What Is Klaytn (KLAY)?
Launched in June 2019, Klaytn is a public blockchain platform providing an accessible user experience and development environment in order to convey the value of blockchain technology. The platform combines the best features of both public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design.
Klaytn aims to bring blockchain technology to all types of users, from micro startups to enterprise divisions. The company’s mission is to make decentralization via blockchain available on a global scale. In addition, the project has already secured interest from numerous highly reputable brands around the world.
Who Are the Founders of Klaytn?
Jaesun Han is the founder and CEO of GroundX, the company behind the Klaytn blockchain. Han has a Ph.D. in electrical engineering and computer science from the Korea Advanced Institute of Science and Technology. His professional career started as a postdoctoral researcher for KAIST, where he conducted extensive research into distributed computing.
His first jump towards entrepreneurship was in 2007, when Jaesun Han founded NexR, the first big data and cloud computing tech startup in Korea. In 2008, Han took up a position as a chairman of the board of the Consortium of Cloud Computing Research. In November 2011, Jaesun Han became the CTO of KT Cloudware, a company dedicated to technically support KT Ucloud services.
Aside from his business and entrepreneurial ventures, Jaesun Han is also a credited adjunct professor at KAIST.
What Makes Klaytn Unique?
You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge required; you don't need to be an expert in cryptography or have a deep understanding of blockchain technology. Without the need to consult a highly specialized technical advisor, anyone can launch their own token economy ecosystem on Klaytn, according to their literature.
As an ecosystem of a wide array of decentralized applications (DApps), Klaytn presents users with the opportunity to find or develop the right type of application for their needs. Because of the decentralized nature of the platform, users have virtually unlimited use cases before them, as app publication is not restricted. Klaytn supports DApps in a multitude of spheres, including digital asset management, art collecting and trade, game development, and decentralized exchanges.
Because of this versatility, Klaytn has attracted the attention of institutional investors like Humanspace, Wemade Tree and Piction Network.
History of Klaytn (KLAY).
The origination of Klaytn began through South Korea’s leading publicly traded tech company, Kakao. Kakao is a highly reputable company in South Korea, well recognized for its diverse services and the significant number of users in the country.
Being a multi-service company, Kakao decided to venture into the crypto industry after the 2017 bull run caught its interest. As such, the company was inspired to create its own cryptocurrency, which led to the innovation of Klaytn.
Efforts to actualize the Klaytn initiative were almost altered as the company was faced with several backlashes from the country’s financial regulators, similar to the case of Facebook’s Libra.
However, the crypto vision of Yeo Minsoo, CEO of Kakao, was eventually actualized in mid-2019. The company dived its way through several restrictions and hindrances with the help of its blockchain-based subsidiary, Ground X. Afterwards, it successfully launched the Klaytn blockchain.
Advantages of Klaytn.
The Klaytn blockchain comes with many benefits to the retail and institutional users it serves. Some of them are:
- Business development. The most notable benefit of Klaytn is that it facilitates businesses’ technical operations, which is obviously a push forth for businesses. With its flexible scalable nature, it offers businesses and developers the ability to keep track of the fast-moving world of blockchain. As such, businesses can easily venture into the blockchain industry and enjoy the benefits thereof.
- Unlimited use cases with low transaction fees. Klaytn, in its unique nature, offers users the opportunity to initiate, develop and deploy the applications best suitable for their needs. Therefore, it is correct to say that the users have unlimited use cases before them. More interestingly, since the platform has taken it upon itself to pay the fees incurred by most of these developers, they are therefore left with little or no fees to settle.
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