Klaytn is a public blockchain network for businesses, the main goal of which is to promote the implementation of blockchain in various areas of life. Using Klaytn, entrepreneurs and developers can create highly efficient distributed applications in the easiest possible way, without deep knowledge of blockchain development. The platform provides a complete environment for creating decentralized applications, ranging from the public blockchain itself to tools for developers. The main network was launched on June 27, 2019. The block generation and confirmation time in the network take 1 second, and up to 4000 transactions per second are processed.
KLAY is the native cryptocurrency of Klaytn, which can be used as a medium of exchange, a means of paying transaction costs, and a staking tool. Over the year, the token has grown in price by 3500%.
The Klaytn platform was launched by the South Korean tech giant Kakao (developed by GroundX) with the goal of combining the benefits of public and private blockchains:
- From public — decentralization of information, control, and management.
- From private ones — high scalability and speed of operations.
Klaytn’s hybrid architecture is already being used by many brands around the world as a tool for building decentralized business platforms.
Much attention in the network is paid to carefully design tokenomics — incentives for users, management systems, and facilitating cooperation between different categories of participants on the platform. In addition to direct business partners, the ecosystem is used by developer communities, user stakeholders, and other groups. Each of these groups indirectly affects the platform and helps the development of the ecosystem.
The following main directions for the development of the platform have been announced:
- Maintaining your own blockchain.
- Expanding the network of child chains.
- Coordination of interests of different groups of participants.
- Ensuring the opportunity to participate in management decision-making.
In a broad sense, the goal is the widespread adoption of blockchain technology by both enterprises and end users.
Key features of the Klaytn network:
Productive work environment. Blockchain offers high performance for applications, thanks to which it can satisfy the demand of both large corporations and small startups. For this purpose, developers support high throughput, fast network response, flexible scalability, as well as transaction fee subsidization, and seamless compatibility with older technology solutions.
Processing and reproduction of data. To replace legacy business analytics tools, Klaytn offers analytics specifically tailored to work with blockchain applications. The collection and analysis of user data include solutions such as diagnosing the state of tokenomics, controlling the distribution of tokens, monitoring network load, etc.
Convenience for end users. Improved account management rules, the ability to specify your own account name, and easier key storage requirements. In the future, it is planned to remove all frictions that make the blockchain too visible for the user and hinder its widespread adoption.
According to the assurances of the developers, the further development of the platform will depend on users and partners as much as possible. The results of each completed stage of the roadmap will be recorded in a technical report that anyone can evaluate.