News - Klaytn (KLAY) - what can the Korean coin do?

By Sam Fröling

Klaytn (KLAY) - what can the Korean coin do?

Klaytn (KLAY), - what can the Korean coin do?

Klaytn (KLAY) is a crypto project from South Korea. It is backed by Internet giant Kakao. But what can the coin do?

Klaytn is one of the crypto projects that has managed to climb its way into the top 100. A bit different, but still: for a project that has been around since 2019, you can almost speak of longevity in the crypto sector.

Who is behind Klaytn (KLAY)?

Ground X, the subsidiary of South Korean Internet service provider Kakao that specializes in blockchain, held its first consortium meeting back in 2019, when the platform was launched. Since its inception, the platform's nodes have been managed by a consortium of influential Korean companies. Members of the consortium at the time were LG Electronics, Binance, Axiata Digital and Hashkey.

The blockchain platform itself was developed by Ground X itself. This is a hybrid architecture that combines the features of a public and a private blockchain. It consists of the following components

  • Klaytn Governance Council: A group of selected companies and organizations that make joint decisions about the development and improvement of Klaytn.

  • Klaytn Service Chain: A private blockchain managed by Governance Council members that offers high speed and transaction capacity.

  • Klaytn Mainnet: Klaytn's public blockchain that can be used by anyone and provides a transparent and secure environment for decentralized applications.

The KLAY token

The KLAY token was issued even before the platform was launched. With private sales in December 2018 and April 2019, the project was able to raise enough money to successfully launch the blockchain. The token distribution is as follows

  • Private sales: 36 percent

  • Reserve: 35 percent

  • Business development: 16 percent

  • Technology: 8 percent

  • Other: 5 percent

Klaytn: The use case

The goal of the crypto project is to provide a service-oriented blockchain. It should provide an easily accessible and user-friendly interface. In other words, even people without technical expertise should be able to use the Klaytn blockchain.

As the company announced in 2021, it is also collaborating with the NFT marketplace OpenSea. In this way, the company wants to build a bridge between the international NFT world and the South Korean market. After all, the KLAY token is already integrated into numerous apps from the Internet giant.

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