Review on Klaytn by Saparov Meylis

Klaytn (KLAY) is an enterprise-grade service-oriented platform that provides millions of users with easy access to the blockchain.

Launched in June 2019, Klaytn is an open source blockchain platform that provides an accessible user interface and development environment to demonstrate the value of blockchain technology.

The platform combines the best features of both public blockchains (decentralized data and control, distributed management) and private blockchains (low latency, high scalability) through an efficient hybrid design.

Klaytn is committed to bringing blockchain technology to all types of users, from micro-startups to corporate divisions. The company's mission is to make decentralization through the blockchain available globally. In addition, the project has already generated interest from many respected brands around the world.

You can easily deploy your own chain or join other chains on Klaytn without any technical knowledge, you don't need to be an expert in cryptography or have a deep understanding of blockchain technology. According to their literature, without the need to consult a highly specialized technical consultant, anyone can launch their own token economy ecosystem on Klaytn.

As an ecosystem of a wide range of decentralized applications (DApps), Klaytn provides users with the ability to find or develop the right type of application for their needs.

Due to the decentralized nature of the platform, users have an almost unlimited number of use cases since publishing applications is not limited. Klaytn supports DApps in a variety of areas, including digital asset management, art collecting and trading, game development, and decentralized exchanges.

Due to its versatility, Klaytn has attracted the attention of institutional investors such as Humanspace, Wemade Tree, and the Piction Network.

The Klaytn network was designed to be subdivided into three subnets based on the goals and roles of each. The three subnets are the cellular core network, the end-node network, and the service chain network.

By using the modified Istanbul BFT, Klaytn can achieve fast transaction completion. Since both consensus and validation are done on a per block basis, there is no fork and block finality can be instantly guaranteed once consensus is reached.

As the amount of communication increased, this was known as a problem for the BFT algorithm, however Kleitn solved this problem using a randomly selected committee. Consensus nodes form the board, and as each block is created, some of these board members are randomly selected to form the committee.

The KLAY token is a proprietary cryptocurrency used in the Klaytn ecosystem. It is used for transaction fees when creating and executing smart contracts on the blockchain or when transferring KLAY.

KLAY is included in the ecosystem because it is a necessary element for the Klaytn platform to work. Think of it as the fuel that powers everything. Besides being used to pay for transactions, it is also a payment asset used to compensate the operators of the consensus node.

KLAY ensures that developers write high-quality code as wasteful code is more expensive to run on the network, and also ensures that the network stays healthy by compensating the consensus nodes for their contributions to the network.

Once they start using blockchain, new users will find that the efficient and hybrid design of the Klaytn platform combines the best of public and private blockchains.