The Klaytn main net, which is named Cypress, was launched on June 27, 2019 and at the time it was already ahead of many of its peers.
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It’s not uncommon to see cryptocurrency tokens suddenly gain popularity and shoot up in price and in rankings based on total market capitalization. One of the latest to do so is a South Korean project from the internet company Kakao.
The project is called Klaytn and it’s a fairly well established blockchain project, with a main net that went live back in June 2019.
The sudden move higher for the token seemingly comes as a reaction to news of an integration with OpenSea, the largest NFT marketplace. This will give Klaytn access to release its own NFTs with ease of access for its user base and those looking for unique new NFTs. In response to the integration the CEO of GroundX, which heads the development of Klaytn, had this to say:
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.
The team at GroundX is committed to making blockchain accessible to all, with a focus on ease of use, speed, and mass adoption. Ground X also focuses on leveraging blockchain to drive social impact and creating a stable blockchain ecosystem.
The Klaytn main net, which is named Cypress, was launched on June 27, 2019 and at the time it was already ahead of many of its peers. The Klaytn blockchain boasts the following specifications:
- 1-second block generation and confirmation time.
- 4,000 transactions per second.
- Low gas price that is significantly less than Ethereum.
- Runs EVM (Ethereum Virtual Machine) and supports the execution of Solidity contracts.
- 30 reputable corporations worldwide form the Klaytn Governance Council to operate consensus nodes
- 50 initial
Klaytn has set itself the mission of triggering mass adoption of blockchain technology by millions of global users. Klaytn’s service-centric blockchain solution combines all the best features to be found in both public and private blockchains.
This includes decentralized data, distributed governance, low latency, and high scalability. Klaytn is able to do this through its hybrid design.
Unlike many independently developed blockchain projects Klaytn has its roots in the corporate realm, and as such it also counts many major corporations as partners in the project.
This is helping to speed development and too create a reliable enterprise-grade platform that will have utility both for corporations and individuals.
Klaytn Proof of Contribution
The token economy of Klaytn is dependent on the spontaneous engagement in economic activities and the exchange of value within the ecosystem of klaytn review.
Consistent behavior like this creates an economy that drives the growth of the entire ecosystem over time. Klaytn is incentivizing network participants through a compensation mechanism called Proof of Contribution (PoC).
The Proof of Contribution consensus mechanism was designed to compensate any participant in the Klaytn economy who makes a meaningful contribution.
In the current state PoC in Klaytn is primarily focused on the service providers and the end-users.
Klaytn Service Chain Network (SCN)
Service Chain Networks in Klaytn are similar to sidechains in that they are composed of auxiliary blockchains attached to the main chain via Endpoint Nodes.
These Service Chain Networks exist to allow for the operation of blockchain applications or BApps (otherwise known elsewhere as dApps).
The Core Cell Network and Endpoint Node Network together form the Klaytn main chain. It is possible for blockchain applications to run on the klaytn review. main chain.
Alternatively any bApp can be created on its own Service Chain. The benefit of Service Chains for bApps is that they provide a dedicated execution environment for applications that guarantees high TPS and configurable network policies.
Klaytn Governance Council
The Klaytn Governance Council is responsible for operating the Consensus Node Network, and for promoting growth in the overall ecosystem. The council is made up of an alliance of multinational organizations and businesses.
The Governance Council was designed and created with the belief that contributors who help to build, run, maintain, and grow the platform are going to have their interests most aligned with the platform, and will provide the best long-term governance and growth.
The initial Council was composed of 19 participants from some of the largest conglomerates in Asia. That number has grown to 30 members, and their participation in the Klaytn Governance Council extensively impacts their hundreds of affiliates and partners to explore ways of implementing Klaytn’s technology and network, thus promoting network growth.
Is Klaytn Safe and Credible
The Klaytn network was designed to be partitioned into three sub-networks based on the purposes and roles of each. These three sub-networks are the Core Cell Network, the Endpoint Node Network, and the Service Chain Network.
The Core Cell Network is comprised of Core Cells to verify and execute the transactions submitted via the Endpoint Nodes. The CCN has the responsibility for the creation and propagation of blocks throughout the entire network with respect to klaytn review.
The Endpoint Node Network is built from Endpoint Nodes that are responsible for the creation of transactions, processing data requests from service chains, and handling all the RPC API requests.
The KLAY Token
The KLAY token is the native cryptocurrency used in the Klaytn ecosystem. It is used for transaction fees when creating and executing smart contracts on the blockchain, or when making transfers of KLAY.
KLAY is included in the ecosystem because it is a necessary element for operating the Klaytn platform. Think of it as the fuel that powers everything.
Besides being used to pay for transactions it is also the payment asset used to compensate the Consensus Node operators. KLAY ensures that develppers write high-quality code, since wasteful code costs more to run on the network, and it also ensures that the network remains healthy by compensating Consensus Nodes for contributing to the network.
Is Klaytn Legit
Klaytn’s funding structure runs continuously with Klaytn network’s block generation. This klaytn review shows that every new block, newly issued KLAY and the sum of transaction fees used in the block (collectively called “block reward”) are aggregated and distributed to the following three destination accounts in accordance to the predetermined ratio:
- Klaytn Governance Council Reward: 34%
- Proof of Contribution (PoC) Rewards: 54%
- Klaytn Improvement Reserve (KIR): 12%
Currently 9.6 KLAY are minted per block. This implies roughly 300 million KLAY are minted annually, which is equivalent to 3% annual inflation against the 10 billion KLAY that were issued at genesis.
Is Klaytn Scam
Klaytn has been aggressively growing its network, adding new functions and features at a regular pace on a blockchain network that’s both fast and scalable. With applications ranging from games to DeFi to NFTs Klaytn really is living up to its promise of making blockchain bApps accessible to millions of people worldwide.
Once they begin using the blockchain new users will find that the Klaytn platform’s efficient and hybrid design combines the best of both public and private blockchains.
One concern would be for investors in the KLAY token. With gains of nearly 1,000% in just two months it’s possible that KLAY is overbought at current levels and could be due for a correction.
On the other hand, as the platform continues to find increased traction not only in Asia, but globally, there could be far more upside for the token.
In Summary – Is Klaytn Legit or Scam
Because the team behind the development of Klaytn is well aware that technology improves rapidly, and the needs of users also change and evolve over time they have added a mechanism to help Klaytn adapt and keep up with any such changes.
This takes the form of the Klaytn Improvement Reserve (KIR), which is managed on the platform in order to provide investment funds for research and development well into the future.
The KIR can not only be used to fund research and development, it can also be used to fund projects that contribute to the growth of the Klaytn ecosystem.
Proposals can be created by any Klaytn ecosystem participant and then follow the Klaytn Improvement Reserve Review Process.
This Klaytn Review Article isn’t aimed at defaming Klaytn nor is it targeted to promoting them.
This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.
Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Klaytn review.
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