Klaytn is an enterprise-grade, service-centric blockchain platform designed for distributed trust. It combines the best features of public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) through its efficient "hybrid" design. Collaborating with numerous globally recognized brands, Klaytn strives to create a reliable decentralized business platform. This enables todays businesses and entrepreneurs to leverage blockchain technology to capture greater value.
Klaytn aims to become a leading platform in Asia for NFTs and decentralized finance (DeFi). Additionally, Klaytn collaborates with leading global institutions to develop foundational software platforms for central bank digital currencies (CBDCs).
KLAY is the native functional token of the Klaytn network, with the following existing and planned use cases:
Network Usage: Users will need KLAY tokens for transactions on the Klaytn network, similar to ETH.
Staking & Farming: Users can provide liquidity through various DeFi protocols (KLAYswap, Klaystation) to farm other project tokens or stake KLAY tokens to earn staking rewards. Staked KLAY tokens (sKLAY) can also be used for liquidity mining.
Minting NFTs: Users can mint NFTs on the Klaytn network, which has partnered with OpenSea to launch NFTs minted via the Klaytn network.
Project Overview
Klaytn is a public blockchain developed by Ground X, the blockchain arm of Korean internet giant Kakao, which boasts 50 million users globally. Due to the performance limitations of existing blockchain technologies, Kakao built a proprietary blockchain platform to avoid any bottlenecks that online and mobile-first services might face.
The Klaytn protocol is governed by a council comprised of ecosystem builders and service providers, who contribute to the protocols long-term development. This governance council is one of the largest blockchain consortia, including global companies such as Kakao, Binance, MakerDao, Hashkey, Worldpay, and LG Electronics.
The Klaytn Mainnet Cypress delivers high throughput of up to 4,000 transactions per second, with a block generation interval of one second and immediate transaction finality. Klaytn uses an optimized version of Istanbul BFT, which modifies Practical Byzantine Fault Tolerance (PBFT) to handle the characteristics of blockchain networks.
At mainnet launch, each block mints 9.6 KLAY. This means an annual inflation rate of 3% (approximately 300 million KLAY), relative to the 10 billion KLAY issued at genesis (the annual inflation rate may change through the Klaytn governance process).