The arrival of blockchain technology took data storage, sharing, and security to the next level, making transactions effortless. Once such blockchain network, introduced to assist a scalable and user-friendly interface, is Klaytn. Klaytn’s enterprise-friendly ecosystem and hybrid blockchain made the system stand out from the competition. The network architecture is mainly designed to enable businesses to operate and customize services built on the Klaytn infrastructure.
History and Overview
Klaytn, a public blockchain platform is all prepared to offer a distributed governance & scalability ecosystem and Klaytn DApp Ecosystem. The platform was introduced to the cryptocurrency industry in 2017, a time when Bitcoin and other coins were facing a bullish race. The story of Klaytn’s blockchain begins with the KaKao Company, a South Korean-based publicly traded technology firm.
Focusing on Klaytn’s history, In June 2019, the public blockchain was finally introduced for the gaming, metaverse, and creative economy. Surprisingly, the blockchain holds a large share of the South Korean Blockchain market. Klaytn blockchain made metaverse development, and play-to-earn crypto games more accessible to tech enthusiasts.
KLAY crypto is the native token of the Klaytn network, securing 47 ranking in the crypto world in April 2022. Also, the respective platform has been designed, developed, and managed by several organizations.
How Does the Klaytn (KLAY) Blockchain Work?
Klaytn network is a bit different from other existing blockchains, mainly in terms of consensus algorithm. Klaytn adopts a hybrid consensus algorithm, offering benefits of both the PoS and PoW mechanisms. The whole mechanism thus makes transactions faster, more secure, and more efficient. Klaytn blockchain has the potential to offer 4,000 transactions per second and 1-second block finality.
Also, Istanbul Byzantine Fault Tolerance (IBFT), a consensus algorithm permits networks to complete transactions within seconds, making NFT minting effortless. In addition, the respective platform also considered user experience and usability as the main criteria for working. The availability of several tools and services made the development and deployment of dApps more efficient for the developers.
Fast finality and high throughput thus made the network much more compatible with metaverse and gaming applications, offering more room to run. The smart contracts written in Solidity, offer a smooth transition for Ethereum developers as well as management of Solidity documentation. Support for Ethereum Virtual Machine (EVM) on the other hand, made the platform compatible with Metaverse and Web3.
Klaytn DApps, Klaytn Decentralized Finance (DeFi), and Klaytn NFTs are use cases of the Klaytn blockchain network. Meta Toy DragonZ is an example of a Klaytn NFT. Also, the Klaytn ecosystem caters to both the creators and developers offering, go-to blockchains for gaming NFTs.
Want to Buy a KLAY Token?
KLAY, the native token of the Klaytn blockchain, holds a total supply of 5,843,973,798 KLAY and a circulating supply of 3,240,352,814 KLAY. There are several platforms from which the respective token can be purchased. All you need to do is search and select one of the most consonant exchanges, supporting the KLAY token. Transaction fees, payment mode, and availability of the exchange in the respective region are some other factors to consider.
Binance, KuCoin, Bithumb, Zaif, OKX, and HTX, are some key platforms to look at.
The next step is to secure the created account by completing a quick onboarding to safeguard the investment and comply with regulations. Transferring money to the account to make a final purchase is the next stage. There are different ways to buy the KLAY coin such as bank transfer, cryptocurrency, debit/credit card, or online payment mode.
Frankly speaking, buying crypto using fiat currency is much easier than other payment modes. However, the choice of payment mode completely depends on the platform compatibility and buyers’ choice. If you want to buy a KLAY token with another crypto, you need to create a wallet that supports KLAY coins. Purchasing currency in exchange for the crypto and then buying KLAY coin is the only process to follow.
After choosing the payment mode and making a deposit, the next stage is to make a final purchase which can be done using the simple process. Purchased tokens can be stored in wallets like MetaMask, OKX Wallet, TokenPocket, D’CENT Wallet, etc.
Current Updates and Success Story
Klaytn Developers are continuously working on Smart Contract Development along with promoting Education Facilities Conversations to spread awareness for blockchain technology. In addition to this, the hybrid blockchain cut the token supply by nearly 50% in recent years to minimize inflationary pressure on the token’s value.
Conclusion
Klaytn blockchain network, introduced by South Korean Internet provider. Kakao. is all set to offer reliable, scalable, and secure services to crypto users. The hybrid mechanisms combining PoW and PoS offer faster and more efficient transactions. Klaytn’s native token, KLAY, is primarily used as the utility token for all platforms. The token can be purchased from crypto exchanges like Binance, KuCoin, Bithumb, Zaif, OKX, and HTX.
FAQs
What is Klaytn’s main focus in the blockchain industry?
The main focus of the Klaytn blockchain is to enable enterprises and businesses to systematically customize and operate the service-oriented blockchains developed over the Klaytn architecture.
What are the key features of Klaytn’s hybrid blockchain?
Klaytn is one of the networks that uses hybrid mechanisms including PoS and PoW in combination. hybrid blockchain offers low latency and high scalability of private blockchains.
How to buy a KLAY token using PayPal?
Currently, the KLAY token is not supported by PayPal. For right now, purchasing CLAY tokens using PayPal is impossible.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/11/what-is-klaytn-history-and-working-of-the-public-blockchain/