Klaytn was created by the Korean tech giant Kakao. Kakao has a variety of products, including KakaoBank, an internet-only bank, KakaoTalk, an immensely popular messaging app, and KakaoTaxi, the most used taxi service in South Korea.

Klaytn aims to be the backbone blockchain for South Korean businesses, including its own Kakao owned ventures. Klaytn mainnet launched less than a year after the KLAY ICO in June 2019. 

KLAY is the native token of the Klaytn blockchain. It is used as the utility token for all platform transactions as well as all other blockchain applications on the network

What are KLAY key features and how does it work?

Klaytn uses a modular architecture. In this way, it allows businesses to create and operate their own customised service-oriented blockchain on the Klaytn network. These service-oriented blockchains are more simply known as service chains. Each service chain is autonomous and runs as its own subnetwork, further adding to Klaytn’s core value as an enterprise-friendly ecosystem.

Since service chains are flexible and easy to customize, they have the potential to host any kind of web service. With the exception, however, of services offering gambling and financial speculations. 

Since Klaytn is enterprise-focused, it deploys an enhanced version of Instabul Byzantine Fault Tolerance (IBFT), rather than the more typical Proof-of-Work or Proof-of-Stake consensus mechanisms.

Specifically, Klaytn employs a practical BFT which enables the network to operate its hybrid infrastructure in order to facilitate its aims as a business focused blockchain. This combines the benefits of both private and public blockchains. Klaytn’s use of BFT also addresses scaling concerns, which are particularly prominent at enterprise level.

Klaytn’s governance is delegated to a board consisting of multinational corporations and business, board members are responsible for the growth and development of the platform’s ecosystem.

What makes Klaytn noteworthy?

Klaytn refers its service chains as Blockchain applications (BApps), rather than the more commonly used dApps. This is because they are not required to run decentralized web services. For example, they have the option to use their own PoS consensus mechanism.

Klaytn blockchain has become available on KakaoTalk via the Klip Wallet which exists within the KakaoTalk app itself. The Klip Wallet stores the KLAY coin, as well as both fungible and non-fungible tokens on the Klaytn blockchain.

Where can you buy KLAY?

KLAY can be bought in any of the CEXs and DEXs as listed in the markets tab.