What is Klaytn? In 2019, Kakao—one of South Korea’s leading software enterprises—created the Klaytn blockchain. Klaytn is designed to be practical and trustworthy, focusing not only on technology and business but also on transformative change that empowers businesses and individuals. So what makes Klaytn stand out? Let’s find out with Weakhand.
To better understand Klaytn, please read the articles below:
- Crypto Panorama 101 | Episode 3: What is Ethereum?
- What is Aptos (APT)? Aptos Cryptocurrency Overview
- What is Sui (SUI)? Sui Cryptocurrency Overview
What is Klaytn?
Overview of Klaytn
Klaytn is an open source layer 1 blockchain based on BFT (Byzantine Fault Tolerant) consensus mechanism to increase performance, security and scalability, Highly optimized for enterprise-grade reliability.
Klaytn is compatible with EVM and Supports enforcement of Solidity contracts.
Klaytn technical specifications:
- Block creation and confirmation time 1 second.
- 4,000 transactions per second.
- Free gas is about $0.001 (2500 times lower than Ethereum).
- Easy technology adoption process for industry: Existing 19 reputable corporations around the world initially established the Klaytn Board to operate consensus nodes with more than 50 initial service partners have committed to launching Blockchain Applications on Klaytn.
Klaytn highlights
High performance
- Transaction speed and block confirmation: Transaction speed 4,000 TPS, instant transaction and time is 1s.
- Ability of extension: Service chain is the solution Default L2 for Klaytn 2.0, customizable and easily deployed. Service chain has its own governance and connects to the Klaytn main chain to anchor data or transfer assets.
Gas free: Cheap and stable transaction fees. Subsidize transaction costs for the last person.
Ability of development
- Compatibility with EVM: Any tool that can run on Ethereum will run seamlessly within the Klaytn ecosystem by making Klaytn’s technical stack equivalent, from an interface and execution perspective, to the existing Ethereum stack. Next leverages every improvement made to EVM’s open source codebase and supporting libraries. PThe majority of Ethereum improvement proposals (EIPs) can be migrated and applied to Klaytn’s core development program and vice versa. Klaytn (KIP) improvement proposals can contribute to the advancement of Ethereum and EVM.
- Open source infrastructure: Includes primary infrastructure and secondary infrastructure. Main infrastructure: toolkit for integrating and building blockchains from start to finish. Include SDKs and smart contract libraries, Wallets, chain explorer, distributed storage solution, Oracle and Bridge support; Secondary infrastructure: ecosystem supporting products and services, including: Integration services, integrating Stablecoins, DAOs, NFT Markets, DEX and DeFi and traditional financial interfaces.
Transparency, security and decentralization: Anyone can request transactions and retrieve and confirm transaction results on the blockchain. Completely decentralized and secure.
Mechanism of action of Klaytn
Klaytn is partitioned into three logical subnets based on role and use.
- Core Cell Network (CCN): CCN consists of Core Cells –Core Cells (CC) verifies and executes the transactions sent through Endpoint Nodes (EN). CCN is responsible for creating and transmitting blocks throughout the network.
- Endpoint Node Network (ENN): ENN consists of Endpoint Nodes (ENs) that primarily create transactions, handle RPC API requests, and process data requests from service chains.
- Service Chain Network (SCN): SCNs are Klaytn subnetworks consisting of backend blockchains independently operated by dApps (Decentralized Applications). The service chain is connected to the main chain through EN.
Core Cell Network and Endpoint Node Network forms the main chain or Klaytn mainnet. dApps can run on the Klaytn main chain or can operate on their own blockchains called Service Chains.
Core Cell (CC): Included Consensus node (Consensus Node – CN) + 2 Proxy Node (Proxy Node – PN). Consensus Nodes participate in the block creation process, while Proxy Nodes provide the interface to the network. Proxy Node (PN) transmits transaction requests to consensus Nodes and transmits blocks down to endpoint Nodes (Endpoint Nodes).
Klaytn’s Development Roadmap
2019: XBuilding blockchain infrastructure.
2022: Expand user files through partner applications; Improved stability and interoperability of dApps; Encourage developers to develop dApps on Klaytn blockchain.
2021: Enhanced performance, scalability and security; Klaytn officially launched Mainstream.
2022: Upgrade technology to increase performance Flexibility, scalability, interoperability and higher performance for Klaytn.
- Q1: Launched Klaytn 2.0; Ethereum equivalent support.
- Q2: Wormhole Bridge and Chainlink supportOracle; Metaverse technology.
- Q3: Enhance Klaytn performance; Klaytn Developer Intro Kit; New reward/administration system(Mainnet); Administration portal;
- Q4: New reward/administration system(Baobab); Klaytn open source packagefor Metaverse (Beta); Blockchain Research Center; Klaytn Developer Intro Kit; Program to interact with developers.
2023: Includes 6 strategic goals and 18 initiatives, focus: Prioritize ecosystem sustainability, ensure verifiability through transparent operations and governance, and foster a community strong and vibrant.
