What is Klaytn (KLAY)?

Companies have released their own projects and crypto initiatives over the course of the last years. Klaytn (KLAY) is Kakao’s global public blockchain project that aims at pushing crypto and distributed ledger technology adoption to millions of users from all over the world. 

If you want to know What is Klaytn, then you are in the right place. We will go through the main characteristics of this blockchain and crypto project. Furthermore, we will share the details behind Kakao’s crypto project for you to get all the data you should have about it. 

Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.

What is Klaytn Crypto (KLAY)?

Klaytn is the blockchain network launched by the South Korean messaging application Kakao Talk. The project was launched a few years ago and it offers users the possibility to get access to blockchain services and solutions. 

The main goal of the platform is to offer fast and friendly solutions to users that want to use blockchain technology and digital assets. Klaytn uses a decentralized blockchain that focuses on decentralization and distributed governance. However, it is also scalable and has low latency. 

In this way, the company is able to offer the best solutions for decentralized networks and the speed and reliability of private blockchains. In general, the cryptocurrency market focuses on how to scale blockchain networks without becoming centralized. 

At the moment, there are several companies working and participating on the network. Their aim is to create a reliable business platform that runs on a system of decentralized trust. Furthermore, businesses are now able to use crypto and blockchain solutions through Klaytn.

Service-Centricity

The company is trying to offer the best and most reliable blockchain applications. These applications offer solutions to small companies and larger firms that require blockchain solutions. 

Compared to traditional public blockchains, Klaytn works with low-latency and makes it very useful for firms all over the world that require fast services. Moreover, the transaction fees are subsidized for end-users and designers focus on user experience for customers. 

Finally, Klaytn claims that their network can be easily interoperable with legacy enterprise assets. This can be done through Enterprise Proxy, improving several processes. This is also one of the best solutions for firms that want to integrate blockchain technology into their offerings. 

User Friendly

We know that some blockchain networks do not offer solutions that are easy to use for everyone. This is why there has been a lack of massive blockchain expansion in the last few years. Nevertheless, things are different with Klaytn. 

End-users are at the centre of Klaytn solutions. They focus on account management, flexibility and meeting real-life needs. In this way, they make it possible for blockchain networks to expand to companies everywhere around the world. Additionally, it makes it easier for them to get access to blockchain solutions. 

One of the goals of Klaytn is to make user experience and blockchain usability indistinguishable from legacy technologies. In this way, they would remove all the problems that affect blockchain adoption. 

Data Play

We are living in a data-driven world. By using data provided by users, it is possible to improve and offer better services over time. While legacy businesses and solutions have limitations on how they collect and analyze data on distributed systems, Klaytn changes this. 

By using interoperability with data tools, Klaytn will connect legacy solutions with proprietary analytics that will be used to make the applications faster and better in terms of user-experience. 

Some of the solutions include monitoring network congestion, account profiling, token distribution tracking, and more. 

KLAY Cryptocurrency

KLAY is the virtual currency of the Klaytn network. It is now the 22nd in the world in terms of market capitalization. The total supply is 10.54 billion KLAY tokens and it now has a market valuation of $6.62 billion. 

Released in 2020, KLAY was able to experience its first price increase in August last year when it moved from $0.15 to $0.80 in just a few weeks. In February this year, KLAY moved from $0.54 to over $4.25, which is its all-time high. 

With the cryptocurrency market expanding as we have seen in recent years, it is possible for the KLAY digital asset to continue moving higher in the future.