Klaytn is a blockchain service from South Korea’s biggest messaging platform Kakao. It’s the first implementation of the open-source “Klayman” project, a fork of the Ethereum blockchain which seeks to create a more user-friendly, intuitive interface. The service is meant to be an “onramp” to blockchain technology, an easy-to-use yet powerful layer of functionality for the layman.
Investing in Klaytn (KLAY) – Everything You Need to Know
Klayman was forked from the popular blockchain service Ethereum. It’s important to distinguish between the two.
What is Klaytn (KLAY)?
The name “Klaytn” is an acronym for the word “Knowledge,” which is the title of a large knowledge base built into the Klayman software. The user interface of the knowledge base is a combination of a search bar and a tree of drop-down menus. It is intended to be a one-stop-shop for learning about all the ins and outs of the Klayman network.
The heart of the Klayman network is the large “Contracts” tree, where users can learn about the different types of smart contracts that can write to carry out work on the network. The name “Klayman” is derived from the word “contract” written in purple text above the tree.
The goal of the Klayman project is to make blockchain technology more user-friendly by creating a system that is intuitive and understandable by the average person. As such, there are no complex codes, settings, or command-line interfaces.
Who Are the Founders of Klaytn?
The primary founder of Klaytn is a South Korean national named Peter Hwang. He has a PhD in Mechanical Engineering and has worked in the fields of robotics and artificial intelligence.
Before starting the Klayman project, he was a core developer for the robotics application programming interface (API) used by the field of robotics called ROS. In ROS that Mr. Hwang first got interested in blockchain technology and how he could use it to aid robotics development.
In 2011, he came up with a “Robotic OS” to build decentralized applications. He spent two years working on the project, and in the summer of 2013, he announced the creation of the open-source project, “ROS,” to the world.
How Does Klaytn (KLAY) Work?
Klaytn is a decentralized network of “nodes” that maintain the blockchain. Each node is essentially a full node, meaning it stores all the transaction information and block information to ensure the network’s consistency.
However, Klaytn stores the block information to allow for transactions to be processed without the need for the overhead of a full node. This is made possible through “sharding,” which essentially groups similar data in smaller clusters.
The Klayman project uses a sharding mechanism that allows for grouping “smart contracts” (a class of computer programming that allows for specific operations to be carried out in a trustless environment) and their associated data.
Essentially, creating a shard is the process of “cutting” a smart contract into smaller portions or “chunks”. This process is called “chunking” and creates smaller, more manageable pieces of the overall contract.
Klaytn (KLAY) Token
Pros and Cons of Klaytn (KLAY)
The pros of Klaytn (KLAY) are as follows:
- It’s a well-designed platform that utilizes the power of blockchain to create a trustless, secure and convenient environment.
- The Klayman team has a proven track record in the robotics and AI fields, and as such, it’s reasonable to assume they have a good grasp of the practical applications of blockchain and how to create a useful one.
- Klaytn (KLAY) utilizes a sharding mechanism that is theoretically more efficient than the Ethereum blockchain, which could positively impact the cost/performance of the network.
- Klaytn (KLAY) is also particularly good at solving the scalability issue that currently afflicts the larger blockchain networks. It’s easy to see how this could become the de-facto standard in the industry.
To summarize, Klaytn (KLAY) looks promising. It could become the “Linux of the Blockchain,” and the only question that remains is whether it can convince a community of developers to embrace the technology.
The cons of Klaytn (KLAY) are as follows:
- The project is still in its very early stages, and there is a lot of work still to be done.
- The team members are an extraordinary group of people, but they are all volunteers, and as such, they are not subject to the “normal” constraints of a for-profit business.
This in itself is not a con, but it’s a reminder that while Klaytn (KLAY) is an exciting project, it’s still in its infancy.
What Makes Klaytn Unique?
Klaytn is a platform that is built to be user-friendly by utilizing the power of blockchain technology.
In the future, as the technology becomes more widely adopted, the need will arise for simplified methods of account management. One way to do this would be to allow users to deposit a certain amount of fiat currency into their account, which could convert to KuLT.
Another interesting application of blockchain technology would be as a way to settle contractual disputes between businesses. By recording all contractual obligations and transactions, could eliminate the need for third-party arbitration.
Additionally, with the proliferation of the Internet of Things devices, the use of smart contracts will likely increase dramatically.
Where Can You Buy Klaytn (KLAY)?
Klaytn is gaining attention from large business investors, which is why it has been steadily rising in popularity. If you want to buy KLAY tokens, the best place to do so is at Coinone, which has a trading volume of $110 million as of Apr. 5, 2021.
Other great options if you are looking to buy KLAY include:
Binance is a cryptocurrency exchange that was founded in July 2017 and has grown to be the most popular cryptocurrency trading platform in the world. Binance’s mission is to make cryptocurrency exchanges prominent participants in global finance. The name Binance was chosen to illustrate this new approach to global finance – Binary Finance, or Binance.
Binance is a decentralized, blockchain-based ecosystem that is unlike any other. Binance has expanded to become the leading crypto exchange in several countries, and their side initiatives are drawing significant attention as well.
Binance’s goal of breaking ground and establishing itself as a leader in the cryptocurrency market is demonstrated by its rapid development. While the business began simply as a crypto exchange in 2017, it now offers access to numerous sectors. Binance’s aim is for the company to become the infrastructure service provider for the entire blockchain industry, according to its website.
Ethereum.org currently maintains a list of approved exchanges. However, this list is not comprehensive.
The two primary advantages of using an exchange over a “direct” purchase from the developer are that you’re paying a small amount of coin (about 1% in the case of Klaytn) to an entity that is subject to a more stringent amount of regulation. You’re also indirectly supporting the developer through the purchase of Klaytn.
Additionally, most exchanges will offer a “withdraw” function, which will allow you to take your purchased coins at any time.
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Solana is another digital asset exchange capable of trading in the same currencies as Binance, with the addition of Zcash. The site offers very little documentation and no real help with the accounting process, but it has a user-friendly web interface, and you can purchase using your credit card.
Though you may have more luck selling your Klaytn on another exchange, the site does note that it may only be possible to sell at a loss of up to 50%. The exchange has likely chosen this limit to discourage “fake” accounts, meaning you must be sincere when creating your account.
Klaytn is a promising project that could dramatically change how a vast number of people conduct their financial affairs.
If you’re looking to purchase some of your own Klaytn, you’ll need to look on one of the exchanges, though it may be possible to find bargains on the secondary market.
It is in your best interest to research before making a purchase.