Klaytn is a public blockchain platform designed to increase the value and utility of blockchain technology. It is a product of Kakao, the leading mobile platform in South Korea. The owner of Kakao is Kim Beom-soo.
Klaytn wants to promote the mass adoption of blockchain technology by making its services available to the general public. Its headquarters are located in Seoul, in the Gangnam-gu district.
In this article we would like to tell you more about Klaytn, so that you finally understand what it is, how it works and where you could buy the token of the same name! That is very useful when you are thinking about investing in Klaytn.
- 1 What is Klaytn?
- 2 Klaytn .’s team
- 3 Competition
- 4 How does Klaytn work?
- 5 The Klaytn Network Token (KTC)
- 6 Benefits of Klaytn
- 7 Klaytn vs. Ethereum
- 8 Klaytn .’s roadmap
- 9 Where can I buy KLAY?
- 10 How can I save KLAY?
- 11 Conclusion
What is Klaytn?
In 2019, Kakao, a mobile platform owned by Kim Beom-soo, decided to launch the Klaytn project. The latter aims to help promote the mass adoption of blockchain technology. Therefore, the mainnet of the Klaytn platform was created, and soon a network token was launched: it is the KLAY coin. The services offered by this website are very accessible to the general public, so that the goal of the project is quickly achieved. Still, the designers of the project want blockchain technology to be understood by all types of users (individuals, professionals, micro-startups, corporate departments).
The Klaytn platform and cryptocurrency development environment is accessible, with a convenient hybrid design. In reality, everything is being done to convey the value of blockchain technology, and participate in the decentralization of blockchain on a global scale. Moreover, the Klaytn website brings together all the best features of both public and private blockchains. For example, the data and the control system are decentralized. Klaytn’s board is also distributed, and the platform has low latency, in addition to high scalability.
The company’s headquarters are located in Seoul, specifically in the Gangnam-gu district. Note that the ICO of the project was held in December 2018 , and the amount of the fundraising is estimated at $90 million. From this period, several organizations with influence in the world have decided to serve on the board of directors of the Klaytn platform. It should be noted that the aim of this council is to involve the public in the process of improving the platform. Also, in close cooperation with Kakao, care is taken to protect the interests of the users of Klaytn and the KLAY crypto.
In fact, everything is implemented in such a way that all users can deploy their own channel or integrate other channels on the Klaytn platform. Indeed, the Klaytn project makes it possible to develop a proprietary token ecosystem, without requiring any technical knowledge. However, the Klaytn project mainly implements an ecosystem of a wide range of decentralized applications. This project allows users to find or develop a type of application that perfectly suits their needs.
In addition, Klaytn offers its users practically unlimited usage options. This is due to the fact that there are no limits on how to publish applications. In addition, a large number of domains are supported on the platform. This includes digital asset management as well as art collection and trade. Klaytn also supports game development and decentralized trading.
Klaytn .’s team
As mentioned, the Klaytn project comes from Kakao, and more specifically from the company GroundX. The latter company was founded by its current CEO, Jaesun Han, who holds a PhD in electrical engineering and computer science from Korea Advanced Institute of Science and Technology. Han first started out as a postdoctoral researcher at KAIST. At the latter company, he conducted extensive research into distributed data processing. In 2007, he started as an entrepreneur and founded NexR, the first big data and cloud computing technology startup in Korea.
The following year, Jaesun Han became chairman of the board of the Consortium of Cloud Computing Research. In November 2011, he became the CTO of KT Cloudware, a company that provides technical support for KT Ucloud services. That said, the Klaytn project is a unique system managed by a team of skilled craftsmen. This team consists of several high-ranking developers.
Klaytn’s biggest competitor is Ethereum . They basically offer the same product. However, now is the right time for Klaytn to win the battle as Ethereum has been facing a lot of problems lately. Consider, for example, the high transaction costs. Another major competitor is Cardano , which also offers a platform for developers. However, there is still a lot of room for difference and improvement between the two competitors.
How does Klaytn work?
Klaytn allows companies looking to integrate blockchain features into their offerings to do so. Developers who want to make blockchain applications can also do so on the network.
To use the Klaytn network effectively, you need to set up a node and implement a smart contract . A node is an interface to the Klaytn network. It is the node that manages the encryption requests to the network.
The smart contract defines the function and relevance of the application you build on the network. To do this you need a computer with iOS or Linux as the operating system. It is not possible to do this with a device that has a different OS.
The platform’s mainnet was launched on June 27, 2019. Since then, several influential organizations have joined the board of this platform. The board of directors was established to enable the public to contribute to the improvement of the platform. This board also works with Kakao to protect the interests of Klaytn users.
