Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions. It combines features of both public blockchains (decentralized data & control, distributed governance) and private blockchains (low latency, high scalability) via an efficient 'hybrid' design. Klaytn is secured by participation from numerous reputable brands around the globe, working together to create a reliable business platform atop a robust system of decentralized trust. Klaytn enables businesses and entrepreneurs today to capture value using blockchain technology. Klaytn was designed by GroundX. 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. 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. 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. 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. At the core of Klaytn’s unique take on decentralization is their Governance Council (GC). Comprising leading global enterprises and DAOs across geographies and industries, these GC members form a compact validator network that is able to deliver the benefits of a decentralized public blockchain while maintaining the performance of a permissioned blockchain. Moving forward, Klaytn aims to further increase decentralization by onboarding more DAOs to their GC to create a “DAO of DAOs”. Klaytn utilizes the hub-and-spoke model that is widely acknowledged as one of the leading 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. Telegram, Discord, Facebook, LinkedIn, GitHub, Reddit, MediumWhitepaper
Description provided by CryptoCompare.
