{"id":17499,"date":"2022-05-11T19:10:11","date_gmt":"2022-05-11T13:40:11","guid":{"rendered":"https:\/\/zebpay.com\/?p=15019"},"modified":"2022-08-23T09:29:09","modified_gmt":"2022-08-23T09:29:09","slug":"what-is-klaytn-klay","status":"publish","type":"post","link":"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay","title":{"rendered":"What is Klaytn (KLAY)?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay\/#So_What_is_Klaytn\" title=\"So, What is Klaytn?\">So, What is Klaytn?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay\/#Klaytns_inception_and_the_way_forward\" title=\"Klaytn\u2019s inception and the way forward\">Klaytn\u2019s inception and the way forward<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay\/#How_does_Klaytn_work\" title=\"How does Klaytn work?&nbsp;\">How does Klaytn work?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay\/#The_Klaytn_Token_A_Snapshot\" title=\"The Klaytn Token: A Snapshot\">The Klaytn Token: A Snapshot<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/au\/blog\/what-is-klaytn-klay\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Since its inception, the crypto industry has witnessed the birth of thousands of crypto assets. Each crypto asset has its own blockchain infrastructure. These blockchain infrastructures can be of four types: private, public, consortium, or hybrid. Typically, the type of blockchain determines the use cases for blockchain. Moreover, the talent required to build these solutions is rare and in high demand (not to mention the capital required). Therefore, it&#8217;s a mammoth task to build your own blockchain. But, it\u2019s obvious that there are a lot of benefits to be reaped from blockchain technology for businesses all around the world. Klaytn (KLAY) is one such blockchain platform that is making it possible for businesses to build their own blockchains and conduct their businesses on them. Let\u2019s understand what Klaytn is and how it enables enterprises!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-so-what-is-klaytn\"><span class=\"ez-toc-section\" id=\"So_What_is_Klaytn\"><\/span>So, What is Klaytn?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Klaytn is a business-oriented public blockchain project that enables businesses to build and customise their own service-oriented blockchains. These mini blockchains are called service chains and they run autonomously as subnetworks. Moreover, Klaytn is a hybrid chain that combines the best public (decentralised data and distributed governance) and private blockchains (low latency and high scalability). Using this hybrid infrastructure, Klaytn provides a user-friendly blockchain experience. The service chains built on Klaytn has the same capabilities as the hybrid Klaytn chain viz., high performance, scalability, and productivity.&nbsp;<\/p>\n\n\n\n<p>The service chains built on top of the Klaytn architecture are flexible and easy to customise. Therefore, they can accommodate any kind of web service. For instance, financial services, insurance, buying and selling, merchandise, outsourcing, etc. However, with the exception of gambling and financial speculation.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-klaytn-s-inception-and-the-way-forward\"><span class=\"ez-toc-section\" id=\"Klaytns_inception_and_the_way_forward\"><\/span>Klaytn\u2019s inception and the way forward<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Klaytn was founded by KaKao, a publicly-traded company in South Korea. KaKao is the brain behind South Korea\u2019s most popular messaging application KaKaoTalk. In addition to that, KaKao also has an incredibly successful taxi-hailing app and an online bank. In 2017, KaKao\u2019s attention was drawn to the crypto industry due to the major bullish run of crypto assets. This led to the creation of Klaytn in 2019 with major help from its blockchain-based subsidiary, GroundX. The company had to face a lot of backlash and hurdles just like how Meta (formerly Facebook) did with their LIBRA project.<\/p>\n\n\n\n<p>Since its inception, it has been able to gain a lot of traction. In 2019 alone it amassed more than 40 initial service partners. Currently, the number stands at around 150 service partners. Klaytn has gained momentum cutting across a wide spectrum of industries ranging from healthcare to entertainment and finance, among others. However, over the past few years, the Klaytn foundation has done a bit of course correction and wants to focus more heavily on metaverse projects. It has rebranded itself as an \u201copen-source public blockchain for all who wish to build, work and play in the metaverse\u201d. The next phase of Klaytn will deliver the performance, decentralisation, scalability, and interoperability\u2026that are needed for building a metaverse economy.<\/p>\n\n\n\n<p><strong>Read about:<\/strong> <a href=\"https:\/\/zebpay.com\/au\/blog\/advantages-and-disadvantages-of-different-types-of-blockchain\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pros And Cons Of Different Types Of Blockchain<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-klaytn-work\"><span class=\"ez-toc-section\" id=\"How_does_Klaytn_work\"><\/span>How does Klaytn work?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To begin with, the Klaytn ecosystem addresses its service chains as blockchain applications (BApps). Now, since Klaytn is a business-focused blockchain, it substitutes the Proof-of-work (POW) and Proof-of-stake (POS) consensus mechanism with an enhanced version of Instabul Byzantine Fault Tolerance (IBFT). IBFT is a scaling consensus mechanism that addresses scaling concerns in order to enable the widespread adoption of blockchain technology at an enterprise level. This enables Klaytn to fully offer its hybrid infrastructure. However, Klaytn still allows beginners to employ the POS consensus mechanism via limited validators.&nbsp;<\/p>\n\n\n\n<p>Moreover, the Klaytn blockchain uses Ethereum Virtual Machine and functions closely like the Ethereum network. However, it works at a much faster pace processing four thousand unique transactions in a second while using one-tenth the gas price of Ethereum. Along with that, it also offers a DX offering that allows for sharing data across service chains. Thus, helping the chains become interoperable. In addition to that, the transaction fees on the platform are predictable and low. This makes it easier for enterprises to adopt blockchain technology. Given that Klaytn is focused on enterprises, the governance on the platform is delegated to a board of Multinational corporations and organisations. As such, voting and proposing for improvements and activities are done by enterprises instead of token holders.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-klaytn-token-a-snapshot\"><span class=\"ez-toc-section\" id=\"The_Klaytn_Token_A_Snapshot\"><\/span>The Klaytn Token: A Snapshot<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The KLAY token is the native token used on the Klaytn blockchain. The primary purpose of the token is to act as a utility token for all transactions and BApps. The KLAY coin is used to pay for creating and running BApps on the platform. The Klaytn ecosystem also has a reward mechanism called the Klaytn Improvement Reserve. Its purpose is to positively compensate the developers or participants that help the network\u2019s growth or report bugs. The mode of compensation remains the KLAY token which can be used to buy services on the platform. The Klaytn Improvement Reserve can also be used to incentivise participants which in turn helps in the growth of the platform. If you want to buy KLAY coin, you can do so with Zebpay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Klaytn blockchain is a public blockchain that seeks to enable enterprises to build their own semi-blockchains to conduct their businesses. So far Klaytn has garnered a lot of traction from multiple industries. However, going forward their focus is on enabling metaverse businesses. The native token of the platform is called KLAY token and is used for transaction fees and as a reward. You can now buy the KLAY token with <a href=\"https:\/\/zebpay.com\/au\" target=\"_blank\" rel=\"noreferrer noopener\">Zebpay<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since its inception, the crypto industry has witnessed the birth of thousands of crypto assets. Each crypto asset has its own blockchain infrastructure. These blockchain infrastructures can be of four types: private, public, consortium, or hybrid. Typically, the type of blockchain determines the use cases for blockchain. Moreover, the talent required to build these solutions [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-17499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/17499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/comments?post=17499"}],"version-history":[{"count":2,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/17499\/revisions"}],"predecessor-version":[{"id":18885,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/posts\/17499\/revisions\/18885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media\/17395"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/media?parent=17499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/categories?post=17499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/au\/wp-json\/wp\/v2\/tags?post=17499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}