The Klaytn platform from the South Korean company Kakao provides users with convenient access to the blockchain. The blockchain project was developed by the "Ground X" division. The main purpose of the project is to combine the best features of public crypto networks (decentralized control and data management) and private ones (transaction speed, high scalability).
Klaytn has attracted other companies involved in the development of blockchain-based technologies to develop its project. Entrepreneurs and enterprises using the platform increase productivity and ease of doing business in various fields (medicine, transport, services, etc.). The developers have provided an open source code, which allows you to constantly make changes and improvements.
The Klaytn ecosystem offers the introduction of blockchain technology in all areas of business. The emphasis is on efficiency and scalability of work. The KLAY token operates within the system, allowing mutual settlements within the network.
Initially, 10,000,000,000 tokens were issued, and then it is possible to “mint” new ones using mining with a block reward of 9.6 KLAY.
Staking allows you to keep the network running using frozen wallet funds and receive rewards for this. In order to take part in it is necessary to open a deposit (minimum amount is at least 5,000,000 KLAY). Profit results are displayed to participants every 84,600 blocks issued. To withdraw your assets, you must wait a week from the date of application.
Given the high growth in the popularity of the project, farming can be used as a good way to earn money.To do this, you need to open an account on the exchanges where it is available and deposit tokens into the account. The exchange pays interest to investors for attracting and using tokens. After the listing, the popularity of the digital asset may grow, which will allow you to earn not only on interest, but also on price growth. Farming also helps the company move into the cryptocurrency environment, making it popular.
Coins can be stored on software and hardware wallets. The Klip messenger from KakaoTalk has a built-in multi-currency wallet that supports KLAY tokens and other cryptocurrencies. It allows users to make payments within the network. The Klip smartphone app is a popular messenger in South Korea, similar to WhatsApp and Viber.
For computer versions, the Kaikas wallet has been developed that works on Google Chrome and Mozilla Firefox browsers. It has all the convenient and necessary tools for working with the Klaytn network.
Klaytn uses three types of nodes:
- Consensus Nodes (CN);
- Proxy Nodes (PN);
- Endpoint Nodes (EN) – end nodes that serve to process data between chains.
Benefits of working with the platform:
- development of one’s own applications;
- high productivity and speed of operations;
- for transactions within the system, a stable and low commission is provided;
- the internal reward system for KakaoKon users is available;
- the platform is optimized for working with a large amount of traffic;
- a hybrid solution that allows large enterprises to create their own network with a connection to the main one.
The main projects implemented in the Klaytn ecosystem:
"Service Chain" – allows businesses and private users to create their own blockchain with the ability to integrate into the Klaytn network. This direction is also called “hybrid blockchain”.
Blockchain App (BApp) is a technological part of the Klaytn ecosystem that helps companies integrate blockchain technology using ready-made applications.
The company has developed a roadmap. Plans are being implemented according to the specified deadlines. Based on this approach, the following changes can be expected in the near future:
- popularization of the Klaytn project by actively listing tokens on new exchanges and introducing them into their messengers;
- an increase in the number of companies using hybrid blockchain technologies;
- adding new applications to the Blockchain App (BApp);
- bringing the Klaytn ecosystem into new areas.
