Klaytn is a public blockchain developed by Ground X, the blockchain arm of Korea’s internet giant Kakao with 50 million users worldwide. Kakao built a proprietary blockchain platform to avoid any bottlenecks that the online and mobile-first services could face due to performance limitations of existing blockchain technology.
The Klaytn protocol is governed by the Governance Council, which consists of ecosystem builders and service providers that will contribute towards the long-term development of the protocol. The governance council is one of the largest blockchain consortia consisting of global enterprises such as Kakao, Binance, MakerDao, Hashkey, Worldpay, LG Electronics, among others.
Klaytn aims to be the de-facto platform of NFTs, Decentralized Finance (DeFi), and beyond in Asia. Klaytn is also working with global leading institutions to develop a base software platform for Central Bank Digital Currencies (CBDC).
KLAY is the native utility token of the Klaytn Network, and has the following use cases:
Klaytn Mainnet Cypress can provide a high throughput of up to 4,000 transactions per second with one-second block generation interval and immediate transaction finality. Klaytn uses an optimized version of Istanbul BFT, which implements PBFT with modifications to deal with blockchain network's characteristics.
At the time of mainnet launch, 9.6 KLAY will be minted per block. This implies a 3% annual inflation (approximately 300 million KLAY) against the 10 billion KLAY issued at genesis (the annual inflation rate is subject to change through the Klaytn Governance Process).
As at 24th June 2021, the total supply of KLAY is 10,602,731,555 (10bn KLAY at Genesis+ inflation) and the current circulating supply is 2,476,554,233 KLAY (~23.36% of the total token supply).