Where to Buy Klaytn (KLAY) Crypto Coin (& How To): Guide 2022

Klaytn runs as a high-performance public blockchain and decentralized ecosystem. The protocol was created to enable companies and businesses to develop and apply blockchain technologies.

As a result, the network offers many beneficial features that are intended to remove obstacles to blockchain adoption while speeding up the onboarding process.

In this guide, we’ll discuss what Klaytn is, why investors should invest in the digital asset KLAY, and the best wallets to store the token.

What is Klaytn?

Klaytn is an open-source blockchain focused on the creator economy, gamefi, and the metaverse.

The platform, which was launched in June 2019, currently holds the lead in South Korea and is expanding its global business from its international base in Singapore.

Klaytn focuses on innovative transformation that will empower people in the Web3 era of technology and business. In place of proof of work or proof of stake consensus, the platform employs the Practical Byzantine Fault Tolerance (PBFT) method.

There are no message exchanges between nodes in the PoW and POS algorithms, despite each node getting and validating blocks. However, with PBFT, each node interacts with other participating nodes to form a consensus, and the block’s finality may be ensured as soon as nodes succeed.

There are three different node types in Klaytn: CN (Consensus Node), PN (Proxy Node), and EN (Endpoint Node). Block generation is overseen by CCOs (Core Cell Operators), who also handle CNs. Every node in the network verifies these blocks.

In order to establish what the firm claims are the best environment for blockchain applications to flourish in their ecosystem, the Klaytn (KLAY) ecosystem offers a range of intriguing characteristics. These include transaction fee subsidisation for end users, robust transaction throughput, scalability facilitated by the service chain, and low latency network responsiveness.

The interoperability of Klaytn with legacy technologies is another important element. According to the company’s official documentation, businesses can quickly switch to adopting the Klaytn blockchain technology.

The network’s utility and governance token is called KLAY. In the ecosystem, this cryptocurrency has several different functions. Investors can pay their transaction fees using KLAY. Additionally, it is a very quick and effective medium of trade. The token can be staked to ensure passive rewards and can even be used as secondary token collateral. 10 billion KLAY coins were issued at the time of Klaytn’s introduction, and there are currently 2.9 billion KLAY coins in circulation.

Use Cases

Games: Wemade’s Klaytn-based P2E ( play to earn) game, MIR4, drew more than 1.3 million active players in less than three months after being available in 170 countries.

 

Exchanges/Defi: KLAY has a lot of global liquidity and is listed on several significant international exchanges, including Binance. With about $415.95M TVL (Total Value Locked), the DeFi ecosystem on Klaytn has likewise experienced exponential growth.

Wallets: The Klaytn network is officially supported by Metamask, which is also easy to integrate into its ecosystem applications. Also, the Kakaotalk chat app has a wallet called Klip that links its 1.67 million KYC users to several DApps in the Klaytn ecosystem.

Layer 2: WeMade’s Klaytn sidechain, WEMIX, is where the popular MMORPG MIR4 is hosted. WeMade has disclosed its intention to add 100 games to its platform. Also, BORA efficiently migrated to the Klaytn sidechain after its acquisition by Kakao Games. BORA has a stack of exciting projects revolving around NFTs and games in store for the future.

Klaytn 2.0: With the announcement of further strategic agreements as part of its Klaytn 2.0 roadmap, Klaytn is set up for global growth.

Here are some upgrades and changes that Klaytn has planned:

Support for Ethereum Equivalence: By providing an Ethereum equivalent, Klaytn enhances the Ethereum environment while also using its unique advantages. Because Klaytn uses the same technology stack as Ethereum, projects based in the metaverse that find it difficult to work on Ethereum owing to its technical restrictions can do so more quickly and easily.Scale-Up Via Service Chains: As a scaling solution, Klaytn uses a hub-and-spoke design to preserve performance as the project ecosystem expands. Like in previous L2 solutions, the “spokes”, referred to as “Service Chains”, can be customised for specific dApp requirements and anchored to the main chain for increased security.Consensus Optimisation: TPS (Transaction Per Second) improvements operate as a performance multiplier in a “hub and spoke” design. Thus, the developers will simultaneously focus on optimising the consensus process to increase their chains’ TPS.A Free and Friendly Environment for Developers: In line with its origins as an open-source, public blockchain project, Klaytn’s developers will devote efforts towards developing an end-to-end package for blockchain and metaverse developers to facilitate onboarding and a stack of open-source tools and platforms.Step Towards Centralisation: A fundamental principle of the metaverse and the coming economy is decentralisation. As part of the progressive transition towards decentralisation, Klaytn, which firmly believes in this shared global goal, will be revised using key components of the governance plan.

Is Klaytn a Good Investment?

Potentially, Klaytn has what it takes to deliver gains, especially considering its roadmap. However, always remember that the cryptocurrency market is volatile.

For investors seeking to invest in digital assets and exploring how to buy Klaytn, here are some unique features that make the digital asset worthwhile.

A Complete Development Bundle for the Metaverse

Klaytn provides an end-to-end metaverse package that includes tailored L2 solutions, chain explorers, SDKs and smart contract libraries, IPFS solutions, wallets, oracles and bridges, and an ecosystem of supporting services like stablecoin integration, NFT marketplaces, and tradefi interfaces.

This bundle makes it easier to build for the metaverse.

1-Second Deterministic Finality

Klaytn uses an optimised version of Istanbul BFT to enable transactions to reach absolute finality in less than one second, allowing use cases where near-instant and irreversible finality is required, such as real-time minting of in-game item drops. This allows for responsive user experiences.

