One cryptocurrency that is quite interesting to review is the Klaytn coin cryptocurrency. Ranked #43 at the time of writing by rating site Coinmarketcap.
Klaytn Coin is priced at $1.19 with a market cap of over $3 billion. Daily trading volume for 24 hours at the time of writing stands at $30 million, good enough to make an asset more volatile.
Price volatility in one month of KLAY price trading tends to form a downtrend pattern, but this may be due to the cryptocurrency market being challenged by global markets. Such as the action of the Fed tightening their finances to suppress inflation.
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Klaytn explained
Klaytn is a business-class-oriented hybrid cryptocurrency that leverages a public blockchain that includes decentralized data and control and distributed governance with low-latency and high-scalability private blockchain.
Klaytn’s orientation is to provide a hybrid platform for business people targeting all users from the micro class to large entrepreneurs. Klaytn seeks to build a blockchain-connected business infrastructure as a solution.
Klaytn’s role in building business infrastructure with blockchain solutions has attracted the interest of many entrepreneurs. In South Korea, where Klaytn was founded, it has helped many companies in the country take advantage of the solutions offered by Klaytn.
The service chain in the Klaytn infrastructure runs independently as an enterprise-friendly sub-network. More than 40 Initial service partner companies have joined since launch.
Founder Klaytn Crypto
There is Jaesun Han’s name behind Klaytn, he is the founder of Ground X. It is a subsidiary of an internet giant in South Korea which has the brand name Kakao Corporation.
Kakao Corporation is a technology company in Korea with a market capitalization of over $40 billion. The KakaoTalk application which is an application from Kakao Corporation is very popular in South Korea and is used by 93% of the population.
As a pioneer in the field of financial technology, Kakao corporation has developed various products including Kakao Games, Kakao Music, Kakao Bank, Kakao T bike and taxi, and so on.
The history of establishing Klaytn is triggered by the trend of bulls in the internet industry, such as the rise of Facebook users who are liked by many people. It was in 2018 that Kakao began to expand into the blockchain industry by launching a successful ICO and then building the Klaytn Blockchain.
Where is Klaytn from?
It has been mentioned earlier that Klaytn comes from South Korea which was built by the giant Kakao Corporation. Although the Klaytn blockchain is decentralized, the current focus of development is on the South Korean market. But it may continue to expand both to Singapore, Japan, and even in the United States, which allows for looser regulations.
How do Klaytn works?
The way Klaytn works, according to Kakao CEO Yeo Minsoo, is similar to Facebook’s Libra, but more advanced. That’s because Klaytn uses DIEM which allows cross-border transfers with stable flat coins.
On the other hand, Klaytn wants to be the blockchain backbone for South Korean companies, and Kakao is no exception.
Consensus Klaytn blockchain uses Istanbul Byzantine fault tolerance (IBFT). It does not adopt a Proof of Work or Proof of Stake consensus. The reason is that this blockchain caters to large companies or businesses that have a high volume of data transactions, using PoW and PoS consensus is not quite ideal.
The Klaytn blockchain also uses a virtual machine similar to Ethereum and also functions equivalently.
Comparison of speed with Ethereum, Klaytn can process transactions up to 4000 TPS, while Ethereum is now only able to process around 7 – 14 transactions per second (TPS).
In terms of transaction fees on Klaytn, it is also 10 times cheaper than on Ethereum. This has allowed Klaytn to start the process of mainstream adoption of blockchain among various institutions as there are no more scalability issues.
Why Klaytn is unique?
It is one of the best crypto projects because of its value and uniqueness.
Ease of application
Klaytn provides user experience/UX, enterprise experience/EX, and digital experience/DX. Makes it easier for companies to join the blockchain without having to have experience in the field. They can easily launch tokens on the Klaytn blockchain. So there is no need to hire professional services to launch tokens. The companies do not need to hire external professionals.
