The Best Crypto Exchanges to buy and hold Klaytn (KLAY)

The Best Exchanges to buy and hold Klaytn (KLAY)?

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Launched in 2019, Klaytn (KLAY) is a service-oriented blockchain platform designed to drive mass adoption. As of May 2021, KLAY traded at $2.21 per token, with a circulating supply of $2.46 billion, with a total market cap of $5.44 billion.

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What is Klaytn ?

Klaytn aims to unify the decentralized governance and decentralized control of a public blockchain with the low latency and high scalability of a private blockchain in an efficient “hybrid” design. The protocol operates on a service-centric model that drives decentralized application (DApp) adoption by providing high interoperability with existing enterprise (enterprise) assets and supporting transaction fees for end users.

Additionally, the protocol provides a suite of proprietary data analysis tools designed specifically for distributed environments. Other developer-focused features include a web IDE to quickly test smart contract deployments and a monitoring service to perform network analysis.

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What does Klaytn do?

As Klaytn is positioned as a versatile development platform, the development of various applications in the ecosystem has begun. These applications include asset management, non-fungible tokens ( NFTs ), crypto games, decentralized exchanges (DEXs), and more.

Klaytn is attracting attention in the space of Korean art and pop culture, as well as various applications. The Klaytn Network was used by ARTBLOC to launch the TESSA platform, where users can buy, sell and trade some ownership of art.

At the end of 2019, ARTBLOC came to the spotlight by partnering with artist David Hockney, successfully selling new artworks at a token price of $8 each. Klaytn’s tokens were also used to issue Korean celebrity photocard NFTs by Makestar, a fan crowdfunding platform.

This protocol has also been adopted by the existing media in Korea. Korea Economic Daily, one of Korea’s largest financial newspapers, announced in March that it would integrate Klaytn into its digital platform to incentivize both readers and contributors. Readers can earn KLAY by sharing articles on social media or watching video ads on newspaper websites. The newspaper also plans to allow readers to use KLAY to purchase subscriptions and other forms of unique digital content.

One of Klaytn’s successful decentralized finance ( DeFi ) applications is KLAYswap, an open source atomic swap protocol. With Klay swap, holders can increase yield by supplying liquidity to various swap pairs through Klay swap, and participate in decentralized governance by securing voting rights with a staking mechanism.

The protocol also features an automated market maker (AMM) that works to ensure efficient liquidity. To date, more than $1.5 billion of assets have been staked on KLAYswap. Another use case is a stock trading application. Klaytn has ensured reliability by issuing unlisted securities as NFTs on Korean securities platforms such as Angel League and Quotabook.

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Klaytn and Hintchain

Klaytn boasts a strong cooperative network, mainly working with other blockchain-focused organizations in Korea. Partnership with Hintchain, a food data marketplace with over 3.5 million users, is one such partnership.

Hintchain works by creating food profiles based on users’ preferences and behaviors through an AI-powered algorithm. In addition, this data is used in a variety of applications, including providing nutritional data for store and restaurant recommendations, recipe ideas, and healthcare scenarios.

Hintchain aims to be a part of every food experience, from purchasing ingredients to making food and sharing it on social media. Hintchain users can get the power to convert to tokens for use in Klaytn- style DApps.

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Who is behind Klaytn?

Klaytn was created by GroundX, a Korean blockchain company founded by Jaesun Han. Before moving to the enterprise, Han worked as a postdoctoral researcher at the Korea Advanced Institute of Science and Technology (KAIST), conducting research on distributed computing.

In 2007, Han founded NexR, a Korea-based company that provides enterprise-grade big data and cloud computing services to a wide range of industries. He served as CEO of NexR after NexR was acquired by Korea Telecom. In 2014, he co-founded FuturePlay, a technology accelerator and investment company. He left FuturePlay in 2018 to found GroundX and currently serves as CEO of GroundX.

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Kakao’s global public blockchain project

GroundX is a subsidiary of Kakao, a Korean internet conglomerate that is investing heavily in the media, finance, and transportation sectors. The company is best known for its KakaoTalk messaging app, which boasts over 50 million monthly active users, and is installed on 93% of mobile phones in South Korea.

The project is managed by the Klaytn Governance Council, a coalition of traditional crypto organizations responsible for operating the consensus node network and driving the growth of the ecosystem. Committee members also participate in key technical decisions related to account structure, transaction fee policies and attribution metrics. The council includes famous companies such as LG Electronics and MakerDAO.

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KLAY price change

Klaytn had a steady run in February and soared several times in the months that followed. The token rose about 320% over the three months from $0.54 on February 7 to $2.21 on May 7. After hitting an all-time high of $4.20 on the 30th of last month, Klaytn closed down 47%.

Klaytn’s uptrend appears to be largely following the current bull market trend. Although the project continues at a steady pace, most partnerships and applications are confined to the Korean market. This may mean that Klaytn is being driven more by the Kakao business connection than by the ecosystem itself.

Klaytn is currently ranked #34 by market cap. Currently, about 2.46 billion KLAYs are in circulation. For each new block created on the network, the sum of the new KLAY and all transaction fees used in that block is aggregated and distributed to 3 separate accounts. Klaytn Governance Council receives 34%, blockchain consensus receives 54%, and Klaytn Improvement Reserve receives 12%.

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What is Klaytn’s future?

Klaytn has taken a more general approach to blockchain development. While other projects seek to gain an edge in certain niches (e.g. media delivery or NFT), Klaytn seeks to attract applications (applications) from all parts of the crypto space. By providing both accessibility and interoperability, Klaytn is developing a platform aimed at users and businesses with little or no crypto experience.

A key advantage Klaytn has over its competitors is reliability. While incumbents are very concerned about teams with few corporate credentials, GroundX is owned by a company with a wealth of experience and resources. The governance of the tokens is directly controlled by the participating companies, many of which are leaders in the crypto and technology industries.

Klaytn has built a strong network of cooperation (partnership) in Korea, but so far has not had much success in developing it outside of its home country. However, the project is making some progress. Recently, we are developing a derivative stablecoin Klaytndai (KDAI) in partnership with other crypto projects such as Chainlink (LINK) and Dai (DAI) for DFi/DEX Oracle applications.

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Conclusion

Unlike many other crypto projects, Klaytn runs in a highly entrepreneurial way. Although the project operates with a decentralized governance structure, most of its members are enterprise partners or other crypto companies. Considering its position on enterprise adoption (enterprise adoption), this structure allows the project to benefit a lot from its legitimacy with other companies.

The Klaytn project is going well, but most of its applications are limited to Korea. One of the big challenges the project will have to address further in the future is to extend its “comprehensive” platform strategy to the international arena. If Klaytn can find a solid global base in terms of applications, partnerships and listings on exchanges, it will have a better prospect.

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