For decades, the incredible potential of virtual worlds existed only on the pages of science fiction novels. Today, "metaverse" is one of the most fashionable words in technology and is enthusiastically perceived by software and game developers in various industries. Although the metaverse has existed for some time in massively multiplayer online games, the introduction of blockchain, cryptocurrencies, and VR into this sector not only radically changes the circle of participants and their capabilities but also demonstrates the real market value of assets, interactions, and experience gained in the digital spheres of blockchain games. Nevertheless, using blockchain technology to create a metaverse is not an easy task. And here, Klaytn comes to the rescue.
What Is Klaytn?
Klaytn is a project developed and launched by GroundX in 2019. Klaytn is a platform that provides all the necessary tools for building metaverses. In addition to SDKs, oracles, chain explorers, DAOs, embedded Layer 2 solutions, and other tools, Klaytn provides management and financial support. Using Klaytn, developers can create decentralized applications as efficiently as possible and with minimal knowledge of the blockchain.
One of the ecosystem's advantages is combining public and corporate blockchain elements. Thus, Klaytn achieves high scalability and transaction processing speed while maintaining decentralized network governance. In addition, klaytn is an EVM-compatible blockchain, which allows Ethereum developers to transfer their decentralized applications without special modifications.
How Does Klaytn Work?
Klaytn is a user-friendly platform oriented for corporate use. The protocol disposes of an optimized version of the Istanbul BFT mechanism, which implements PBFT. This mechanism is distinguished by its high level of scalability and decentralization, as it allows many nodes to participate in the network. The block generation and confirmation time is 1 second, and the network bandwidth allows it to reach up to 4000 transactions per second.
A specialized "Governance Council" has been created to manage the protocol, including project developers and world-class partners. Klaytn's Governance Council is one of the largest of its kind, comprising 33 companies. The board includes well-known companies such as Alameda Research, Binance, MakerDAO, Netmarble, Worldpay, LG Electronics, and others.
Another advantage of Klaytn is its interoperability. That is, developers can benefit from connecting third-party blockchains, which increases efficiency and user engagement. To connect with other chains, developers implement Wormhole Bridge. To deliver verified data, the developers plan to implement the Chainlink oracle.
Klaytn: DeFi and NFTs
The Klaytn ecosystem is pervasive and includes many branded and third-party products. For example, the KLAYswap DeFi protocol is one of the most successful projects that provide an opportunity for instant token exchange and passive earnings. The total amount of funds in the protocol exceeded $2 billion. In addition, GroundX has also released a digital asset management platform, Klip, embedded in the KakaoTalk messenger.
Moreover, Klaytn is one of the few blockchains supported by OpenSea. Thanks to the collaboration of Klaytn and OpenSea, users can easily trade Klaytn-based NFTs with KLAY. Users can also connect their OpenSea accounts with the Kaikas wallet for NFTs trading.
In addition, Klaytn also launched a service for creating NFTs, KrafterSpace. Thanks to this service, anyone can create NFTs simply by uploading an image, video, or audio file. The crucial point is that users do not have to pay a gas fee for creating their NFTs.
KLAY token is a utility and governance token. The token can be staked to support the network and for passive earnings. In addition, KLAY is used as payment for transaction fees. Initially, 10 billion tokens were issued, and 2.84 billion were circulated. In the process of creating each block, 9.6 KLAY is released. Thus, the protocol implies 3% annual inflation. KLAY holders can participate in protocol governance. To do this, the user must add at least 5 million KLAY to the staking pool. In addition, board members can also change the order of token issuance.
Klaytn is the leading platform for metaverse developers and NFTs creators. The platform provides various tools, financial and managerial support, low fees, high transaction confirmation speed, and many other advantages. In addition, Klaytn implements cross-chain solutions for seamless interaction with third-party blockchains. Many well-known projects already use Klaytn technologies, and the project's ecosystem is steadily growing.
The protocol allows the Ethereum ecosystem to interact successfully with the Kava Network. The Ethereum Co-Chain is an Ethereum virtual machine (EVM) that is a compatible program execution environment.
The Co-Chain allows developers to write the code for DApps using the Ethereum EVM programming language Solidity. When the following codes are written, the EVM can collect them, although they run on Kava. The DApp that are EVM-compatible can profit from Kava's scalability.