Klaytn KLAY

What Is Klaytn (KLAY)?

Launched in June 2019, Klaytn is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology. The platform combines the best features of both public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design.

Klaytn aims to bring blockchain technology to all types of users, from micro startups to enterprise divisions. The company’s mission is to make decentralization via blockchain available on a global scale. In addition, the project has already secured interest from numerous highly reputable brands around the world.

Who Are the Founders of Klaytn?

Jaesun Han is the founder and CEO of GroundX, the company behind the Klaytn blockchain. Han has a Ph.D. in electrical engineering and computer science from the Korea Advanced Institute of Science and Technology. His professional career started as a postdoctoral researcher for KAIST, where he conducted extensive research into distributed computing.

His first jump towards entrepreneurship was in 2007, when Jaesun Han founded NexR, the first big data and cloud computing tech startup in Korea. In 2008, Han took up a position as a chairman of the board of the Consortium of Cloud Computing Research. In November 2011, Jaesun Han became the CTO of KT Cloudware, a company dedicated to technically support KT Ucloud services.

Aside from his business and entrepreneurial ventures, Jaesun Han is also a credited adjunct professor at KAIST.

What Makes Klaytn Unique?

You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge required; you don't need to be an expert in cryptography or have a deep understanding of blockchain technology. Without the need to consult a highly specialized technical advisor, anyone can launch their own token economy ecosystem on Klaytn, according to their literature.

As an ecosystem of a wide array of decentralized applications (DApps), Klaytn presents users with the opportunity to find or develop the right type of application for their needs. Because of the decentralized nature of the platform, users have virtually unlimited use cases before them, as app publication is not restricted. Klaytn supports DApps in a multitude of spheres, including digital asset management, art collecting and trade, game development, and decentralized exchanges.

Because of this versatility, Klaytn has attracted the attention of institutional investors like Humanspace, Wemade Tree and Piction Network.

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Have a look at the CoinMarketCap blog.

How Many Klaytn (KLAY) Coins Are There in Circulation?

With an undefined maximum supply, and a current total supply of 10,527,368,819 KLAY tokens, the Klaytn blockchain is gaining popularity among crypto enthusiasts. The current circulating supply is 2,448,059,130 KLAY tokens. \ \ With every new block, newly issued KLAY and the sum of transaction fees used in the block (collectively called a “block reward”) are aggregated and distributed to the following three destination accounts following the predetermined ratio: the Klaytn Governance Council receives 34% of the supply, the blockchain consensus gets another 54% of the supply and the remaining 12% are dedicated to the Klaytn Improvement reserve (KIR).

How Is the Klaytn Network Secured?

Klaytn recognizes that proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms have drawbacks, which is why the network relies on an optimized version of an Istanbul BFT, which implements Practical Byzantine Fault Tolerance (PBFT) with modifications to achieve the necessary blockchain network characteristics. \ \ Klaytn also introduces a proof-of-contribution (PoC), which is designed to compensate all participants in the Klaytn token economy that make meaningful contributions. By combining these consensus mechanisms, Klaytn achieves a versatile, decentralized environment, ensuring that block validators are incentivized for performing their duties. Not only that, the blockchain successfully accomplishes the mission to be an enterprise-ready and service-centric environment for its users through this hybrid consensus approach.

Where Can You Buy Klaytn (KLAY)?

The Klaytn platform is attracting enterprise investors’ attention, which is why it has been climbing up among the most popular altcoins. If you want to purchase KLAY tokens, your best option is Coinone, which has the largest trading volume at $110,659,556 as of Apr. 5, 2021.

Other good options if you are looking to purchase KLAY include:

• Bittrex
• OKEx
• Gate.io

Find more information here about buying cryptos.