What is Klaytn (KLAY)? Complete explanation for beginners! =

Have you ever developed an application for the blockchain? If not, you can imagine how difficult that would be. For example, you would have to learn different programming languages, and you also need a lot of technical knowledge about how blockchains and applications work in general.

With Klaytn (KLAY) it doesn’t have to be as difficult as you initially thought. Klaytn is a blockchain platform on which anyone can develop their own application without having in-depth technical knowledge. This means that even if you have no technical knowledge about blockchains and computer systems, you can have your own application developed and run on Klaytn.

Without a doubt an ambitious goal. With this, Klaytn wants to ensure that the adoption of blockchains goes even faster. In their view, this is not going fast enough at the moment because companies and organizations do not know how to start with this. In addition, it is often very expensive to hire a dedicated developer for the development of a decentralized application (dApp).

In this article we explain what Klaytn is, who invented the project, how it works and what the main advantages and disadvantages are.

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  • View quickly
  • What is Klaytn (KLAY)?
    • Who invented Klaytn?
  • How does Klaytn work?
    • Combination of public and private blockchains
    • Nodes
    • Proof of Contribution (PoC)
  • KLAY cryptocurrency
    • Tokenomics
  • The pros and cons of Klaytn
    • Advantages
    • Cons
  • Conclusion

What is Klaytn (KLAY)?

Blockchains are increasingly being used by large companies. For smaller companies and organizations, the use of the blockchain is still difficult to realize. This is because, for example, it is not easy to find suitable people for the development. Klaytn is a platform created to accelerate the adoption of blockchain technology .

On the Klaytn website, developers can develop a blockchain application through a simply designed interface. This platform is decentralized and therefore runs on the blockchain. The same goes for Klaytn’s board. This has been completely decentralized and moved to the blockchain network.

Users can create their own channel via the platform. Within this channel, they can then develop their own blockchain ecosystem, without in-depth technical knowledge being required. This means that it is also possible to set up a complete token system.

So no in-depth technical knowledge is required for this. By that we mean that you don’t need to master programming languages to develop an ecosystem or application within Klaytn. It ensures that a much wider group of people is able to develop a decentralized application (dApps), which of course results in many more dApps. The dApps developed on Klaytn are called BApps .

This makes it a lot easier for companies, organizations and small groups to integrate blockchain technology into the way they work.

An important feature of Klaytn is that the blockchain is incredibly scalable. Transactions can be processed very quickly, and users pay low costs for executing a transaction. This is because Klaytn uses a combination of the public and private blockchain.

Would you like to learn more about Klaytn before reading the article? The video below explains in a few minutes more about what Klaytn is.

 

Who invented Klaytn?

Klaytn was conceived in 2019 by the company GroundX, which is part of Kakao . The head office is located in Seoul (South Korea). Kakao is led by Kim Beom-Soo. Initially, Kakao is a company that has its own mobile platform. With Klaytn, the company has another product they offer.

The ICO for Klaytn was held way back in 2018, raising more than $90 million. This was not the last time the project raised large sums. Since then, several companies have decided to invest in Klaytn.

So GroundX is the company that is directly behind Klaytn, and is led by CEO Jeasun Han , who has a lot of experience in the ICT world. Han holds a PhD in computer science from the Korea Advanced Institute of Science and Technology.

Of course, Jeasun Han is not the only person who makes a great contribution to Klaytn. He does this together with Myeongjin Jeong (CFO), Sangeon Bae (Head of Wallet Group) and Sangmin Seo (Head of Platform Group).

How does Klaytn work?

Klaytn undoubtedly has an ambitious goal in mind. The team behind Klaytn has a lot of experience and is driven to make the project a success. Below you can read how Klaytn works , and you may understand why many people have faith in this project.

Combination of public and private blockchains

Klaytn uses the advantages that public and private blockchains offer . It is known that a public blockchain has many advantages. For example, the network is very large, which ensures a large decentralization of the data.

The broad decentralization ensures that data is stored in a decentralized place, so that users have more control over the data they place on the blockchain.

Another advantage of public blockchains is that it operates fairly. Anyone can join the blockchain and thus contribute to its security . These are the properties that Klaytn contains.

The advantages of a private blockchain are that transactions can be processed faster, because a smaller network has to reach consensus . This makes a private blockchain very scalable. It also gives the user of the blockchain more certainty about security, because the blockchain is shielded from the public. These are therefore the properties that Klaytn has included in its main chain , the layer 1 blockchain.

Only transactions are processed on this main chain. There is also a layer 2 blockchain that can be seen as a side chain . This can be used by companies that prefer not to use a public blockchain for data protection reasons.

