Klaytn is a blockchain system for businesses that was introduced to the world in 2019. This platform is developed to work with decentralized applications and allows different companies to build up and implement their projects. They also can use the blockchain system for the most comfortable progress and scaling of the network.
The main goal of creating Klaytn is to enable corporations to conform their technological infrastructures with the blockchain. In short, Klaytn is a bridge between business and the blockchain world.
The platform was developed by the South Korean Internet giant Kakao, or rather a group of professionals. They managed to create the proper product so that everyone can build, work, or play in the metaverse.
This blockchain system has its own cryptocurrency β KLAY. It can be exchanged and sold, like any other crypto β for example, you can easily convert KLAY to BNB on most exchange platforms.
The Klaytn Ecosystem
Many blockchain-based undertakings in the Klaytn ecosystem are already created for various purposes. Low commission attracts more and more individuals and large organizations to improve business processes by optimizing work.
Gaming and NFT
NFT and games are the two trends of todayβs technological progress, so Klaytn is doing everything possible to attract as many users as possible who are directly related to gaming and NFT. Since games often introduce new technologies very effectively, Klaytn offers companies and developers support and other goodies. NFT, in turn, allows the platform to scale significantly because it is possible to create NFT in different formats and for various purposes. The NFT sphere is actively developing, so it is obvious that this is what is needed for Klaytn to scale. You can still create your own NFT on KLAY using Truffle.
Governance Council
Klaytn Governance Council is an alliance formed by multinational enterprises and organizations. They are responsible for managing the platform as well as developing its ecosystem. Such cooperation contributes to the gradual and continuous growth of the blockchain industry. By attracting large organizations to cooperate, the Klaytn platform expands the possibilities of using cryptocurrency, which means it attracts more and more people to the world of blockchain.
Oracles/Bridges
Users can create individual applications in the ecosystem and connect blockchains.
To do this, Klaytn uses Orbit Bridge with IBC technologies from Cosmos. With this bridge, information is easily transferred and verified.
The Klaytn platform also uses the Chainlink oracle to provide validated data from the Internet. It is a fairly used oracle, as most networks support it.
Key Features
- Network response with low latency.
- Decentralized management.
- Reliable transaction throughput.
- Scalability.
- Compatibility with legacy technologies.
- Metaverse package.
- Equivalence of Ethereum.
- Ecosystem Fund.
Final Note
Klaytn was developed and produced by one of the largest firms in South Korea, which products are widely used in this country. Therefore, we can assume that the fame of Klaytn will only grow. In the platform’s ecosystem, there are only top services, trending tricks, and a robust user base, which shows that the platform is gaining more and more popularity and stability. By the way, the KLAY token has been in the top 40 cryptocurrencies of the world for quite a long time, and many assume that this cryptocurrency can become the second Ethereum. Well, taking into account all the information, you need to reconsider your plans for the Bitcoin to Ethereum exchange and think about getting some KLAY.