to support 30,000 TPS in their upcoming upgrades.
Scalability & interoperability
Scalability is tuned through their customizable and deployable L2 solution, with technologies such as sharding or roll ups coming soon. Working with infrastructure partners such as Chainlink, Anyswap, Orbit Bridge, etc, allows the exchange and transfer of assets to be easier than ever before, empowering the partners’ ecosystems to flourish on Klaytn.
EVM-based DApps can be easily boarded onto the Klaytn Network without any modifications. Klaytn’s technical stack, EVM & APIs, enables Ethereum Improvement Proposals (EIPs) and Klaytn Improvement Proposals (KIPs) to contribute to both ecosystems.
For a review of Klaytn’s partners, tap here.
The Klaytn Grant Ecosystem
Klaytn Improvement Reserve (KIR): Klaytn’s grant program supports public goods such as infrastructure, tools and services which improve the quality of Klaytn L1. 12% of the newly issued tokens are the main financial resource for this reserve.
Klaytn Growth Fund (KGF): This offers the resources for initial service testing and marketing which will be quickly applied and easily approved.
KGF Investment Program: Invests in early-stage projects with potential to have a positive impact on Klaytn. 54% of the newly issued tokens are the main financial resource of the Klaytn Growth Fund.
Proof of Contribution (PoC) Program: Rewards builders of smart contracts that contribute to the growth of on-chain activities on Klaytn.
KLAY is the native utility token which empowers and secures the native utility token. The use cases of the token mainly includes serving as a mode of payment for transacting on the Klaytn Network, yield farming and minting NFTs (with a partnership with OpenSea) via the Klaytn Network.
|Private Sale||18.00% of the total token supply|
|Protocol Reserves||53.00% of the total token supply|
|Business Development||16.00% of the total token supply|
|R&D and Technology||8.00% of the total token supply|
|Team||5.00% of the total token supply|
Klaytn was launched with 10 billion KLAY issued at launch, and there are currently 2.6 billion KLAY coins in circulation. With every new block, 9.6 KLAY will be minted and the newly issued KLAY and the sum of transaction fees used in the block (collectively known as the “block reward”) will be aggregated and distributed to the following three destination accounts, in terms of the predetermined ratio:
- Klaytn Governance Council Reward: 34%
- Klaytn Growth Fund (KGF): 54%
- Klaytn Improvement Reserve (KIR): 12%
KLAY would be available to trade on Bitbns from 18th August onwards.
Recent News & Developments:
- Blockchain explorer
- Ecosystem fund
- ICO Drops
- ICO Funding: Crunchbase.
Are you ready to earn free KLAY Coins?
- Complete the Simple Quiz and Earn Free KLAY.
- The quiz will run for 72 hours starting on 16th August, 2022 (18:00 IST) and ending on 19th August,2022 (18:00 IST).
- Keep your Bitbns UserID ready.
- Keep your Pincode ready.
- You will have 7 minutes to finish the test
- Rewards earned will be distributed based on your score & within 3 weeks