Klaytn is an open-source public blockchain for all who wish to build, work, or play in the metaverse. It is a highly optimized, BFT-based public blockchain that aims to meet enterprise-grade reliability. This decentralized platform design goals are— immediate finality, high TPS that meets real-world use cases, lower the cost of running Blockchain Applications, lower the barriers to entry for end-users, and ease the technology adoption process for the industry.
Klaytn launched its mainnet, Cypress, on Jun/27/2019 with a 1-second block generation and confirmation time. It also has other features like 4,000 transactions per second, and a low gas price that is almost 1/10 of Ethereum.
Klaytn can be partitioned into three logical subnetworks based on their roles and purposes. The below figure displays the high-level view of the Klaytn ecosystem.
Klaytn Ecosystem and its Logical Subnetworks (CCN, ENN, SCN)
Core Cell Network (CCN)
CCN consists of Core Cells (CCs) that verify and execute transactions submitted through Endpoint Nodes (ENs). CCN is responsible for creating and propagating blocks throughout the network.
Endpoint Node Network (ENN)
ENN consists of Endpoint Nodes (ENs) that mainly create transactions, handle RPC API requests, and process data requests from service chains.
Service Chain Network (SCN)
SCNs are Klaytn subnetworks composed of auxiliary blockchains independently operated by dApps (Decentralized Applications). Service chains are connected to the main chain via ENs. Klaytn is built to be the fundamental trust layer for the metaverse, respecting the participation and contribution of all communities, empowering and bringing them.
Klaytn Virtual Machine
The current version of the Klaytn Virtual Machine (KLVM) is derived from the Ethereum Virtual Machine (EVM). KLVM is a virtual state machine that formally specifies Klaytn’s execution model. The execution model specifies how the system state is altered given a series of bytecode instructions and a small tuple of environmental data.
KLVM is a quasi-Turing-complete machine; the quasi-qualification stems from the fact that the computation is intrinsically bounded through a parameter, gas, which limits the total amount of computation performed. It executes Klaytn virtual machine code (or Klaytn bytecode) which consists of a sequence of KLVM instructions.
KLAY is the main internal transferable cryptocurrency of Klaytn and is used to pay transaction fees when creating or executing smart contracts or when transferring KLAY. KLAY is a necessary element — a fuel — for operating the Klaytn distributed application platform. It is a form of payment made by the clients of the platform to the consensus nodes (CNs) executing the requested operations.
To put it another way, KLAY is an incentive; it ensures that developers write high-quality applications (wasteful code costs more) and that the network remains healthy (CNs and RNs are compensated for the resources they contribute).
Klaytn’s token economy is designed to create sustainable funding structures for empowering its ecosystem, growth initiatives, and strategic investments. Klaytn’s token economy is designed to compensate for more diverse forms of contributions from a wider range of participants and has a built-in funding structure to procure sustained resources to fuel future growth initiatives and strategically sourced investment projects in addition to maintaining its blockchain nodes.
Who are the founders of Klaytn (KLAY)?
Sangmin Seo is the Director of the Klaytn Foundation. He is also the CTO of Ground X Computer Scientist and had his Ph.D. in Computer Science at Argonne National Lab. Snu Junghyun Kim is the Core Development Lead of Klaytn Development and also the Senior engineer at Ground X.
What is Klaytn (KLAY) used for?
Klaytn has two gaming platforms:
MIR4 is a Klaytn-based P2E game by Wemade, which attracted over 1.3 million concurrent players in less than three months since its official release in 170 countries.
Pocketful of Quarters
It is a gaming tournament platform that enables game players to move across different game ecosystems using Quarters, the universal, game-agnostic cryptocurrency.
Klaytn is one of the three chains linked to OpenSea, which hosts over 1,800 Klaytn-based NFT projects. Their top 100 projects have a combined trading volume of 10,800 ETH (37M USD).
In July 2021, Ground X was selected as the preferred bidder for the Central Bank Digital Currency (CBDC) pilot project led by the Bank of Korea. The project is implemented on a private version of Klaytn.
Kaikas is a browser-extension wallet that is used by many Klaytn DeFi platforms as well as OpenSea. In addition, Klip is a wallet embedded in the Kakaotalk messaging app, connecting its 1.67 million KYC users to various DApps in the Klaytn ecosystem.
How is Klaytn (KLAY) unique?
Any tooling that can run on Ethereum will run seamlessly within the Klaytn ecosystem by making Klaytn’s technical stack equivalent, from an interfacing and execution perspective to the existing Ethereum stack. The new tooling created in the Klaytn ecosystem could be reciprocally adopted within the Ethereum ecosystem.
As an EVM Layer 1 blockchain, Klaytn is designed to be practical and reliable, focusing not just on technology and business, but also on transformative change that will empower individuals in the age of Web3.
The Klaytn Foundation is committed to making blockchain technologies more accessible, to pave the way for more to be a part of the Web3 revolution, with Klaytn as the preferred trust layer that will connect people from all walks of life and all corners of the world.
To build the infrastructure for this collaborative Web3 playground, Klaytn will couple our robust community with powerful infrastructure technologies to discover new opportunities and accelerate the speed of innovation.
How is the Klaytn network secured?
To prevent transnational issues, Klaytn uses the BFT algorithm that guarantees finality. The BFT algorithm is one of those, first published in 1982 by Lamport, Shostak, Pease. In 1999, Miguel Castro and Barbara Liskov introduced “Practical Byzantine Fault Tolerance” (PBFT) which provides high-performance state machine replication.
A participating node in PBFT communicates with all nodes in the network in several phases. This characteristic limits the number of nodes because the communication volume increases exponentially as the number of nodes increases. Since Klaytn is aiming to be an Enterprise-ready and Service-centric platform, they are using an optimized version of Istanbul BFT, which implements PBFT with modifications to deal with the blockchain network’s characteristics.
How do I buy Klaytn (KLAY)?
The KLAY token can be used for a wide range of uses, like staking and governance.
KLAY tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
Which Cryptocurrency Wallet Supports Klaytn (KLAY)?
The PTPWallet platform supports many cryptocurrencies with Klaytn soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, supported by both Android and iOS devices, and comes with its own mobile wallet app.