What is it Klaytn?
Klaytn is a blockchain project developed in South Korea by Ground X. The latter is a subsidiary of the South Korean giant Kakao: a tech company very popular in its home country and responsible for the KakaoTalk messaging app. Klaytn is its decentralised counterpart and brings together several companies within a single network. The 30+ participating companies include Korean brands such as LG, PUBG and NEOPLY, along with other global big tech firms. The Klaytn platform allows anyone to develop and make use of blockchain systems, from major players to startups and even end users.
Why follow Klaytn?
The aim of the Klaytn ecosystem is simplification. The user-friendly interface allows smart contracts and DApps to be created without any special programming knowledge. Its native token is KLAY, which is used for transactions on the blockchain and to access the DApp services. Essentially, KLAY is Klaytn’s means of payment and exchange. The consensus mechanism deviates from both proof-of-work and proof-of-stake, focusing instead on an Istanbul Byzantine Fault Tolerance (IBFT) algorithm. Klaytn provides a large number of services: DeFi, gaming, governance, NFTs, digital infrastructure and the metaverse.
How was it created?
Klaytn was founded in 2019 by the company Ground X, a subsidiary of Kakao. Ground X’s founder and CEO is Jaesun Han, a Korean engineer who has been focused on P2P algorithms and distributed systems since day one, subsequently founding innovative startups. Underpinning the project is the foundation of the same name, based in Singapore and centred on Klaytn’s evolutionary roadmap. The future of the chain includes new frontiers of governance, increased support for developers and a scalable Web3 infrastructure.
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