Klaytn

Overview of Klaytn

  • Klaytn describes its offering as ‘a public blockchain that retain[s] robust security and transparency while delivering enterprise-grade performance.’ Specifically, the protocol utilizes Istanbul BFT for consensus, with a small set of consensus nodes (CNs) performing consensus on a private network (so to capture the efficiencies gained through private blockchain designs), while also enabling a larger permissionless network of endpoint nodes (ENs) to assess and verify block generation results (so to retain the transparency and security found in public blockchains).
  • Klaytn aims to support what it calls BApps (Blockchain Apps), a type of centralized application that utilizes blockchain technology for properties like security, immutability, transparency, and traceability but does not seek to decentralize its core business model or significant components of its architecture—what it argues DApps (Decentralized Applications) aim to do.
  • Klaytn recognizes that proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms have drawbacks, which is why the network relies on an optimized version of an Istanbul BFT, which implements Practical Byzantine Fault Tolerance (PBFT) with modifications to achieve the necessary blockchain network characteristics.
  • Klaytn, a global public blockchain platform developed by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao, announced on Thursday it has teamed up with ConsenSys, an Ethereum software company, to advance its platform’s integrated digital currency efforts.
  • Klaytn seems to be on the brink of joining the major projects everyone knows immediately, and that could create massive growth and test the project’s claim that they are able to deliver bApps without increased latency even when network congestion grows massively.
  • Klaytn partners with major organizations and businesses in various industry domains as part of its Governance Council program, jointly running its distributed network under public governance to bring user-friendly blockchain services to millions 
  • Klaytn intentionally trades off degrees of decentralization for features inseemed to promote mass adoption, which include greater comparable scaling, business friendly developers’ tools, and a web of service and enterprise partners.
  • Klaytn empowers businesses and entrepreneurs to offer Blockchain Applications with responsiveness, robustness, and usability on par with those based on legacy technologies as to remove all adoption hurdles.
  • Klaytn’s governing members and partnerships have included: LG, KaKao, UnionBank, PUBG Corporation, Pearl Abyss, Shinhan Bank, Celltrion, IDG Capital, and Netmarble, among others.
  • Klaytn’s on-chain metrics hinted at a deeper correction, while CRO’s bulls need to defend the $0.205-support over the next few trading sessions to avoid a breakdown.

    • Blockchain

    Klaytn is secured by participation from multiple top-tier brands around the globe.With its applications and web services having seen exponential growth in the Korean market, Klaytn is now setting its sights on global expansion, capturing a vast number of established global enterprise partners to its ecosystem, strategically spanning both blockchain-oriented and traditional finance organizations such as LG Electronics, Worldpay and Binance.

    Mine

    At the time of writing, the KLAY token has a market cap of around $8.5 billion, trading at $3.49 according to Coin Market Cap.Below we have listed some of the most prominent BApps currently operating on the Klaytn blockchain that rely upon the KLAY token.The price rally appears to coincide with the substantial uptick in the adoption of the Klaytn blockchain.This follows a significant price rally throughout early 2021.

    Network

    Support

    "The Klaytn support on OpenSea will provide our ecosystem with an opportunity to interact with a much wider audience, and we look forward to further exploring interesting digital assets on Klaytn," says Jason Han, the CEO of Ground X, heading the development of Klaytn.

    Transactions

    “Through this collaboration we will strengthen the efficacy of the Klaytn platform, readying it to process transactions which would conceptually support CBDCs, and also optimize it for Ethereum Layer 2 integration,” said Charles d’Haussy, managing director of Asia Pacific at ConsenSys.

    How do I buy Klaytn?

    It is not possible to buy all cryptocurrencies with U.S.dollars.Bitcoin, Bitcoin Cash, Ethereum, Litecoin and other popular cryptocurrencies can be purchased with U.S.dollars using Coinbase or BlockFi.Once you have purchased Bitcoin using Coinbase, you can then transfer your Bitcoin to an exchange such as Binance to purchase other cryptocurrencies, including Klaytn.

    How Is the Klaytn Network Secured?

    Klaytn recognizes that proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms have drawbacks, which is why the network relies on an optimized version of an Istanbul BFT, which implements Practical Byzantine Fault Tolerance (PBFT) with modifications to achieve the necessary blockchain network characteristics.\
    \
    Klaytn also introduces a proof-of-contribution (PoC), which is designed to compensate all participants in the Klaytn token economy that make meaningful contributions.By combining these consensus mechanisms, Klaytn achieves a versatile, decentralized environment, ensuring that block validators are incentivized for performing their duties.Not only that, the blockchain successfully accomplishes the mission to be an enterprise-ready and service-centric environment for its users through this hybrid consensus approach.

    How Many Klaytn (KLAY) Coins Are There in Circulation?

    With an undefined maximum supply, and a current total supply of 10,527,368,819 KLAY tokens, the Klaytn blockchain is gaining popularity among crypto enthusiasts.The current circulating supply is 2,448,059,130 KLAY tokens.\
    \
    With every new block, newly issued KLAY and the sum of transaction fees used in the block (collectively called a “block reward”) are aggregated and distributed to the following three destination accounts following the predetermined ratio: the Klaytn Governance Council receives 34% of the supply, the blockchain consensus gets another 54% of the supply and the remaining 12% are dedicated to the Klaytn Improvement reserve (KIR).

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    What is Anchor API?

