What Is Klaytn (KLAY)?
Klaytn is an enterprise-grade support platform that seeks to provide thousands of people with a user-friendly blockchain interaction. Through an effective 'hybrid' design, the platform aims to incorporate great aspects of both public (decentralized data and control, global governance) and private (low latency, high capacity) blockchains. The platform seeks to be safeguarded by the involvement of a number of well-known brands from around the world, who have collaborated to build a trustworthy business platform based on a decentralized trust mechanism. Businesses and entrepreneurs can also use blockchain technology to capture value via the platform.
Klaytn aims to provide a great level of performance and productivity to a wide range of engineering audiences, from small businesses to corporate divisions. Blockchain Application designers seek to be emancipated to deliver a better experience for their customers due to a combination of Klaytn features such as low-latency network response time, reliable yet influential transaction efficiency, versatile scalability through service chains, and transaction fee subsidization for end users. Furthermore, the Klaytn network's easy integration with older enterprise assets (through Enterprise Proxy) aims to provide a simple onramp for teams looking to add blockchain functionality to their existing products.
The platform aims to improve compatibility with available data tools and plans to offer unique analytics targeted to make Blockchain Application operations more efficient in the near term. In addition to further generic business metrics like active user community estimation, adherence analysis, and funnel analysis, Klaytn's advanced analytics seeks to involve blockchain-specific characteristics like account type profiling, network congestion monitoring, token distribution tracking, and token economy documentation.
The Klaytn protocol is powered by and secured by KLAY token, a native cryptocurrency that is used for transaction cost, as a means of trade, for staking, as security for additional tokens, and more. KLAY is a key element—a fuel—for the Klaytn distributed application platform to function. It is a form of payment given by platform users to the consensus nodes (CNs) who perform the required actions. KLAY acts as an incentive; it motivates the developers to produce high-quality apps and ensure that the network stays healthy.
According to its whitepaper, Klaytn is designed to be the metaverse's core trust layer, valuing the involvement and contributions of all communities while empowering and uniting them in a different era. The primary design philosophy is to assist innovators in quickly developing applications and organizing the community in a scalable manner. The platform's service chains are separate blockchains from the network's main chain suited for certain DApps requiring specialized node settings, customized security levels, or extraordinarily high throughput, making deployment on the main chain difficult.
History of Klaytn (KLAY)
Klaytn is Kakao's global public blockchain project, designed by GroundX.
