Klaytn was founded by the South Korean tech company Kakao. Kakao offers a wide range of services, including KakaoBank, an internet-only banking platform, KakaoTalk, one of South Korea’s most widely used messaging apps, and KakaoTaxi, the country’s most common taxi service.

Klaytn’s goal is to serve as a core blockchain layer for South Korean companies, including Kakao’s own in-house ventures. The Klaytn mainnet went live in less than a year after the KLAY ICO, which took place in June 2019. 

KLAY is the native token of the Klaytn blockchain. It functions as the utility token for platform transactions and for other blockchain applications running on the network.

What are KLAY key features and how does it work?

Klaytn is built using a modular architecture, enabling organizations to set up and manage their own tailored, service-focused blockchain within the Klaytn ecosystem. These service-oriented networks are called service chains. Each service chain is independent, operating on its own subnetwork-strengthening Klaytn’s position as an enterprise-ready environment.

Because service chains are both flexible and straightforward to customize, they can support virtually any type of web service, except for offerings related to gambling and financial speculation. 

With an enterprise-first focus, Klaytn uses an enhanced form of Instabul Byzantine Fault Tolerance (IBFT) rather than the more common Proof-of-Work or Proof-of-Stake consensus approaches.

In particular, Klaytn runs a practical BFT model that supports its hybrid infrastructure to meet its objectives as a business-oriented blockchain. This setup merges advantages of both private and public blockchain designs. Klaytn’s BFT approach also helps tackle scaling challenges, which are especially important in enterprise use cases.

Klaytn’s governance is overseen through a board made up of multinational corporations and business leaders. Board members help steer the growth and development of the platform’s ecosystem.

What makes Klaytn noteworthy?

Instead of labeling its service chains as dApps, Klaytn calls them Blockchain applications (BApps). The distinction is that they don’t need to deliver decentralized web services. For instance, they can choose to use their own PoS consensus method.

Klaytn is also accessible on KakaoTalk through the Klip Wallet, which is built directly into the KakaoTalk app. Klip Wallet holds KLAY, along with both fungible and non-fungible tokens that operate on the Klaytn blockchain.

Where can you buy KLAY?

KLAY can be purchased on various CEXs and DEXs listed under the markets tab.