To understand how Klaytn works, it is important to understand the difference between a public and private blockchain. The video below explains more about this topic. We think it’s a video that will help you a lot!

 

Nodes

Before a company can use Klaytn, a node must first be set up . A smart contract runs on this node, which can be controlled through Klaytn’s user-friendly interface. This does not have to be a large server, but can also be a normal computer. The condition is that the computer uses iOS or Linux as the operating system . Special Ranger Nodes provide supervision over the network.

Proof of Contribution (PoC)

Klaytn’s blockchain uses the Proof of Contribution (PoC) consensus algorithm . This is a consensus mechanism that is little known in the blockchain world. That’s because few projects besides Klaytn use it.

Proof of Contribution is an algorithm that rewards entities that contribute to the growth of the platform. Klaytn rewards these entities based on the contribution they make . This means that someone gets a bigger reward as soon as they make a bigger contribution. A user has several options on which they can do more within Klaytn.

Someone can make a contribution to the platform, for example by setting up a node. This ensures a more stable platform, because tokens and coins are better spread over the network. These nodes also validate transactions, for which they are rewarded.

What is special about this algorithm is that the end users are also included in the distribution of rewards. After all, in the eyes of the Klaytn users, they are the ones who ensure that the platform can continue to run. And that in turn improves the security of the platform, which in turn leads to more users.

User behavior is analyzed by Klaytn, and based on that it is determined what someone’s contribution has been. A reward is then determined on the basis of this contribution. Klaytn therefore ensures a fair distribution of the proceeds from the use of Klaytn.

KLAY cryptocurrency

Klaytn has its own crypto coin, called KLAY. It is not just another cryptocurrency as it has several functions within the Klaytn platform. BApps users and developers will use the KLAY cryptocurrency to receive rewards and pay for using the services. The nodes running in Klaytn’s network receive KLAY coins as a reward.

Tokenomics

There will be a total of 10 billion KLAY coins in circulation. This is how the breakdown of the KLAY coins looks like:

  • Team : 5%
  • Development : 8%
  • Business development : 16%
  • Storage : 35%
  • Private sale : 36%

The pros and cons of Klaytn

Now that you’ve read what Klaytn is and how it works, you might have an idea of the main benefits of this project. To briefly summarize what Klaytn is, we will list the main advantages and disadvantages of Klaytn for you.

Advantages

  • Low transaction costs . The services that you can purchase on the platform have a fixed price. So you know in advance exactly how much you will have to pay for executing a transaction. The costs are very low.
  • Fast Transaction Processing . Because Klaytn uses private blockchain functions, transactions can be processed very quickly by the network behind Klaytn.
  • High usability for developers . Klaytn offers a platform on which anyone who does not have technical knowledge can develop their own application for the blockchain. This also saves costs for these companies, because they do not have to pay money to an expensive developer.
  • Contributes to blockchain adoption . Because Klaytn makes it even easier to develop blockchain applications, blockchain will be adopted even faster by companies, organizations and governments.

Cons

  • Lots of Competition . There are currently many layer 1 blockchain projects that want to achieve the same goal as Klaytn, and the project is therefore not unique. Klaytn’s biggest competitor is Ethereum, which is the largest blockchain for dApps.
  • Not Decentralized . Klaytn is maintained by a group of directors based in South Korea. People have often criticized the decentralization of the project in the past, which would not be good. According to them, the directors would have too much influence on Klaytn.

You probably already have a clear idea of what Klaytn is, and how this project works. Do you still want to go through everything briefly? The video below explains in 2 minutes what Klaytn is.

 

Conclusion

Klaytn is a special project with major objectives in mind. GoundX, the company behind Klaytn, wants everyone to be able to use the blockchain technology . To achieve this, it will first have to become easier to develop applications for the blockchain. That is why Klaytn has developed a platform on which anyone can develop their own dApps (BApp), without having to possess technical knowledge.

The main advantages of Klaytn is that the blockchain can process transactions at lightning speed at a low cost . This is because Klaytn uses the advantages of both the public and private blockchain . Companies can therefore also choose to store their data on a private blockchain, so that data is even more secure.

All of this should ensure that companies and organizations, despite their size, can make use of blockchain technology.

After reading this article you will hopefully know more about what Klaytn is and how it works . Do you want to know more about Klaytn, the KLAY cryptocurrency or other projects after reading this article? Then ask your questions in our AllesOverCrypto Facebook group and our experts will answer all your questions.

Do you have other crypto related questions? The easiest way is to look up your question in our FAQ. What you can also do is that you google your question + “AllesOverCrypto”. You will then quickly arrive at one of our other articles that deal with that topic, so that you can quickly learn more about that topic.

Header photo by Shizume

 

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