Altcoins: Klaytn (KLAY), What Is It? - A Deeper Look Into The Klaytn Platform’s Metaverse
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Summary:
- What is the Klaytn Platform and how does it work?
- Advantages of the Klaytn exchange.
- Klaytn’s past, present and future price positions.
Read next: Altcoins: Celsius Network (CEL), What Is It ? - A Deeper Look Into The Celsius Network Platform
The Klaytn Network
Klaytn is an open-source public blockchain for all who wish to play, build or in the metaverse. The Klaytn platform is a public blockchain that is focused on gamefi, the metaverse and the creator economy. The platform was launched in June 2019, it is South Korea's most dominant blockchain and is currently in the process of undergoing a global business expansion from its international base in Singapore.
The expansion of the network is funded by the Klaytn growth fund, which has plans for the ecosystem built on Klaytn. The fund is managed and disbursed by the Klaytn foundation, a Singapore based non-profit organisation that was established in August 2021. The Klaytn Foundation offers partnerships to artists, enterprises or studios.
Klaytns native token is KLAY, there is a maximum supply of 10.782 billion tokens, 2.88 billion of those are currently in circulation. The current market capitalisation is more than $706 million.
Factors that make Klaytn Unique
- In an attempt to simplify building for the metaverse, Klaytn offers an end-to-end metaverse package which includes customised L2 solutions, smart contract libraries and SDKs, IPFs solutions, chain explorers, wallets, bridges and oracles, ecosystem of supporting services such as stablecoin integration, tradfi interfaces, NFT marketplaces, and more.
- 1-second deterministic finality: Klaytn makes use of an optimised version of Istanbul BFT, which allows transactions to achieve absolute finality within a second, this allows for a responsive user experience and enables use cases where near-instant and irreversible finality is possible - for example, real time minting of in-game item drops.
- Klaytn’s data guarantee: probabilistic finality is exhibited through the use of both proof-of-work (PoW) and proof-of-stake (PoS) blockchains, this means that there is a slight chance that a transaction that is recorded on the chain could be reversed. Thus, making blockchains such as these are unsuitable for mission-critical applications, especially if used at scale. Klaytns IBFT consensus algorithm guarantees that any data that is recorded on the blockchain is correct and will never be reversed, in order to deliver the data consistency and reliability that is 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.’
- Unique governance structure: at the centre of Klaytn’s unique view on decentralisation is their governance council (GC) which comprises leading global enterprises and DAOs across both geographies and industries. The members of the GC come together to form a tight validator network that is able to deliver the benefits of a decentralised blockchain whilst simultaneously maintaining the performance of a permissioned blockchain.
- Built-in scalability via service chains, $1 billion protocol-level ecosystem fund, the preferred enterprise level blockchain.
Past, present and future prices of Klaytn network (KLAY)
After the launch of the Klaytn network platform, the price of KLAY took around 6 years to rise after its launch in 2019, the first spike in price that occurred during the third quarter of 2020, and saw the price reach almost $0.85, and was followed by a small decline. After its first peak in 2020 the price remained fairly stable and then spiked again during the second quarter of 2021 reaching its all time high of $3.75 in April. Thereafter, the price has been consistently falling and experiencing volatility. The price of KLAY has remained on a downward trend, this is due to the volatility of the current economic conditions.
Over the past few months, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, KLAY does fall under this category.
According to some analysts, the future price of Klaytn network (KLAY) could reach up to $0.8 by 2026 and could see a price of more than $1.94 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
KLAY Price Chart
Sources: finance.yahoo.com, klaytn.foundation, coinmarketcap.com, cryptopolitan.com