Klaytn’s Data Guarantee

Blockchains that use Proof-of-Work or Proof-of-Stake display probabilistic finality, meaning there is a minimal possibility that a transaction can be undone once it has been added to the chain. Due to this, many blockchains are inappropriate for mission-critical applications, especially when used at scale. Klaytn’s IBFT consensus algorithm provides the dependability and data consistency required for large-scale applications by ensuring that data stored on the blockchain is accurate and cannot be reversed.

Access to Ethereum Equivalence

Klaytn will adopt the EVM(Ethereum Virtual Machine) requirement through:

Making the technological architecture of Klaytn comparable to the architecture of Ethereum in terms of execution and interface.Building on top of the open-source codebases of the current Ethereum clients and interface libraries to inherit any upgrades made to them. Klaytn supports EVM as one of the developing standards for the metaverse and Web3.Enabling contributions to both ecosystems from Klaytn Improvement Proposals (KIPs) and Ethereum Improvement Proposals (EIPs).

A Distinct Governance Framework

The Governance Council (GC) of Klaytn is the cornerstone of their innovative approach to decentralisation. These GC members, which include top global companies and DAOs (Decentralised Autonomous Organisations) from various regions and industries, create a small validator network that may provide the advantages of a decentralised public blockchain while keeping the functionality of a permissioned blockchain. Furthermore, by adding more DAOs to its GC in the future to create a “DAO of DAOs”, Klaytn hopes to decentralise the system further.

Integrated Scalability Through Service Chains

The hub-and-spoke architecture, which is regarded as one of the best scalability solutions, is used by Klaytn. The spokes, or service chains, of Klaytn can be modified to meet particular DApp needs like high throughput, unique node configurations, or personalised security settings. Additionally, the inclusion of stacked service chains will offer the exponential scalability required for widespread adoption in the metaverse.

Protocol-Level Ecosystem Fund of $1 Billion

Klaytn has set aside a total of $1 billion to encourage ecosystem growth through a mix of the first issued reserve KLAY and on-chain tokenomics that re-invest 66% of newly-minted KLAY. The funds are dispersed among a variety of grant and incentive programmes:

The Klaytn Improvement Reserve (KIR) for infrastructure, tools, and services that enhance the calibre of the Klaytn network.The Klaytn Growth Fund (KGF) for projects in their early stages with a high likelihood of having a positive impact on Klaytn.The Proof of Contribution (PoC) initiative rewards smart contract developers who help expand Klaytn’s on-chain operations.

The Preferred Business-Level Blockchain

The leading mobile gaming companies, Netmarble and WeMade, as well as industry titans like the GMO Internet Group in Japan and the Salim Group in Indonesia, are partners with Klaytn, making Klaytn the blockchain of choice for corporations and enterprise-level use cases. Also, the Bank of Korea’s CBDC project, which utilises a private, ĺcustomised version of Klaytn, has chosen Klaytn as its official blockchain partner.

Klaytn maintains its integrity. However, for the digital asset to surge in the crypto market, clients must place their trust in it.

Klaytn Wallets

Investors learning how to buy Klaytn have to also learn the best wallets to store the Klaytn crypto. A cryptocurrency wallet functions like a regular wallet and a bank account. It gives traders a place to save their coins and an easy way to spend and receive them.

Software Wallet

Hot wallets, also called software wallets, are one of the most popular cryptocurrency storage options. They are always online, hence the affiliation with the ‘hot’ tag. Investors can easily get a hot wallet once they open an account with a crypto exchange. This allows them to store and manage their private keys, which prove their ownership of their assets to the blockchain network. Hot wallets are usually more convenient for everyday crypto transactions and can be custodial or non-custodial.

A custody wallet is responsible for storing assets to an exchange or a third-party platform. The user only places an order for a transfer or receipt, and the exchange signs off on the transaction, much like the traditional banking system. Meanwhile, a non-custodial or self-custody wallet gives the full responsibility to the end-user.

Hot wallets are usually free, but they are largely considered less secure due to their constant internet connectivity. An instance of a hot wallet is the Binance Wallet.

Hardware Wallet

A Hardware wallet is a device which has been created to provide an extra layer of security when interacting with your various cryptocurrency wallets.

Normally you would use your private key to move funds, the problem is though, if your computer has been compromised with malware or a virus, it is possible for your private keys to be captured and used to steal your funds.

With a hardware wallet, the private keys are stored on the device and never exposed to your computer, which means even if you are infected with such a program your private keys will remain safe. These options are safest way to store your crypto if you have more than a small amount.

Popular examples of cold storage offerings are the Ledger and Trezor line of hardware wallet solutions, read our reviews:

Mobile wallet

A mobile wallet is essentially a hot wallet on a smartphone device. They offer users an even more convenient way to use their coins for daily activities. Mobile wallets store and manage users’ private keys while enabling them to pay for things they love with their digital assets.

These wallets are usually free and always online for transactions to be processed. Popular mobile wallets are eToro Money Wallet and Coinbase Wallet.

Desktop wallet

A desktop wallet is a PC version of a hot wallet. It is essentially software that an investor downloads into their personal computer or laptop for easy interaction with their digital coins. They also offer a browser extension which allows users to interact using an extension instead of downloading the entire software. Desktop wallets are also hack-prone due to their online nature. A popular example is the Exodus Wallet.

Paper Wallet

The paper wallet is arguably the oldest form of crypto wallet. They are no longer common in the modern crypto industry. It contains users’ public and private keys. The paper wallet is the least secure type of wallet as it can easily be lost, stolen, or torched.

Conclusion

The Klaytn strategy is straightforward: make it simpler for companies to use blockchain services without it being a huge crisis. In particular, the network’s compatibility with legacy systems is a crucial draw for significant businesses prepared to make the switch. For the time being, Klaytn leads the field of enterprise-grade decentralised service providers. As more users become aware of the network’s beneficial qualities, we expect it to broaden its positioning.