Klaytn is a next-generation public blockchain that offers a one-of-its-kind user experience and highly scalable infrastructure. It provides the best of both worlds, combining the security and decentralization of public blockchains with the speed and scalability of private blockchains.
This article will explore what KLAY is, how it works, how to buy KLAY tokens and the History of Axie Klaytn (KLAY).
How does Klaytn works?
Klaytn is a public blockchain platform that supports the development of consumer-oriented DApps. The four pillars on which Klaytn operates are simple:
- Trust: Public blockchains must be immutable and honest where any validator can join at any time.
- Scalability: Public blockchains should support a massive number of users without issue.
- Consensus: Public blockchains should be efficient and secure.
- Ease of Development: Blockchain apps must be easy to develop and use.
To achieve the above goals, Klaytn uses a hybrid consensus protocol. The first is a combination of Practical Byzantine Fault Tolerance (PBFT) and Randomized Byzantine Fault Tolerance (RBFT). This allows for efficient consensus by creating a block every 3 seconds. The second is the Threshold Relay technique which divides nodes into two groups based on their weight, each group being able to agree autonomously. Klaytn also leverages ‘RUST’, a technology developed by Kakao to protect any data users choose to put up on the blockchain.
Klaytn is also a blockchain service for large-scale consumer applications. It provides the best of both public and private blockchains: enabling transaction speed as low as 0.01 seconds (and without gas) while ensuring transparency and security using governance by community consensus.
With KLAY tokens, users can purchase content on any app or game built on Klaytn without paying fees to intermediaries like Apple or Google Play Store. You can also use KLAY tokens to buy digital assets in games such as Axie Infinity (KLAY).
Klaytn is used just like other public blockchain platforms, but you should be aware that it does not have a feature for smart contracts.
How to Buy KLAY tokens
To purchase klaytn token, you need to open an account with a cryptocurrency exchange that lists KLAYs. You can then buy KLAY tokens using either BTC, ETH, or the currency native to the platform you are purchasing it on.
History of Axie Klaytn (KLAY)
Klaytn is the second blockchain platform launched by Kakao, following up on Ground X. Klaytn’s real-time transaction system was built using code from the company’s successful mobile applications. KLAY tokens are used to purchase in-game items and premium content or can be traded in secondary exchanges for other cryptocurrencies. This token is a specific cryptocurrency that will be utilized exclusively on the Klaytn platform.
Klaytn was developed by Kakao in collaboration with Ground X, a subsidiary company established for this purpose. Ground X also works with partners from the blockchain space to support the development of scalable DApps using their expertise and know-how gained from operating one of Asia’s largest blockchain networks.
Ground X announced the launch of the Klaytn test net (or prototype) in March 2018, followed by a mainnet release in May 2019 with some DApps including:
- AXI: Axie Infinity is a blockchain game where players breed, raise, and battle fantasy creatures.
- Kakao talk: A mobile messenger service like Whatsapp or WeChat that can be used for communication between users of Klaytn.
- Kakao Game: Kakao’s first mobile game on the platform – Idle RPG 2nd Awakening
- As of today, KLAY has over 40 DApps and continues to grow. Other companies that have joined Klaytn include:
- Celer Network: A next-generation public blockchain platform that enables speedy, secure, and cost-effective access to DApps.
- BlueWhale Foundation: A decentralized ecosystem for freelancers.
- ONO Social Network: A blockchain social network aiming to provide a more open, secure, and equitable environment for its users.
- Contents-Box: A service that helps creators license their content to music streaming services with the help of smart contracts on Klaytn.
- Gold Mining: A decentralized game for cryptocurrency mining.
Klaytn is a blockchain platform that has been created to offer more accessible and easier-to-use DApps on the blockchain for both companies and individuals. It was developed by Kakao, South Korea’s top messaging app which operates Kakao Talk – one of the largest online messaging services in the world.
The platform uses Graphene technology to offer fast transaction speeds and low fees as opposed to other public blockchains like Ethereum or NEO. KLAY is used as a native cryptocurrency on Klaytn to purchase items like premium content.
As you can see, this cryptocurrency aims to provide an easy-to-use interface, fast transactions speeds, low fees and has an open environment for DApp developers.
Klaytn (KLAY) FAQ’s
Is KLAY an ERC20 token?
No. KLAY is different from other cryptocurrencies as it operates on the Klaytn platform and uses its blockchain. It cannot be traded directly for other cryptocurrencies but can be swapped with an exchange.
What exchanges does KLAY trade on?
KLAY can be purchased on Binance, Huobi, and Upbit. You can view up-to-date KLAY trading information on CoinMarketCap.
Should I buy Klaytn now?
It is up to you whether or not to invest in KLAY. It all depends on your reasons for investing, but we recommend that new cryptocurrency investors avoid buying it unless they want to use the Klaytn platform for its DApps. If you are interested in joining or already using Kakao’s messaging service or any of the other DApps on Klaytn, then this cryptocurrency might be a good one to invest in as you can use it for buying items within the platform.
What is the circulating supply of KLAY?
At the time of writing this article, the circulating supply of KLAY is 2.4 billion KLAY out of a total supply of 10.5 billion.
Does Klaytn have the potential to become more valuable?
Yes. The good thing about Klaytn is that it can be used on multiple different platforms including Kakao Talk, which has over 200 million users worldwide. Companies are also adopting the platform with DApps for new businesses. However, the main challenge of blockchain technology is gaining mass adoption by users. If the platform continues to attract more users and DApps, then its value might increase.