About Klaytn (KLAY)
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy.
Officially launched in June 2019, it is one of the largest blockchain platforms in South Korea and is now undergoing global business expansion from its international base in Singapore.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a Singapore-based non-profit organization established in August 2021.
KLAY is the native digital asset of the Klaytn protocol. Klaytn was launched with 10 billion KLAY , and there are currently 2.6 billion KLAY coins in circulation. With every new block, 9.6 KLAY will be minted and the newly issued KLAY and the sum of transaction fees used in the block (collectively called the “block reward”) will be aggregated and distributed to the following three destination accounts in accordance with the predetermined ratio:
Klaytn Governance Council Reward: 34%
Klaytn Growth Fund (KGF): 54%
Klaytn Improvement Reserve (KIR): 12%
What are Klaytn’s differentiating points?
An end-to-end metaverse developer package:
To simplify building for the metaverse, Klaytn offers an end-to-end metaverse package that includes customized L2 solutions, SDKs and smart contract libraries, IPFS solutions, wallets, chain explorers, oracles and bridges, as well as an ecosystem of supporting services such as stablecoin integration, NFT marketplaces, tradfi interfaces, and more.
1-second deterministic finality:
Klaytn utilizes an optimized version of Istanbul BFT that enables transactions to achieve absolute finality within a second, allowing for responsive user experiences and enabling use cases where near-instant and irreversible finality is necessary—such as the real-time minting of in-game item drops.
Klaytn’s data guarantee:
Proof-of-Work and Proof-of-Stake blockchains exhibit probabilistic finality, which means there is a tiny chance that a transaction recorded on the chain can get reversed. This makes these blockchains unsuitable for mission-critical applications, especially if used at scale.
Klaytn’s IBFT consensus algorithm guarantees that data recorded on the blockchain is correct and will never be reversed, in order to deliver the reliability and data consistency needed for large-scale applications.
Support for Ethereum equivalence:
Klaytn supports EVM as one of the emerging standards for the metaverse and Web3, and will be adopting the EVM specification by:
Making Klaytn’s technical stack equivalent to the Ethereum stack from an interfacing and execution perspective
Building on top of existing Ethereum clients and interfacing libraries to inherit any improvements made to their open-source codebases
Enabling Ethereum Improvement Proposals (EIPs) and Klaytn Improvement Proposals (KIPs) to contribute to both ecosystems
Built-in scalability via service chains:
Klaytn utilizes the hub-and-spoke model,widely considered to be among the best scalability solutions.
Klaytn’s spokes, or service chains, can be customized for specific DApp requirements such as high throughput, special node configurations, or custom security levels. In addition, support for nested service chains will provide the exponential scalability needed for metaverse-scale adoption.
$1 billion protocol-level ecosystem fund:
Through a combination of the initially issued reserve KLAY and on-chain tokenomics that re-invest 66% of newly-minted KLAY, Klaytn has set aside a total of $1 billion to support ecosystem growth. The funds are distributed across a range of grant and reward programs such as:
The Klaytn Improvement Reserve (KIR) for infrastructure, tools and services that improve the quality of the Klaytn network
The Klaytn Growth Fund (KGF) for early-stage projects with high potential for creating positive impact on Klaytn
The Proof of Contribution (PoC) program to reward builders of smart contracts that contribute to the growth on on-chain activities on Klaytn
Klaytn counts industry leaders such as Japan’s GMO Internet Group, Indonesia’s Salim Group, and mobile gaming giants Netmarble and WeMade as partners.
Klaytn is also the official blockchain partner for Bank of Korea’s CBDC project, which is running off a private, modified version of Klaytn.