This is a blockchain platform that allows developers to utilize smart contracts in creating and deploying dApps by providing a high-performance, dependable, and secure environment for users to run blockchain-based services. Its trading involved purchasing, selling, and transferring its crypto coin called KLAY. KLAY is utilized as a payment method for transactions on the network as well as a staking token for network governance. The price of the cryptocurrency is trading at roughly $0.236218. The market has a market valuation of over $700,000,000 and a circulation supply of 3.1 billion KLAY. Cryptocurrency trading is risky, and it’s best to do research and understand the dangers associated with trade.
What it is
It is a public blockchain with an emphasis on the metaverse, gamefi, and the creator economy. Officially launched in 2019, it is the major blockchain platform in South Korea, which is expanding globally from its international headquarters in Singapore. The Klaytn Growth Fund hopes to grow the Klaytn ecosystem by supporting these expansion operations. The Klaytn Foundation manages and distributes the growth fund.
Features of Klaytn
This is a blockchain platform that uses programs such as smart contracts to create and deploy decentralized Apps. The following are some of the key features of the network:
Metaverse developer package
It provides an end-to-end metaverse package that includes customized L2 solutions, wallets, smart contract libraries, IPFS solutions, chain explorers, oracles and bridges, and an ecosystem of supporting services such as stablecoin integration, NFT marketplaces, trading interfaces, etc.
Quick deterministic conclusion
It employs an optimized version of Istanbul BFT, allowing transactions to attain absolute finality in less than a second, which allows for responsive user experiences and use cases requiring near-instant and irreversible finality.
Data consistency
Proof-of-Work and Proof-of-Stake blockchains have probabilistic finality implying that a transaction recorded on the chain has a very small odds of being reversed. As a result, many blockchains are unsuited for mission-critical applications, particularly when utilized at scale. To provide the stability and data consistency required for large-scale applications, its IBFT consensus algorithm ensures that data recorded on the blockchain is valid and will never be reversed.
What Klay is
This is the protocol’s native digital asset that powers and safeguards it. There are currently over 2 billion KLAY coins in circulation. With each new block, 9.6 KLAY will be coined, and with the sum of transaction fees used in the block, they will be aggregated and dispersed to the three destination accounts in the following ratio: Prize for Klaytn Governance Council 34%, KGF (Klaytn Growth Fund) 54% and 12% Klaytn Improvement Reserve (KIR).
Trading KLAY
The coin can be traded on a growing number of major exchanges, including Binance, Bithumb, KuCoin, and many others, which offer cryptocurrency and stablecoin pairs. Users can trade KLAY by following these steps:
- Pick a cryptocurrency exchange that allows trading with KLAY, such as Binance, Upbit, Huobi, OKEx, etc
- Set up an account on the exchange and, if necessary, go through the verification process.
- Use fiat dollars or other cryptocurrencies to finance the exchange account.
- KLAY is the exchange pair. To trade KLAY for Bitcoin, find the KLAY/BTC trading pair.
- Put a buy or sell order for KLAY.
Once your order has been filled, you may either withdraw the KLAY to a Klaytn-compatible wallet or leave it on the exchange for future trading.
It is critical to note that trading in cryptocurrencies is high-risk, and it is best to research to acquire a better knowledge of the hazards involved. It is also recommended to customers that they only invest the amount of money that they can afford to lose.
