The Klaytn platform was created by the developers of the Korean messaging and calling application Kakao Talk. The tasks of developing and updating the platform also belong to these developers. In a decentralized way, transaction speeds and scalability have been increased, and transaction fees have been greatly reduced. Unlike Bitcoin and Ethereum, the Klaytn protocol works with the PBFT algorithm, not with PoW or PoS. Thus, transactions in the network are freed from complexity and processes are accelerated. Klaytn network works with three network nodes. These nodes have consensus, proxy, and endpoint nodes. Accordingly, the more users in the network contribute to the network and the platform, the more they get a share of the profit. According to the algorithm in the network, a record of every step of every transaction made on the network is kept. Thus, anyone who wants to have the opportunity to see all transactions on the network. 4000 transactions per second can be processed on the network.
Klaytn is currently the 51th most valuable cryptocurrency with a market cap of close to $3 billion. While there are 2,506,852,557 KLAYs in circulation, there are 10,678,491,510 KLAYs in total.
The partners of the project contribute to building a stable blockchain ecosystem and developing the Klaytn platform to provide the best blockchain experience for users. They are classified as ecosystem partners, BApp partners, first service partners, governance council and investors. Some of the hundreds of partners:
Huobi Wallet
Samsung Blockchain
Wemade Tree
Indian Chain
Humanscape
Sportsplex
Airbloc Protocol
Piction Network
BORA
Atlas
Cloudbric
SPIN Protocol
Users on the Klaytn network can easily develop or manage applications on the network with an Enterprise Proxy. In the Enterprise Proxy layer, the technical, database, security and software systems of these dApps work in harmony with each other. The proxy also prevents clutter from other networks from happening on Klaytn as well.
On the Klaytn platform, users can create a profile for themselves. Not only profile and name, in Klaytn it is even possible to choose your own private key, wallet address. When GroundX designed Klaytn, it aimed to be used both personally and corporately. It is free of everything that would cause confusion in the blockchain system.
