Klaytn

What is Klaytn (KLAY)?

CLAY – native coin Claytn, which is the leading public blockchain in South Korea. If you are interested in the current price of Klaytn, you can find the KLAY price chart above.

The main focus of blockchain is provide a network for mass adoption of the metaverse and GameFi technologies. To achieve this, blockchain provides users with a comprehensive metaverse package that contains everything you might need to create a metaverse.

Speaking of creating a metaverse, Klytn supports Ethereum virtual machine (EVM) as one of the standards being developed for this. Thus, Claytn makes its technology architecture similar to that of Ethereum in terms of interface and execution.

Additionally, to keep up with updates to the open source Ethereum codebase, Klaytn uses existing Ethereum clients and front-end libraries as a base. Finally, it allows you to contribute Klyte Improvement Proposals (KIP) and Ethereum Improvement Proposals (EIP).

Moving on, Klytn hires hub and spoke architecture, which is considered one of the best scalability solutions. He divides Klytn into knitting needles, also known as service chains. Because spokes can be stacked, they provide the scalability needed for widespread adoption of the metaverse. In addition, the spokes can be modified to suit the specific requirements of the dApp. This includes high throughput, unique node configurations, or personalized security settings.

Finally, it should be noted that using the consensus algorithm known as Istanbul Byzantine Fault Tolerance (IBFT)Transactions on the Klaytn network can be completed in less than one second. Additionally, this IBFT consensus algorithm provides the reliability and data consistency required for large-scale applications. This is done by ensuring that the data stored on the blockchain is accurate and cannot be reversed.

Founder of Klytna

Crypto project Klaytn was launched GroundX in 2019. GroundX is a blockchain subsidiary of South Korea’s leading mobile platform Kakao. Although the asset was moderately volatile at first, its market activity has become more intense in 2021. That same year, Klytn’s price topped $1 for the first time and peaked at $3.31 in October.

The founder of GroundX is Jason Han. He has a degree in Electrical Engineering and Computer Science. Before founding GroundX, Han founded NexR, the first big data and cloud computing startup in Korea. He was later appointed Chairman of the Board of the Cloud Computing Research Consortium and became the CTO of KT Clodware.

In addition, he launched Klytn Foundation. This is a non-profit organization created specifically for the development of the Klaytn network. It works with Krust, a subsidiary of Kakao Corp. that invests in initiatives built on Klaytn and manages the Klaytn Growth Fund.

The purpose of KLAY coins

KLAY is the native coin of the Klaytn blockchain. The most current price of Klytn is available in the chart above. Essentially, Klaytn coins perform three main functions, including network usage, harvesting, and NFT minting.

Firstly, we are talking about network usage, KLAY is used as a payment method for any transaction taking place on the Klaytn network. Additionally, users can provide liquidity on KLAYswap (Klaytn’s native DEX) using KLAY coins. This also allows them to earn other tokens that are compatible with Klaytn.

Secondly, from the point of view productivityKLAY holders can also stake their tokens ClayFi. It is a yield optimizer that provides the convenience of growing crops on KLAYswap.

Finally, looking at the process NFT mintingany KLAY holder is given the opportunity to use their tokens to mint NFTs and sell them on secondary marketplaces that partner with Klaytn (such as OpenSea).

Tokenomics KLAY

KLAY token is inflationaryThis means that it does not have a limited supply and that more KLAY tokens can be released whenever there is demand. The inflationary structure may make it difficult to predict the price of KLAY. The initial supply of KLAY along with the Genesis block was 10 billion coins.

9.6 KLAY coins are created with each new block. 66% of newly minted KLAY coins are reinvested. Using such a technique, Klytn has allocated a total of $1 billion to stimulate the growth of the ecosystem. Funds are distributed through numerous incentive programs, including:

• Klaitnsky Nature Reserve (KIR) – a fund of funds, equipment and services aimed at increasing the productivity of the Klaytn network.
• Klaytn Growth Fund (KGF) — we are talking about projects at an early stage that have great potential to have a beneficial impact on Klaytn.
• Proof of Contribution (PoC) initiative — it rewards the creators of smart contracts that help increase Klaytn’s activity on the network.

If you are looking to purchase Klaytn tokens, please be aware that the price of KLAY may fluctuate. This occurs as a result of the volatility of the entire crypto market.