Introduction About Klaytn
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Klaytn economy is designed to create a sustainable financial system to strengthen its environment, growth plans and important investments. Most public blockchain projects have a financial system that incentivizes their collaborators (miners or block developers), focusing only on the technical aspects of network maintenance.
However, such a strategy misses the need to motivate other types of participants that contribute to the economic growth of the network or invest in long-term growth prospects.
In contrast, Klaytn’s token economy is designed to pay for various types of contributions from many participants, and has a built-in financial structure to obtain sustainable resources to promote the initiative. future growth and investment projects create a plan in addition to maintaining it. A decentralized blockchain.
History of Klaytn
Klaytn story begins with KaKao, a popular publicly traded technology company based in South Korea.
Led by Yeo Min-Soo, who serves as CEO, Kakao is known for various projects, one of which is exporting a mobile messaging app known as “KaTalk,” in particular for smartphones. operated by the company Kakao.
However, because of its multi-faceted business nature, Kakao looked at the interesting cryptocurrency industry in 2017, around the time Bitcoin and other altcoins are having a major bull run.
Kakao could not resist participating, especially given the growing interest from Facebook and other players in the corporate world. As a result, the company continued to create its own cryptocurrency, which led to the creation of Klaytn.
Along the way, Kakao, like many other companies entering the crypto industry, has also faced many setbacks and setbacks, the worst of which came from the country’s financial regulators. A close example would be Facebook, which has also faced several legal challenges to the important level of its LIBRA project.
After climbing many obstacles, Kakao finally realized its crypto endeavor by finally launching Klaytn in mid-2019. Much of the success, however, was made possible with the help of his blockchain-based company, GroundX, which contributed to the launch of the Klaytn blockchain.
How does token work?
Klaytn has four methods:
Proof of Commitment (PoC)
Traditionally, blockchain can be used for Proof of Contribution (PoC) in the mining process. However, a Proof of Contribution (PoC) was created to reward all participants in the Klaytn token economy.
Currently, Klaytn focuses on two types of economic entities: service providers (providing blockchain software services for end users) and end users (consumers providing services ).
Byzantine Fault Tolerance (BFT)
Byzantine Fault Tolerance (BFT) allows two nodes to communicate effectively on a network by sharing the same data. Consensus is achieved if faithful, or flawless people are unanimously agreed on their decision. In P2P networks, using BFT is better than PoW-based authentication in situations where the number of nodes is fixed and small.
It has better input and doesn’t waste effort in solving cryptographic complexities. Although it is not the most efficient algorithm for allowing multiple nodes to agree on a value, it is clear that BFT is one of the most effective ways to ensure that the transaction process between multiple nodes is connected through asynchronous network without much sacrifice.
EP (company proxy)
Klaytn Enterprise Proxy (EP) is a non-binding proxy. It provides BApp service providers with two main uses: reducing the inevitable technical barriers to using blockchain technology and facilitating the integration of the Klaytn blockchain with traditional databases and security systems.
Verifiable Random Function (VRF)
Since Klaytn uses a BFT-based consensus algorithm, having multiple nodes and consensus is bad. Klaytn solves this problem by randomly selecting a subset of CNs for each validation environment. The non-validated function (VRF) allows us to select a subset of nodes that indicate that the selection is indeed correct.
By limiting the number of NCs per round agreement (for example, between 7 and 16), the platform can reach agreement quickly and gives all participating NCs a fair chance. As a result, Klaytn maintains the network while maintaining the performance improvements allowed by the BFT algorithm.
Why the business needs Klaytn
Blockchain technology is often seen associated with Bitcoin and other cryptocurrencies. However, blockchain technology is more useful in the financial sector alone. The nature of the technology means that any business dealing with financial or data transactions, between internal or external parties, colleagues and customers, can benefit from the implementation of blockchain n ‘many ways.
Blockchain technology can save businesses and individuals countless hours of managing transaction reports as they will all be recorded on the blockchain. In addition, the advantage of private blockchains is that all private data can be stored or sensitive to privacy through access to permissions. Although technology has the potential to transform business data, there are a few obstacles to overcome. These include enterprise adoption of blockchain and infrastructure that can scale to meet the demands of mass adoption.
Klaytn Blockchain is designed for enterprises, giving small and large businesses the ability to integrate blockchain into their current IT infrastructure with minimal hassle. Klaytn also covers the public and private aspects of blockchain, allowing businesses to benefit from both. In addition, Klaytn focuses on scalability and user-friendly applications to help bring blockchain to business. Furthermore, Klaytn also offers several wallets available for interacting with the network. These range from online wallets to digital asset management mobile apps
Advantages of KLAY
Businesses and startups get many benefits when they join the Klaytn network. One thing is that the platform has proven to be reliable. The network has created a strong community that can help you in your entry process. Here are some other benefits worth mentioning.
scalability
Klaytn provides low latency and enterprise scalability. Specifically, the network has a capacity of 3,000 tps, putting it on par with leading payers. To make this production possible, the system exploits the labor chain. These off-the-shelf systems provide more flexibility and scalability.
Security
Klaytn is an open source project that has been thoroughly researched by the community. In addition, the platform has conducted third-party code reviews through Y Combinator-backed blockchain security firm, Quantstamp.
Legacy systems
One of the benefits Klaytn users enjoy is the integration with existing company systems. Klaytn anticipates a more subtle blockchain integration where benefits are currently present but the technical barriers are out. They provide seamless integration with existing data tools as part of this process.
Extension
Klaytn is designed for Dapp developers and businesses. The ecosystem allows Bapp developers to create and expand the user experience. Open source code in the network environment gives developers a huge advantage when building their new systems.
