Klaytn – KLAY
Join us as we dive into the ultimate Metaverse Blockchain…
It’s only right that we take a deep dive…
This is a Project Review on $KLAY.
Klaytn is a hybrid open-source blockchain that launched in 2019, with a mission to shake the gamefi and metaverse space. The creators of Klaytn are behind South Korea’s largest internet company, Kakao!
The Klaytn blockchain works differently from other major networks like BNB Chain, Polygon or Ethereum as they generally use one main consensus mechanism such as Proof-of-Work (PoW) or Proof-of-Stake (PoS).
Instead, they believe that they can provide a more scalable blockchain by implementing two types of Byzantine Fault Tolerance’s (BFTs) to their network:
First is the Instanbul BFT (IBFT) which has the sole purpose of replacing other networks’ PoS or PoW consensus mechanisms.
Second is the Practical Byzantine Fault Tolerance (PBFT) which has been modified to allow interoperability with the integrated network performances it has.
Although their network doesn’t rely on the PoW/PoS consensus directly, the network still utilises the benefits of Proof-of-Stake (PoS) by allowing a limited number of validators to run the network.
It is clear that Klaytn is becoming a noticeable blockchain to build on as it offers high-speed and low-cost transactions with a user/developer-friendly interface and with the launch of Klaytn 2.0, we could see an increase of all the above!
klaytn is capable of processing 4,000 TPS (transactions per second) which is incredible and the network has amassed over 2.35M transactions in total. The network is still yet to be fully discovered by a world of gamers.
The idea of the Metaverse being implemented into our daily lives grows daily. Klaytn is preparing for the adoption of blockchain technology and the Metaverse and they are in an excellent position to be leaders of this space!
Klaytn is one of the very few blockchains that is governed by leaders in both the Crypto and Technology world. The network is governed by 30 companies, including Binance, LG Electronics, Maker DAO and many other reputable names!
Each of the 30 companies owns Validators Nodes with a minimum of 5 Million staked $KLAY tokens! A total of 1.13+ billion $KLAY tokens have been staked by the 30 members of the Governance council!
The Blockchain is currently home to over 296 decentralised applications that were either built/integrated. Many are known, like Metamask or Opensea, but most protocols on the network are games and other DeFi protocols that are exclusive to the Klaytn ecosystem.
Its ecosystem is home to a large collection of great quality games, such as:
There are many other successes and many other decentralised applications that you can use that aren’t game related. If you’re looking to earn yield, swap assets or take part in any other DeFi activities, you can check out these dApps also:
We can’t go through the entire ecosystem but feel free to explore and discover at your own will. Remember to be cautious when approaching any website or dApp. If you’re also looking for Klaytn Wallets and DEXs, we have a list of recommendations near the end of the article!
Ecosystem Website – https://klaytn.foundation/ecosystem/
Powering the entire blockchain, we have the $KLAY token. What are the primary utilities that make $KLAY so worthy, you may ask?
Well, the first and utmost important utility it holds is that $KLAY is used as the network’s gas/transaction fee token. Half of every transaction/gas fee will be burned forever, making $KLAY a deflationary token!
Any decentralised application that decides to run on the network will have to use $KLAY as a form of payment and exchange.
If you’re interested in getting your hands on $KLAY, here is a simple guide:
There are two main ways to buy $KLAY, but either way, you will always go through a centralised exchange (CEX). Here are the options:
The $KLAY token is available on the majority of centralised exchanges, especially the large ones.
Here are some Centralised Exchanges we recommend for you to buy or trade the $KLAY token:
You can swap/trade $KLAY tokens using recommended Klaytn wallets such as:
There are 18 wallets to choose from however these are the most trusted and recommended Klaytn-compatible wallets.
Once you have your wallet and have deposited $KLAY tokens from your centralised exchange (CEX) to your Solana wallet, you can freely swap/trade your $KLAY tokens for any other cryptocurrencies on the network using a decentralised exchange (DEX), here are some recommended Klaytn DEXs:
There are many decentralised exchanges and aggregators in the ecosystem, feel free to take a browse through their DEXs, here:
At the time of writing, the token $KLAY is priced at $0.19 with a market cap of over $582! The $KLAY token has seen an All-Time High of $4.38 when it exceeded a market cap of over $10.4!
Korea is notorious for its love of gaming. Klaytn and Korea go hand in hand and will make a global statement through their technology and blockchain adoption. Gaming and crypto are a match made in heaven, yet we haven’t adopted them around the globe.
Sooner or later, things will change. Gamers will earn for playing!
Twitter – @Klaytn_Official
Website – https://klaytn.foundation/
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