Get the support of conglomerate investors
Major companies such as Union Bank, LG Electronics, and FSN provided support for the Klaytn project. From institutions, Klaytn Network investors include Wemade Tree, Humanspace, and Netmarble.
Utility
Unlike most blockchains where the use of utility tokens is usually restricted in the original blockchain. While the KLAY token has good utility within the Klaytn ecosystem and is also the best option among applications built on the Klaytn blockchain.
KLAY token
The Klaytn blockchain has a native token with the symbol KLAY. The total supply of KLAY is 10,782,297,981. At the time of writing the circulating supply has reached 2.63 billion KLAY. Trading volume at the time of writing is $29,586.755 in the last 24 hours.
Klaytn crypto wallet
Klaytn is a blockchain that is built on a different infrastructure from the Ethereum blockchain, the Klaytn Token uses standards that include KLAY, KIP7, KIP37. It is not possible to store KLAY in an Ethereum wallet like most blockchains that use ERC-20 tokens.
Users can use the original wallet from Klaytn which you can access on the Klaytn wallet page. The Klaytn wallet is still in development to be more perfect so that in using the wallet the user must agree to an agreement.
Klaytn blockchain platform
As described earlier, Klaytn uses the Istanbul Byzantine fault tolerance (IBFT) consensus to replace the Proof of Work and Proof of Stake consensus.
This infrastructure was built to get better performance in terms of transaction speed. This blockchain can carry out 4000 transactions per second.
BApp ecosystem
Unlike other blockchains that are the platform for Decentralized applications (DApps), Klaytn, the Klaytn blockchain serves Blockchain applications (BApps).
BApps is a high-end enterprise in the Klaytn ecosystem and is so-called because, unlike other hosted blockchains, it is not required to run decentralized web services on the service chain. With this mechanism, beginners can use Proof of Stake in a Klaytn environment.
Although the Klaytn infrastructure cannot be achieved by PoS or PoW, it still allows PoS consensus to support a limited number of initial validators while also retaining the IBFT mechanism as the main consensus.
Governance Council
In the governance of Klaytn. The Council has an important role in this blockchain. They operate a network of consensus nodes and make decisions
related to Klaytn’s technology and business ventures. Council implements blockchain for mass adoption.
There are 30 global industry leaders on the Klaytn Council. And the team seems to be still working on the expansion of the Council with global leading companies in various fields to promote long-term ecosystem growth. Board members consist of global players in IT, content, gaming, finance, and more in key Asian regions.
Can you mine Klaytn?
Klaytn blockchain uses IBFT to handle the blockchain network. It uses neither proof of work nor proof of stake, making it impossible to mine.
The compensation provided by Klaytn to network participants uses Proof-of-Contribution (PoC). Where involvement in the network is credited to the contribution of Klaytn holders to the network.
This governance is the responsibility of the Governing Body, which operates the Consensus Node Network in addition to promoting growth in the Klaytn ecosystem.
It is this board that builds, operates, and maintains the platform in the confidence that contributors have interests aligned with the platform, providing long-term governance and growth.
The PoC consensus focuses on end-users in the Klaytn ecosystem which consists of three sub-networks based on their respective functions and roles.
- Core Cell Network.
- Endpoint Node Network.
- And Service Chain Network.
Core Cell Network or CCN. This network is a place to create and deploy blocks across the network and verify and execute transactions submitted by Endpoint Nodes.
Endpoint Node Network (ENN). This network is the place to make transactions, process data requests from various service chains, and handle all incoming RPC API requests.
Service Chain Network (SCN). This network consists of These additional blockchains which are attached to the main chain by Endpoint Nodes. This is where blockchain applications (BApps) operate.
The Core Cell Network and Endpoint Node Network form the main chain of Klaytn, enabling BApps to run on it. Alternatively, BApps can be created in their Service Chain.
Where can I buy Klaytn?
How to buy KLAY was the first to find an exchange that supports KLAY trading. You may then be asked to verify your account for AML and KYC compliance. After the process is complete you need funds to buy KLAY.
