You may have heard about the Klaytn blockchain project. In a nutshell, it is a blockchain whose main goal is to enable reliability at the enterprise level. Such a blockchain is based on proof of stake (PoS) BFT.
Klaytn is primarily aimed at achieving mass adoption of blockchain in the enterprise world.
Although there are currently countless public blockchains, they are not yet widely adopted at the institutional level. This is evident, even more so when we see the large number of companies that are reluctant to make use of this new technology.
For this reason, the team responsible for the Klaytn project assures that it will be the companies that will drive the total adoption of the blockchain world.
In short, the project is oriented to companies and to achieve a massive adoption of blockchain technology. If you want to continue learning about this project, in this article we will tell you all about how it works.
Behind the Klaytn development team is blockchain project subsidiary Ground X, part of Korea’s largest mobile platform called Kakao. Ground X aims to achieve mass adoption of blockchain powered services. All this through a scalable blockchain platform that offers tangible and practical services.
Jaesun Han is the executive director of the Ground X team. Han is a blockchain technology enthusiast with a PhD in EECS in 2005 from KAIST. His research topics include P2P algorithms and distributed systems. By 2007 Han had already founded Korea’s first big data and cloud computing technology company, NexR, which four years later was acquired by Korea Telecom.
Jaesun later co founded the technology accelerator FuturePlay and served as its chief technology officer. The company has invested in numerous startups and provided them with technical mentoring. From 2007 to 2014 Han also taught courses on innovative business models as an adjunct professor.
Another person responsible for Klaytn’s development is Myeongjin Jeong, Ground X finance director. He is primarily responsible for managing the company’s operations. Prior to joining Ground X, Jeong spent more than 18 years in numerous positions in finance, consulting, internal auditing in various companies, and so on.
Finally, Sangeon Bae is the head of the Wallet Group. Bae joined Ground X with extensive experience in software development and project management. His experiences include a CAD developer position at Samsung and other positions such as program manager at Microsoft Korea Software Lab.
Thanks to his years of experience, Bae became the perfect candidate to take charge of software development and also holds a master’s degree in computer science from Yonsei University.
Klaytn’s mainnet called Cypress was launched on June 27, 2019 with the goal of becoming an enterprise-oriented platform focused on blockchain service to enterprises. To achieve this, the platform offers a complete blockchain application environment to equip enterprises with the ability to develop other applications that feature the transparency, security and censorship resistance as Klaytn.
Klaytn is based on a PBFT or Practical Byzantine Fault Tolerance, a more optimized version of Instambul BFT. The platform combines features of the public and private blockchain enabling the development of physical world applications on a large scale and out of the box. This allows end users to make full use of all Klaytn services without the need for advanced knowledge in Blockchain or the cryptocurrency world.
The Klaytn network has a transaction confirmation and block generation time of only one second. This means that the network is capable of managing about 4,000 transactions per second. It also boasts a gas rate of almost 1/10 ETH.
Klaytn is compatible with the Ethereum Virtual Machine or EVM. It has also developed support for Solidity contract execution. It is worth noting that the current version of KLVM is derived from EVM so they share numerous similarities. In terms of smart contracts, Klaytn supports the Solidity language as core programming.
To achieve its goal of mass blockchain adoption the Klaytn network has DX offerings that provide integrated development environments in addition to interoperability software and a platform with a simple interface that allows the developer to take advantage of the network’s immediate responsiveness. In addition, fee costs are predictable as they are based on a fixed transaction fee.
To achieve enterprise adoption of blockchain the network provides a high performance enterprise level infrastructure that enables blockchain products to enter across enterprises for end users while maintaining blockchain values such as security, censorship resistance and transparency.
Klaytn’s network follows a very particular infrastructure. Klaytn uses a tiered network with role-based node types that optimize network performance. The network is divided into three logical sub-networks categorized by their roles. These are as follows:
KLAY is the native currency of the Klaytn project. It is fully transferable on the network and is used for payment of transaction fees when creating or executing smart contracts or when transferring the currencies themselves.
KLAY functions as the network fuel or GAS. It represents the form of payment between platform users and consensus nodes to execute requested transactions. In turn, it performs the role of incentive to ensure that developers create high performance applications as nodes are compensated for their work with KLAY tokens.
KLAY is also part of the platform’s governance council as consensus nodes stake cryptocurrency to propose blocks on the Consensus Council. Those who propose blocks are rewarded on the proposed block with newly minted coins and transaction fees collected.