Klaytn is on a mission to increase the accessibility of blockchain technology to enterprises globally.
Founded in June of 2019 by Ground X, Klaytn is a public blockchain platform that strives to explain the benefits of blockchain technology by providing a user experience and development environment that is approachable. The platform incorporates the best features of both public and private blockchains, as well as private blockchains, into a single platform. Ground X is a blockchain subsidiary of Kakao Corporation, which is Korea’s largest internet messaging company.
Currently, with Klaytn 2.0, the team is starting on a chain-rebuilding campaign with the goal of making the blockchain the metaverse blockchain for all. Using an EVM-equivalent layer 1 blockchain aims to serve as the trust layer for all communities, recognizing their involvement and contributions while bringing them together in the new world and providing them with empowerment.
The structure incorporates three logical subnetworks to enable the integration of private and public blockchains:
Due to the fact that the Klaytn blockchain is primarily targeted at enterprises with high data transaction volumes, a conventional consensus mechanism like proof-of-work (PoW) or proof-of-stake (PoS) will almost certainly be insufficient. Rather than that, Klaytn is implemented through an advanced consensus technique called IBFT (Istanbul Byzantine fault tolerance).
There are three types of nodes: CN (Consensus Node), PN (Proxy Node), and EN (Endpoint Node). CCOs (Core Cell Operators) are responsible for managing CNs and generating blocks. Each node in the network verifies these blocks.
Klaytn accomplishes rapid finality by adopting and upgrading Istanbul BFT; because validation and consensus are performed for each block, there is no fork, and the block’s finality is assured immediately upon reaching consensus.
With the metaverse package, the complexity of blockchain technology will no longer be an impediment. It is designed to help builders of metaverse enter the blockchain world as smoothly as possible.
Sustaining Ethereum equivalency benefits both the Klaytn and Ethereum ecosystems. The majority of Ethereum Improvement Proposals (EIPs) could be moved and integrated into the Klaytn core development agenda, while Klaytn Improvement Proposals (KIPs) could contribute to the evolution of Ethereum and EVM. When the development community makes a contribution to one environment, it makes a contribution to both.
When the meta verification level reaches a crucial point, Klaytn’s governance will be completely decentralized via DAOs and builders. Klaytn will eventually grow into a DAO of DAOs and a platform for DAOs to communicate the Klaytn Communities’ voices via on-chain processes. A stakeholder-based governance model will be implemented, allowing governance participants who can garner the most support from Klaytn Communities to shape Klaytn in their preferred direction.
KLAY has 3 major use cases:
Klaytn’s ecosystem has established itself as a backbone for enterprises looking to enter the market with the fewest possible technical capabilities. With businesses adopting blockchain technology, it is a given conclusion that the world of decentralized money will swiftly receive widespread recognition. KLAY is the cryptocurrency of choice for a large number of reputable and institutional businesses, resulting in the network’s continued growth in popularity.
Find more information:
Website: https://www.klaytn.foundation/
Twitter: https://twitter.com/klaytn_official
Telegram: https://t.me/Klaytn_EN
Discord: https://discord.com/invite/5z2Htv6jAX
Medium: https://medium.com/klaytn
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Marshall
Coincu Ventures
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