The Klaytn Network Token (KTC)
The Klaytn crypto is the native token of the Klaytn blockchain. It is owned by South Korean giant Kakao. This Klaytn crypto could be sold for $0.03 each, during a private sale in December 2018. Similarly, another private sale was held in April 2019 at a price of $0.08 per unit. 10 billion of the KLAY crypto is expected to be distributed by 2021. The distribution will be in monthly allocations ranging from 29 million to 292 million tokens.
Benefits of Klaytn
It says a lot that so much money was raised from the ICO of this project. It’s easier to understand why that happened when we look at the benefits of Klaytn.
The services offered by the platform have a fixed unit price. This means that every trade is treated equally and its execution is guaranteed.
Plus, users don’t have to struggle to determine the right unit price. Finally, Klaytn helps users save the cost of gasoline costs by paying part of it.
High transaction speed
Transactions on this platform happen very quickly. Users experience near-instantaneous transactions with a fraction of the time of the blockchain. The main network processes 4 TPS (transactions per second).
Easy to use by developers
This network’s API services provide various features that developers can use to create useful applications. In addition, the platform supports the Solidity programming language. So, Ethereum developers can easily migrate to Klaytn without having to learn a new language.
Using the network is as easy as sending and receiving text messages. Users can access their wallets from their smartphone with their Klaytn account.
Each wallet is printed with a QR code address that can be scanned with a phone camera. With this code, users can receive credits in their wallet. Therefore, users do not need to remember private keys.
Klaytn vs. Ethereum
Both platforms provide blockchain services to the public. They also support the Solidity programming language. In the table below you can see how they do it differently (note, the comparison is with the first version of Ethereum, this could change drastically with the implementation of Ethereum 2):
Cost per transaction: High and unstable
Available on smartphone? New
Transaction Speed: 15TPS
Wallet: MyEtherWallet, MetaMask, etc.
Market cap: $271,996,119,380
Founder: Vitalik Buterin
Founding year: 2015
Cost per transaction: Low and stable
Available on smartphone? Yes
Transaction Speed: 1500TPS
Wallet: Kakao Hardware Wallet
Market cap: $3,341,519,199
Year of foundation: 2019
Klaytn .’s roadmap
The future looks bright for this network, especially as new companies join the board of directors. The platform hopes to enable video game companies to provide NFTs to their users as gaming commodities.
In addition, it is looking to interact with other blockchain platforms to improve overall customer support. The aim is to develop tools that will support Klaytn-based services.
In addition, there are also plans to partner with non-blockchain platforms and SMEs to create real-world use cases, solve business problems and promote innovations.
The company also plans to enhance its “Klaytn Partners” program to enable partners to distribute NFT for their unique services. This will help businesses improve their user experience.
Where can I buy KLAY?
At the moment it is not possible to buy KLAY directly in euros. It is therefore best to go to a crypto exchange that offers KLAY on their website. Fortunately, there are many different exchanges that offer this coin, as it is a popular cryptocurrency. That also means that liquidity is high enough on most platforms to buy and sell these coins at the best price.
We recommend using Binance or Bitvavo as these exchanges are safe and can offer these coins for the best price. This is because there is high liquidity on these platforms. In addition, there has not been a major hack in the past, so you can assume that it is safe to buy your coins here.
Of course, there are plenty of other exchanges that offer KLAY, such as decentralized exchanges like Uniswap and Sushiswap . However, the chance that the purchase of these coins goes wrong here is many times greater. This is because you have to go through more steps to get the coins in your possession. So it is not recommended for beginners to use these types of exchanges.
How can I save KLAY?
There are several ways to store your cryptocurrency, including the paper wallet. However, this is not a safe way to store your crypto coins. Fortunately, you can store your KLAY in a physical crypto wallet, also called a hardware or cold wallet .
This storage method is very secure as it protects you from internet hacks. Of the physical wallets that can hold the KLAY crypto, there are the Nano S or X ledger and the Trezor. On the other hand, you can also use the official Klaytn wallet, which is more recommended by the creators of the project.
Finally, it is also possible to store your KLAY coins in the hot wallet of the crypto exchange you use. Think, for example, of the wallet of Binance or Bitvavo. However, this way is less secure than a cold wallet. That is why most experts also recommend using a hardware wallet instead of a hot wallet. This way you can be sure that your crypto coins are not stolen by hackers. And that is a very nice feeling!
Klaytn enables rapid creation of real-world applications at scale, allowing end users to fully utilize the services even with the slightest expertise in blockchain or cryptocurrencies.
With this, Klaytn is competing with Ethereum. In fact, they offer the same product, although it seems that Klaytn is further ahead of Ethereum than most people think. Because Ethereum has been struggling with extremely high transaction costs lately, which deters many developers and users. They are looking for an alternative that can process more transactions per second, and therefore also requires lower transaction costs.
So the question is how this will turn out in the future. Because if Klaytn can ensure that more and more developers choose their blockchain, Ethereum could suffer from this. The future will tell us what will happen!
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com