Klaytn is known for offering the public a platform where they can play, work or build in the metaverse. Besides, the platform aims to deliver scalability, interoperability, decentralization and performance, thus driving the trust layer of the metaverse. With this, everyone in the metaverse will enjoy their favorite games, artists and entertainment.
Briefly about Klaytn Network
Klaytn is a South Korean project from Kakao. The project was established in 2019 and its also integrated with OpenSea, the largest non-fungible tokens (NFT) marketplace. This makes the network a great platform for the public to release NFTs easily.
Klaytn is an open-source public blockchain for everyone who wish to build, work, or simply enjoy and play in the metaverse.CryptoLists.com
Klaytn blockchain is a public platform aiming to boost metaverse blockchain technology's utility and value. The blockchain promotes mass adoption by allowing the public to work, play and build in the metaverse.
Utility of Klaytn Network?
Klaytn blockchain is available for the public to use. Therefore, developers can easily migrate DApps with minimal code edits. Klaytn allows developers to access the global pool of Ethereum developers. On the other hand, the metaverse package provides speed development and cost reduction with a unique end-to-end developer package. Therefore, the public can enjoy high throughput, instant transactions, finality, nested service chains and gas fee delegation.
Klaytn Network
Klaytn Network Consensus Method: Proof of Stake
Release Date: June 10, 2019
Advantages at Klaytn Network
+ Klaytn blockchain is more sustainable compared to top blockchains like Ethereum and Bitcoin.+ Klaytn network is expandable since it's built for DApp developers and businesses.
+ Klaytn users get to enjoy interoperability with legacy business systems.
+ The blockchain is secure since it’s an open-source project vetted by the community.
Disadvantages
- Currently, the Klaytn blockchain is small and faces large competition.- The EVM compatibility of the network may not help with scalability or adoption.
- Most metaverse apps on the network are currently built on other networks like Ethereum.
Costs
▪ Rated at 10/10The Klaytn network has a high throughput of 4,000 transactions per second (TPS) per chain. Klaytn offers its users low gas prices, even lower than those charged by Ethereum.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Amongst developers, Klaytn is the perfect blockchain to build things for the metaverse. Therefore, developers can add marketplaces for their virtual goods, play-to-earn cryptos, virtual reality universes and other activities. On the other hand, the Klaytn blockchain has KLAY tokens that allow traders to participate in the governance of the network. It also allows all traders to earn interest on their KLAY.
FAQ
Who created Klaytn Blockchain?
Klaytn blockchain is developed and managed by several organizations. The blockchain was created by GroundX, a subsidiary of Kakao.
Is Klaytn Blockchain proof of stake?
No, Klaytn blockchain uses a Proof of Contribution mechanism. This mechanism was designed to compensate all participants of the Klaytn economy or anyone who made a meaningful contribution. In its current PoC state, Klaytn focuses more on the end-users and service providers.
Will Klaytn Blockchain overtake Ethereum?
It’s possible for the Klaytn blockchain to overtake the Ethereum blockchain since they share a few things. These include typed nodes, SDK, consensus, fixed gas prices, etc.
Screenshots from Klaytn Network
