What is Klaytn (KLAY)? Everything you need to know about KLAY token

Klaytn, an open-source blockchain project developed by South Korean internet giant Kakao, boasts high throughput and low latency. Its creation aims to address network congestion issues plaguing mobile services due to limitations of current blockchain platforms.

This article AZCoin will delve into the unique features of Klaytn, exploring what sets it apart.

What is Klaytn?

Klaytn, an open-source blockchain developed by Kakao, a South Korean internet giant with 50 million global users, aims to address network congestion issues plaguing mobile services due to limitations of current blockchain platforms.

With its low cost, high throughput, and low latency, Klaytn offers opportunities for businesses seeking to integrate blockchain technology. Furthermore, Klaytn prioritizes flexible scalability, ensuring businesses and developers can keep pace with the rapid evolution of the blockchain world.

Klaytn’s development team

The Klaytn development team consists of experienced professionals with diverse backgrounds:

• Jaesun Han (CEO): Previously served as CTO at Cloudware, Korea’s largest cloud computing service provider, and as CEO of Ground X, the Kakao subsidiary that developed Klaytn.
• Myeongjin Jeong (CFO): Brings over 18 years of experience in finance, business development, consulting, and internal audit to companies including Kakao and Pricewaterhouse Coopers. He is responsible for managing Ground X’s operations.
• Sangeon Bae (Head of Wallet): Holds previous roles as a CAD developer at Samsung and program manager at Microsoft’s Korean software lab. Bae joined Ground X to contribute to software development and project management.
• Sangmin Seo (Head of Platform): Previously worked as a computer science assistant at Argonne National Laboratory and as a senior engineer at Samsung Research.

Similar projects to Klaytn

There are many projects operating in both the crypto and traditional business markets, each with its own pace and potential. Here are some similar projects to Klaytn that you can explore:

• Early-stage projects: Cardano, NEO, EOS…
• Newly launched projects: Terra, Fantom, Cosmos…

Outstanding features of Klaytn

High Performance

Klaytn boasts impressive transaction speeds, processing up to 4,000 transactions per second. This ensures instant transaction finality with a block time of just one second.

Klaytn further enhances its scalability through Service Chains, a layer-2 solution that offers independent governance and connects to the main Klaytn blockchain.

Service Chains enable data expansion and asset transfers, providing businesses with a customizable, convenient, and independent environment for building and managing DApps efficiently and securely.

Low Cost

Klaytn transaction fees are determined by the complexity of the transaction itself, unaffected by external factors. This results in stable transaction costs, ensuring users don’t face exorbitant fees compared to traditional systems.

Rapid Development

Klaytn is designed to be compatible with the Ethereum Virtual Machine (EVM), allowing any application running on Ethereum to be deployed within the Klaytn ecosystem.

This compatibility extends to Ethereum Improvement Proposals (EIPs), which can be easily adapted and integrated into Klaytn’s development core. Conversely, Klaytn Improvement Proposals (KIPs) can contribute to the development of Ethereum and EVM.

Klaytn provides a comprehensive toolkit for end-to-end blockchain development and integration, including SDKs, smart contract libraries, wallets, decentralized storage solutions, oracles, and bridges. This empowers businesses to rapidly and conveniently develop and deploy decentralized applications.

The Klaytn ecosystem

The Klaytn ecosystem boasts a diverse range of decentralized applications (DApps) and wallets, facilitating user interaction and engagement within the blockchain.

DApps

Klaytn’s blockchain hosts over 50 DApps, each serving distinct roles and functionalities. Some notable examples include:

• Angel League: A marketplace platform facilitating NFT trading.
• Quotabook: A South Korean-based security management platform utilizing NFTs to manage investments, stakeholders, and equity plans.
• Tessa: A DApp enabling the purchase, sale, and trading of ownership rights for works built on the Klaytn network.
• ProjectWITH: A platform supporting career development, where athletes participating in various sporting events can gather career information and self-promote.
• HABL: A blockchain-based social media platform aimed at decentralizing and fairly distributing profits generated from user-created content.

Wallets

The Klaytn ecosystem supports various wallets, providing users with flexibility in interacting with DApps. Examples include:

• Kaikas: A browser wallet utilized by numerous Klaytn DeFi platforms, including OpenSea.
• Klip: A wallet integrated into the Kakaotalk messaging app, connecting its 1.67 million KYC-verified users to various DApps within the Klaytn ecosystem.
• TokenPocket: A mobile-based wallet supporting public blockchains, including Klaytn. It offers reliable cryptocurrency asset management services to nearly 10 million users from over 200 countries and regions.

Other notable wallets include MetaMask, SafePal, and Rabby Wallet.

What is KLAY token?

Basic Information about KLAY

• Token Name: Klaytn
• Symbol: KLAY
• Blockchain: Klaytn
• Contract Address: 0x0000000000000000000000000000000000000000
• Total Supply: 5,877,092,375 KLAY (as of January 8th, 2024).

The KLAY token distribution

The KLAY token distribution and release schedule is as follows:

• Private Round 1: 6.8% of the tokens are locked for 6 months, followed by a linear vesting schedule of 6.67% per month.
• Private Round 2: 11.2% of the tokens are locked for 12 months, followed by a linear vesting schedule of 12.5% per month.
• Development: 16% of the tokens are allocated for development purposes, with no specific vesting information available.
• Development Team: 5% of the tokens are allocated to the development team, with no specific vesting information available.
• Reserves: 53% of the tokens are allocated to reserves, with a linear vesting schedule of 0.315% per month.
• Operations: 8% of the tokens are allocated to operations, with 4.1667% unlocked at the token generation event (TGE), followed by a linear vesting schedule of 4.17% per month.

Additionally, the KLAY token will have an annual inflation rate of 3%.

Looking for the perfect platform to dive into the world of crypto? Look no further than our curated list of the best crypto exchanges 2024! We’ve got you covered with all the top contenders, so you can find the perfect match for your trading needs.

KLAY token use case

KLAY is the native utility token of the Klaytn Network, serving several purposes:

• Network Usage: KLAY is required for transactions on the Klaytn Network, similar to how ETH is used on Ethereum.
• Yield Farming: Users can provide liquidity on various DeFi protocols (KLAYswap, KLAYstation) to farm other project tokens or stake KLAY for rewards. Staked KLAY (sKLAY) can also be used for liquidity mining.
• NFT Minting: Users can mint NFTs on the Klaytn Network, which has a partnership with OpenSea for listing these NFTs on their platform.
• Node Rewards: KLAY is used as a reward for Nodes when they create a new block, as:
  • Klaytn Governance Council: receives 34% of the reward.
  • Service providers, developers, and end users: receive 54% through a “Proof of Contribution” (PoC) mechanism.
  • Klaytn Improvement Reserve: receives 12% of the reward.

Summary

With this comprehensive overview of the Klaytn project, we hope that readers will gain a fundamental understanding of the project and make informed investment decisions.

Curious to learn more about how we assess your work? Our Evaluation Process page provides a detailed breakdown of our criteria, giving you a clear picture of what we look for. Take a peek – it’s a great resource to help you understand our expectations! AZCoin wishes you all successful investments!