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About Klaytn
Key Points
- Klaytn is a global Layer 1 public blockchain developed by Kakao.
- Launched in June 2019, it has over 1 billion transactions from 300+ decentralized applications.
- Klaytn Foundation, a non-profit entity, manages the Klaytn Growth Fund and operates alongside Krust.
- KLAY is the native digital asset, with 10 billion issued at genesis and 3.2 billion in circulation.
- Klaytn has a unique governance structure with a Governance Council (GC) comprising leading global enterprises and DAOs.
- Klaytn utilizes an optimized version of Istanbul BFT, enabling 1-second deterministic finality.</li
Introducing Klaytn: The Future of Blockchain
Klaytn: A Pioneering Blockchain Platform
Conceived by Kakao, a pioneering Korean IT company, Klaytn is a cutting-edge, globally-oriented Layer 1 public blockchain poised to propel the on-chain world of tomorrow. Boasting the lowest transaction latency among leading blockchains, enterprise-grade reliability, and a developer-centric environment, Klaytn delivers an unparalleled experience for users and developers alike. Since its inception in June 2019, Klaytn has been driving blockchain mass adoption through a diverse range of use cases, spanning DeFi, real-world assets, entertainment, gaming, and even the Bank of Korea’s CBDC pilot project. Today, it stands as one of the few globally competitive Web 3.0 ecosystems to emerge from South Korea, having facilitated over 1 billion transactions across more than 300 decentralized applications.
What Sets Klaytn Apart?
The Visionaries Behind Klaytn: Meet the Founders
In June 2019, GroundX, the blockchain arm of Kakao, Korea’s largest mobile platform, successfully launched the Klaytn blockchain. Following two years of remarkable success in Korea, the Klaytn Foundation, a non-profit organization dedicated to the Klaytn network and its ecosystem, was established to spearhead Klaytn’s global expansion.
The Klaytn Foundation, a non-profit entity, was established with the primary objective of catalyzing global adoption and fostering ecosystem maturity on the Klaytn platform. The foundation is responsible for overseeing the Klaytn Growth Fund and collaborates closely with Krust, a subsidiary of the esteemed internet giant Kakao Corp, which invests in innovative projects built upon the Klaytn framework.
Introducing KLAY: The Pinnacle of Blockchain Innovation
KLAY, the native digital asset, serves as the fuel and security backbone of the Klaytn protocol. At its genesis, Klaytn was launched with an initial issuance of 10 billion KLAY, with a current circulating supply of 3.2 billion coins. With each new block, 9.6 KLAY are minted, and the resulting block reward, comprising the newly issued KLAY and aggregated transaction fees, is distributed among three designated accounts according to a predetermined ratio: * Klaytn Governance Council Reward: 34% * Klaytn Growth Fund (KGF): 54% * Klaytn Improvement Reserve (KIR): 12%
Where to Acquire KLAY: A Comprehensive Guide
KLAY is listed on a multitude of prominent centralized exchanges, including:
Binance, BingX, Bit.com, Bitazza, BitBNS, BitGet, BitMart, BitMex, BitPanda, BitPoint,
Bithumb, Bitrue, Bitvavo, BlockFinex, BTSE, BTX, ByBit, CoinDCX, CoinHako, CoinOne,
Crypto.com, DeepCoin, DigiFinex, Exolix, Flipster, FMFW, Gate.io, GDAC, GoPax, HitBTC,
HTX, IndoDax, Korbit, KuCoin, LBank, MEXC, Nominex, OKX, P2PB2B, PrimeXBT, Probit,
SimpleSwap, Tokocrypto, Upbit, WazirX, and WhiteBit.
KLAY is also accessible via a range of fiat on-ramp services, including Bit2Me, BTX, ChangeNow, CoinSpot, MoonPay, and XT.com.
Instantaneous Certainty: 1-Second Deterministic Finality
Klaytn leverages a refined iteration of Istanbul BFT, facilitating transactions that attain absolute finality within a mere second. This enables seamless user experiences and unlocks use cases that necessitate near-instant and irreversible finality, such as the real-time minting of in-game item drops.
Klaytn’s Data Assurance:
Notably, Proof-of-Work and Proof-of-Stake blockchains are characterized by probabilistic finality, implying that there exists a minute possibility that a transaction recorded on the chain may be reversed. This inherent uncertainty renders these blockchains unsuitable for mission-critical applications, particularly when deployed on a large scale. In contrast, Klaytn’s IBFT consensus algorithm ensures that data recorded on the blockchain is accurate and immutable, thereby providing the reliability and data consistency essential for large-scale applications.
Ethereum Parity:
Klaytn embraces EVM as a burgeoning standard for the metaverse and Web3, and has implemented the EVM specification by: * Achieving technical parity with the Ethereum stack from an interfacing and execution standpoint * Leveraging existing Ethereum clients and interfacing libraries to tap into the improvements made to their open-source codebases * Fostering collaboration through Ethereum Improvement Proposals (EIPs) and Klaytn Improvement Proposals (KIPs), thereby contributing to the advancement of both ecosystems
A Novel Governance Paradigm:
At the heart of Klaytn’s innovative approach to decentralization lies the Governance Council (GC), a distinguished assembly of leading global enterprises and decentralized autonomous organizations (DAOs) spanning diverse geographies and industries. This compact validator network, comprising GC members, successfully reconciles the benefits of a decentralized public blockchain with the performance of a permissioned blockchain. Looking ahead, Klaytn plans to further amplify decentralization by integrating additional DAOs into its GC, thereby creating a “DAO of DAOs”.
Intrinsic Scalability through Service Chains:
Klaytn leverages the hub-and-spoke model, a widely recognized paradigm for achieving scalability. The platform’s spokes, or service chains, can be tailored to meet the specific requirements of individual DApps, accommodating high-throughput demands, bespoke node configurations, or customized security protocols. Furthermore, the support for nested service chains enables exponential scalability, paving the way for widespread adoption.
The Blockchain of Choice for Enterprise-Grade Solutions:
Klaytn is the blockchain of choice for enterprises and large-scale, enterprise-level applications, boasting an impressive roster of partners that includes industry giants such as Japan’s GMO Internet Group, Indonesia’s Salim Group, and mobile gaming powerhouses Netmarble and WeMade. Notably, Klaytn has also been selected as the official blockchain partner for the Bank of Korea’s Central Bank Digital Currency (CBDC) project, which operates on a private, customized version of the Klaytn platform.