    Anchor API executes anchoring private chain (including service chain) data to Klaytn's main chain through a simple API call.When users operate service chains, they need to send service chain information to the main chain to prove that the service chain data are not falsified.The process requires understanding complicated settings and adequate management to perform data anchoring, which sends and records the service chain data to the main chain.

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    What Is Klaytn (KLAY)?

    Launched in June 2019, Klaytn is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology.The platform combines the best features of both public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design.

    What is Klaytn Node API?

    Klaytn Node API provides Klaytn's JSON-RPC API, which used to be available only if Klaytn Endpoint Node (EN) is installed and operated.Therefore, users can access and use Klaytn mainnet (Cypress) and testnet (Baobab) without building separate high-performance nodes.If a user already has a written code to call JSON-RPC API, he/she can input the authentication information on the API call header for use, with little modification using KAS.

    What is Klaytn?

    Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions.It combines the best features of both public blockchains (decentralized data & control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design.Klaytn is secured by participation from numerous highly-reputable brands around the globe, working together to create a reliable business platform atop a robust system of decentralized trust.

    What is Klaytn?

    Klaytn is a global public blockchain platform developed by Ground X, which is a blockchain affiliate of Kakao, the largest mobile platform in South Korea.Klaytn was conceived to be a hybrid blockchain, with PBFT as the chosen consensus algorithm.Klaytn supports contracts in Solidity, allowing for a smooth transition for Ethereum developers, and easy utilization as well as porting of Solidity development documentations and tools.

    What is the value of Klaytn?

    One Klaytn (KLAY) is currently worth $2.27 on major cryptocurrency exchanges.You can also exchange one Klaytn for 0.00003999 bitcoin(s) on major exchanges.The value (or market capitalization) of all available Klaytn in U.S.dollars is $5.58 billion.

    What is Token History API?

    Token History API has functions for searching and extracting information and transaction records of tokens issued with KIP-7, KIP-17, ERC-20, and ERC-721, as well as KLAY.In general, a separate monitoring system and database (DB) have to be built on understanding the changes of KLAY/token information in individual Klaytn accounts.Constructing these may cost time and money and add a huge burden of monitoring all token transactions.

    What is Wallet API?

    Wallet API is a set of APIs to store and manage Klaytn account keys and to send various transactions to Klaytn.With Wallet API, users do not need to build wallets directly or manage their private keys by themselves when developing a blockchain application.They can simply send transactions through API calls without having to explicitly sign them.

    What Makes Klaytn Unique?

    You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge required; you don't need to be an expert in cryptography or have a deep understanding of blockchain technology.Without the need to consult a highly specialized technical advisor, anyone can launch their own token economy ecosystem on Klaytn, according to their literature.

    Where can I get Klaytn wallet?

    Klaytn produces its own wallet software that is available for download on its website, which allows you to store Klaytn on your computer.For maximum security, you can store your cryptocurrencies on a dedicated hardware wallet such as a TREZOR wallet or a Ledger Nano X.If you do not wish to buy a hardware wallet, you may consider using a mobile wallet such as Atomic Wallet, Jaxx, or Coinomi to store multiple cryptocurrencies with some added security benefits.

    Where Can You Buy Klaytn (KLAY)?

    The Klaytn platform is attracting enterprise investors’ attention, which is why it has been climbing up among the most popular altcoins.If you want to purchase KLAY tokens, your best option is Coinone, which has the largest trading volume at $110,659,556 as of Apr.5, 2021.

    Who Are the Founders of Klaytn?

    Jaesun Han is the founder and CEO of GroundX, the company behind the Klaytn blockchain.Han has a Ph.D.in electrical engineering and computer science from the Korea Advanced Institute of Science and Technology.His professional career started as a postdoctoral researcher for KAIST, where he conducted extensive research into distributed computing.

    Why Should I Use Anchor API?

    The Anchor API sends the data anchoring transaction using a few lines of API calls.However, the process for sending anchoring transactions is complicated in the existing Klaytn environment.As such, the Anchor API makes the entire process simpler and more convenient, from creating an "operator" account that prepares the anchoring transaction to sending them.The anchoring transaction can be readily executed by quickly creating the operator on the KAS Console and entering the operator information for calling APIs.Then, the private or service chain operator can save time and money for data anchoring while strengthening data integrity.

    Why Should I Use Klaytn Node API?

    The Klaytn Node API provides functions for connecting to the blockchain network, recording data (sending transactions), and loading blockchain information without any blockchain node.Essentially, such functions were available only when the user is a member of the blockchain network, as a blockchain node by running a high-performance server and continuously synchronizing blockchain data.With the Klaytn Node API, however, the user may interact with the blockchain by merely calling APIs without operating the blockchain node to save on server installation, configuration, and maintenance costs.

    Why Should I Use Token History API?

    The Token History API is a tool for tracking the token transaction history and provides functions to search for the information and history of KLAY, FT (KIP-7, ERC-20), and NFT (KIP-17, ERC-721) tokens.KAS tracks transaction histories of KIP-7 and KIP-17 tokens automatically, while ERC-20 and ERC-721 tokens are tracked through Labeling.Users can search for a token's transaction history to check the KLAY transmission history of a specific account or its NFT information.

    Why Should I Use Wallet API?

    The Wallet API provides all functions mentioned above.Instead of going through six steps of utilizing high-performance hardware resources and implementing complicated software, a user can quickly join KAS and call the Wallet API.

    History of Klaytn

  • In 2018, IDG Capital invested in Klaytn.
  • In 2019 the company commenced work on the Klaytn blockchain, which by the time of publication has the 25th largest market cap in the cryptocurrency space.