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Choose your quick section of our Klaytn review below.
A Quick Overview of our Klaytn Review:
Klaytn is a well-established project that has a Mainnet that went live during 2019 and as result of OpenSea technology, which is the largest Non-Fungible Tokens (NFT), there have been higher demands for KLAY, Klaytn’s native token.
What is Klaytn?
Klaytn is a public blockchain platform which aims to boost the value and the utility of blockchain technology overall. Klaytn is a product of Kakao, and it aims to promote mass adoption by making its services easily accessible to the public.
Key Features and Takeaways of Klaytn
Klaytn is a new yet popular cryptocurrency platform that has the following key features and takeaways:
Klaytn is a well-established project that has a Mainnet that went live during 2019 and as result of OpenSea technology, which is the largest Non-Fungible Tokens (NFT), there have been higher demands for KLAY, Klaytn’s native token.
Klaytn has a 1-second block generation and confirmation time, with 4 000 transactions that are executed per second.
Klaytn has low gas prices, even lower than that charged by Ethereum.
Klaytn makes use of Ethereum Virtual Machine (EVM) in addition to supporting Solidity contracts.
There are 30 reputable corporations based around the globe that form part of the Klaytn Governance Council which operates consensus nodes.
Klaytn works to trigger mass adoption of blockchain technology, and it has a service-centric blockchain solution which incorporates the best features found in public and private blockchains, including decentralisation of data, distributed governance, low latency, and high scalability through a hybrid design.
Unlike so many other blockchain projects that have been developed independently, Klaytn finds its roots in the corporate realm and for this reason, it relies on corporations as its partners in the projects.
Klaytn Mining
Klaytn cannot be mined or staked as the platform aims to provide a platform that is service-centric as well as enterprise-ready. For this to be successful, Klaytn must solve the challenges faced in the finality of blockchains to create a network allowing for the participation of a larger number of nodes, without slowing the network down.
Klaytn makes this all possible by using a version of Istanbul BFT which has been optimised specifically to handle the characteristics of the blockchain network.
Klaytn’s token economy depends on the engagement in economic activities in addition to the exchange of value within the ecosystem. With consistent behaviour, it creates an economy that drives the growth of the overall ecosystem over time.
Klaytn incentivises network participants by using a compensation mechanism known as the Proof-of-Contribution (PoC). This consensus mechanism was designed to compensate participants in the Klaytn network who makes a meaningful contribution.
The Klaytn Governance Council holds the duty in operation of the Consensus Node Network in addition to promoting growth in the Klaytn ecosystem. The council consists of an alliance of multinational organisations, corporations, and various businesses.
The Council was created with the belief that contributors who help to build, run, and maintain the platform will have their interests aligned with that of the platform, providing long-term governance as well as growth.
In the current state PoC, Klaytn is focused on service providers along with end-users. Klaytn’s ecosystem is partitioned into three sub-networks which are based on the functions and roles of each.
Core Cell Network (CNN)
This section consists of Core Cells which verify and execute transactions which are submitted by the Endpoint Nodes. The CNN is responsible for creating and propagating blocks throughout the entire network.
Endpoint Node Network (ENN)
The ENN is built out of Endpoint Nodes that are responsible to create transactions, processing data requests from various service chains, and handling all RPC API requests that they receive.
Service Chain Network (SCN)
These are like sidechains in other networks as they are composed of auxiliary blockchains that are attached to the main chain by Endpoint Nodes. These SCN exist to allow the operation of blockchain applications (BApps) which are also known as DApps.
The Core Cell Network and the Endpoint Node Network form the Klaytn main chain, allowing for BApps to run on it. Alternatively, BApps can be created on their own Service Chains.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Up to 4 000 transactions can be executed in seconds | There are no companies that have announced use of the Klaytn other than Kakao |
| Kakao has a large customer base which means that companies that use it are likely to reach customers more effectively | There may be transaction fees charged in addition to gas fees |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | Depending – Total gas used x unit price |
| Withdrawal Fees | 0.006 KLAY |
Should you buy Klaytn?
Whether Klaytn is a good investment will depend on the investment needs and objectives of each investor, along with their own risk tolerance and profile. However, despite this, there are many analysts who expect that the price of KLAY is set to increase steadily over the following years, easily going beyond 140 ZAR by 2025.
Klaytn is set to have a bright future, especially as more companies join its Governance council. The Klaytn platform can expect game companies issuing NFTs to their users to the platform. In addition, Klaytn also seeks to interoperate with other blockchain platforms, increasing general customer support.
Klaytn also has further plans to work with non-blockchain platforms as well as SMEs in the creation of real-case uses to solve corporate problems and to champion innovations. Klaytn intends to improve the “Klaytn Partners” program so that partners can hand out NFTs for their unique services and products, helping organisations improve their user experience.
How to buy Klaytn (KLAY)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Klaytn/KLAY and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
KLAY can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading KLAY.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading KLAY, select the option from the “Trade” Menu. Enter “KLAY” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select KLAY_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair KLAY/USDT.
Here, you will see that you have the option to buy or sell KLAY either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy KLAY through via Limit Order
To buy KLAY and create a limit order for it, you can enter the amount of KLAY you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell KLAY through via Limit Order
To sell KLAY, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, KLAY that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Klaytn first launched?
Klaytn was launched in 2019.
Who founded Klaytn?
Klaytn was developed by Ground X which is a subsidiary of the South Korean internet giant, Kakao, governed by a council that consists of 26 large enterprises in Asia.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Klaytn’s ICO and how much did it raise?
Klaytn did not have an ICO but had seed funding which raised 1.2 billion ZAR in 2019.
Is Klaytn legit?
Yes, Klaytn is legit.
What is Klaytn’s total supply?
There is a total maximum supply of 10,527,368,819 KLAY.
What is the purpose of Klaytn?
To allow businesses and entrepreneurs to capture value by using blockchain technology offered by platforms like Klaytn.
On which blockchain is Klaytn based?
Klaytn is a public blockchain which is based on Ethereum technology which is controlled by governing members.
Does Klaytn work with smart contracts?
Yes, by supporting Solidity as the main programming language, Klaytn allows for the writing of smart contracts.
Does Klaytn have potential to become more valuable?
Yes, as more companies join the Governance Council and the technology offered becomes more widespread, Klaytn has the potential to become more valuable.
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