Klaytn (KLAY): What can the South Korean coin do?

Klaytn is one of the crypto projects that have managed to cement themselves in the top 100. A little off, but at least: For a project that has existed since 2019, you can almost speak of longevity in the crypto sector.

Do you want to know more about Klaytn (KLAY)? Then take a look at the relevant BTC-ECHO ACADEMY entry.

Who is behind Klaytn (KLAY)?

Ground Since the beginning, the platform’s nodes have been operated by a coalition of influential Korean companies. The members of the consortium at that time included LG Electronics, Binance, Axiata Digital and Hashkey.

The blockchain platform itself was developed by Ground X itself. This is a hybrid architecture that combines features of a public and private blockchain. It consists of the following components:

  • Klaytn Governance Council: A group of selected companies and organizations that jointly make decisions regarding the development and improvement of Klaytn.
  • Klaytn Service Chain: A private blockchain operated by Governance Council members offering high speed and transaction capacity.
  • Klaytn Mainnet: Klaytn’s public blockchain that can be used by anyone and provides a transparent and secure environment for decentralized applications.

Do you want to know more about Klaytn (KLAY)? Then take a look at the relevant BTC-ECHO ACADEMY entry.

The KLAY token

The KLAY token was issued before the platform was launched. With private sales in December 2018 and April 2019, the project was able to raise enough money to successfully launch the blockchain. The token distribution looks like this:

  • Private sale: 36 percent
  • Reserve: 35 percent
  • Business development: 16 percent
  • Tech: 8 percent
  • Other: 5 percent

Klaytn: The use case

The goal that the crypto project pursues is to provide a service-oriented blockchain. It is intended to offer an easily accessible and user-friendly interface. In other words: Even people without technical expertise should be enabled to use the Klaytn blockchain.

As the company announced in 2021, it is also cooperating with the NFT marketplace OpenSea. The company wants to build a bridge between the international NFT world and the South Korean market. After all, the KLAY token is already integrated into numerous apps from the internet giant.

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