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Thursday, May 26, 2022

Klaytn and how it works

So many cryptocurrencies to discuss and so little time to do it. But still, we do our best to give the best and the most succinct approach in order for you to make the best possible decision for yourself. The coin in question that is going to be discussed in this article is the Klay token developed by Klaytn.

About Klaytn

What is Klaytn? Well, Klaytn is a global public blockchain platform developed by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption.The platform allows real-world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.


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What Klaytn does is adopt a hybrid model that adopts the best of both worlds with decentralized data and control and distributed governance; features of public blockchains and low latency and high scalability which are the primary characteristics of private blockchains. Furthermore, Klaytn is secured by participation from numerous highly-reputable brands around the globe, working together to create a reliable business platform atop a robust system of decentralized trust.In Klaytn’s notion, Blockchain Applications (bApps) are treated as first-class citizens. They try to provide the best level of performance and productivity in an environment that appeals to a wide range of audiences, from micro startups to large corporations. bApp designers are liberated to give the best experience to their customers.

Some features of the Klaytn network include block generation and confirmation take one second, four thousand transactions per second are possible, supports the execution of Solidity contracts by running EVM (Ethereum Virtual Machine) etc.

Goals of Klaytn

According to its goals and functions, it also has three logical subnetworks. First is the Network of Core Cells (CCN) which verify and execute transactions provided by Endpoint Nodes (ENs). Second is the Network of Endpoint Nodes (ENN) where the ENs are responsible for creating transactions, handling RPC API calls, and processing data requests from service chains. Finally, is the Network of Service Chains (SCN) which are subnetworks made up of auxiliary blockchains that run independently by blockchain apps (bApps).

Current Movement

With time, the ecosystem of the platform is increasing as well. The growth of the klay coin has been a gradual increase but quite a lot since its mainnet, Cyprus, launch back in 2019. In the past year, the lowest it was valued at was $0.396 with its highest value at around $4.38. After the market corrections, the current value of the coin is $1.27 with market trading volume of $113,210,545, which is a 20% increase over the last 24 hours.

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