- Ecosystem sustainability:
Modification of token release schedule; Establish demand forecasts; Establish an optimal supply/demand balancing process for suppliers in the ecosystem; Establish a token circulation monitoring process; Rebalancing of Reserves and Treasuries; Launch of the Klaytn Community Foundation and the Klaytn Foundation; Establish direction for key infrastructure-level KLAY burning mechanisms; Enhance liquidity through large exchange listings; Support the launch of Klaytn’s exclusive Metaverse flagship services; Attract new active users; Identify and configure network and Cypress decentralized network pilot launch; Strengthen the monitoring and incident resolution process; Service stability (API); Optimize node specifications. - Ensure verifiability through transparent operations and governance: Forming Committees according to GC departments; Launch of Online Voting (KIP-81) through Klaytn Square; Open GC Membership Application; Establishing a Community GC Selection and Elimination Process; Establishing the Fund’s Structure and Functions; Quarterly ecosystem report; 3rd party verification and information disclosure; KLAY Tokenomics Data Offering via Klaytn Square; Establish and operate monthly community meetings.
- Foster a strong and vibrant community: Develop and launch Klaytn’s Oracle; Developing a decentralized bridge for the service chain; Open SDK development; Provide SDK for developers; Launch Metaverse Pack; Organize regular developer meetups; Launch of KlayMakers23; Launch of Web3 Social Infrastructure Alpha Release; Establish “Proof of Hodl” communication touchpoints on Klaytn,…
Core Team
Jaesun Han – CEO
- Jaesun Han graduated with a Bachelor’s degree in Electrical and Electronics Engineering from Pusan University; Graduated with a Master’s degree in Electrical and Electronics Engineering; graduated with a PhD in Electrical Engineering and Computer Science from the Korea Advanced Institute of Science and Technology.
- Jaesun Han has worked and held positions: CTO at kt Cloudware, the largest cloud computing service unit in Korea; Teaching at KAIST Graduate School of Information Management and Communication (Associate Professor); Cofounder & Partner/CTO at FuturePlay, a technology startup in the Asia-Pacific region; CEO at Ground X – Kakao blockchain subsidiary develops Klaytn.
- Currently, Jaesun Han is teaching Web3 programming and business at KAIST’s School of Computing.
Myeongjin Jeong – CFO
- Myeongjin Jeong received her Bachelor’s degree in computer science from Korea University.
- Myeongjin Jeong had more 18 years held a variety of positions in finance, business development, consulting, and internal audit at various companies including Kakao and Pricewaterhouse Coopers.
- Myeongjin Jeong Mainly responsible for managing the operations of Ground X company.
Sangeon Bae – Head of Wallet
- Sangeon Bae has Master’s degree Master of Computer Science of Yonsei University.
- Sangeon Bae used to work and hold CAD developer positions at Samsung and other positions such as program manager at Microsoft Korea Software Lab.
- Bae joined Ground X as a software developer and project manager.
Sangmin Seo – Head of Platform
- Sangmin holds a PhD in electrical engineering and computer science from Seoul National University.
- Sangmin worked as a computer science assistant at Argonne National Laboratory and as a senior engineer at Samsung Research.
- Sangmin is developing a next-generation blockchain platform focusing on high performance, scalability and friendliness, and has also published many papers on parallel programming and high-performance computing.
- Currently Sangmin is working at Ground X as Platform Manager.
Investors And Partners
Klaytn is supported by many major partners: HintChain – food data marketplace; Antube – video entertainment service; Pibble – image SNS service; LG Electronics; PUBG game studio; Biopharmaceutical company Celltrion; Netmarble (Korea’s largest game company), Union Bank (Philippines’ largest bank)….
Tokenomics
Information about KLAY Token
- Token Name: Klaytn.
- Ticker: KLAY.
- Blockchain: Klaytn Service Chain.
- Token Type: Utility & Governance.
- Total Supply: 10,602,731,555.
KLAY Token Allocation
- Private 1 Round: 6.8% equivalent to 675,000,000 KLAY.
- Private 2 Round: 11.2% equivalent to 1,125,000,000 KLAY.
- Development: 16% equivalent to 1,600,000,000 KLAY.
- Team: 5% equivalent to 500,000,000 KLAY.
- Reserves: 53% equivalent to 5,300,000,000 KLAY.
- Operations: 8% equivalent to 800,000,000 KLAY.
KLAY Token Release
- Private 1 Round: Lock for 6 months, then vesting 6.67%/month.
- Private 2 Round: Lock for 12 months, then vesting 12.5%/month.
- Team: No information available
- Development: No information available
- Reserves: vesting 0.315%/month.
- Operations: 4.1667%TGE, then vesting 4.17%/month.
KLAY Token Use Case
- Billing and payment
- Mint NFT
- Use in the DeFi Ecosystem
Exchanges
Currently KLAY tokens are traded on exchanges: Binance, Kucoin, OKX, Houbi, Gate, Crypto.com, MEXC, Bybit, …
Project Information Channel
- Website: https://www.klaytn.foundation/
- Twitter: https://twitter.com/klaytn_official
- Telegram: https://t.me/Klaytn_EN
- Youtube: https://www.youtube.com/@Klaytn_Official
- Facebook: https://www.facebook.com/klaytn.official
- Reddit:
Summary
Klaytn is an open source, decentralized, layer 1 blockchain with fast transaction speeds, security, low fees, enterprise-grade reliability, and a developer-friendly environment, Klaytn provides a seamless experience for users. users and developers.
Hopefully this article provides useful information about the Klaytn project and the KLAY token.