Fund your account using accepted payment methods. Then you can buy KLAY on the platform exchanges. Here exchanger where you can buy Klaytn.
Gate.io
Gate.io is a leading exchange with transaction volume reaching $1.2 billion and is ranked #4 on CoinGecko. You can buy KLAY on this exchange by first registering as a member. With the support of the Tradingview platform users can find KLAY paired with USDT.
Kucoin
Kucoin is a global exchange that effectively listed Klaytn via an announcement on its official blog in December 2021. Effectively starting December 8th at 0:00 (UTC). Traders can find KLaytn tokens on the pairs KLAY/USDT, and KLAY/BTC.
Binance
You may already be familiar with Binance, the largest exchange that also provides KLAY token which is paired with USDT in their trading platform. Apart from USDT, the KLAY token is also paired with BNB, BUSD, and BTC on the Binance platform.
Bithumb
For Koreans, Bithumb must be familiar, as it is an exchange based in Korea. And Klaytn also came from Korea. Bithumb users can find KLAY paired with BTC.
Bitpanda
Bitpanda is an exchange Europe-based company and also provides Klaytn as one of the cryptocurrencies listed on the exchange. Users can instantly Buy Klaytn with Visa and Mastercard credit cards.
Is Klaytn a good investment?
If we take a look at the price history of KLAY, in 2021 it has formed an all-time high of $4.38. This token is experiencing a price spike in march 2021.
At that time there were several reasons why the KLAY token was soaring in price. Among the reasons is that in 2021 there is a lot of positive news about Kalytn.
One of the important news at that time was that this blockchain would be adopted by top newspaper companies for digital transformation. And also the Klaytn Non-Fungible Token is growing undoubted and will be on OpenSea.
The price is currently soaring to reach an all-time high. but after that, the KLAY token price slowly returned to its normal point.
So is KLAY a good investment for the future? It all depends on how you judge. However, future conditions cannot be predicted with accuracy.
Important for investors to monitor the latest news related to cryptocurrency developments, in this case, the KLAY token.
According to wallet investors, this is a very good crypto asset in the future.
Klaytn price prediction
Here are Klaytn predictions from several popular forecasting sites. You can compare forecasts with one another and then conclude for yourself whether KLAY is good for investment or not. KLAY price at the time of writing at $1.11 in a month tends to be in a downward trend.
Cryptopolitan predicts KLAY in 2022 to reach $2.33, rise in 2023 by an average of $3.38, then rise again in 2024 at $4.96, 2025 increase at $7.64
CryptonewsZ forecasts Klaytn in 2022 at an average of $3, then 2023 rises at an average of $3.65, forecast 2024 at an average price of $4.8. While 2025 again rose by an average of $ 6.
PricePrediction forecasts Klaytn 2022 at an average price of $1.63, then rising in 2023 at an average of $2.30. Forecast 2024 at an average price of $3.28, 2025 at an average price of $4.95. 2026 average price $7.19. 2027 the average price is $10.76. 2028 average price $15.94. 2029 average price $23.16. 2030 average price $33.65. 2031 average price $47.95.
Technewsleader forecasts Klaytn (KLAY) in 2022 with an average price of $1.63. 2023 the price goes up at $2.72. 2024 average price at $3.72. 2025 average price is $5.51. 2026 average price at $8.32,2027 KLAY price reached $13.77. 2028 minimum price $15.36. 2029 average price $23.39 . 2030 average price is $33.82. 2031 average price $50.34
Wallet Investors predict that Klaytn is a very good investment, in the next year or 2023 the price of KLAY can reach $ 1,458 and for the next five years it will be $ 2,640
Conclusion
As a hybrid blockchain that has its uniqueness, it seems that many forecasting sites are predicting KLAY. Some are optimistic that the future of KLAY is good with the growing adoption of the Klaytn Blockchain.
Note: this article is informational only and does not constitute an investment solicitation. Forex, CFD, Crypto are risky instruments. Each investor is responsible for their investment.
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