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What is Klaytn Coin (KLAY) and how does it work?

by Financial Economy

Klaytn is a platform that allows the use of blockchain technology on both personal and corporate basis, with the Kakao Talk application, the famous messaging and calling application open to the international public. The platform, which combines the best features of the public and private blockchains, has increased the scalability and transaction speed of the system, while the controls are carried out by distributed management by adhering to a certain center. Detailed information about what is Klaytn coin (KLAY) and how does it work is in the rest of the article. Information about Ethereum, you can browse here.

What is Klaytn Coin (KLAY) and how does it work?

Klay Coin was created by the developers of the popular messaging and calling application Kakao Talk, which is entirely from Korean origin. Every next step of the platform is monitored and managed by this team. Many blockchain applications work with PoW or PoS protocols, including Bitcoin and Ethereum. This may cause some unsolvable problems on the systems. Processes such as calculating gains based on trust and chain lengths can be against users. In order to avoid these, Klaytn uses a brand new algorithm system instead of using these protocols on the network.

Klaytn prefers to use the Istanbul PBFT system with some direct improvements. With this PBFT system, creating blocks becomes a clearer process, and the user proceeds confidently in all steps until it is completely certain. Klaytn working with three network nodes on the system main network; It has consensus, proxy and endpoint nodes.

Klaytn advantages!

  • Some of the advantages offered to users with Klaytn are as follows:
  • It allows users to make quick transactions.
  • In blockchain applications, it tries to reduce the usage cost as much as possible by avoiding many fees charged by users after each transaction.
  • It provides nearly 4000 transactions per second, block creation and verification time on the main network.
  • It is ensured that blockchain technology can be used by individuals or institutions in an international context with Klaytn.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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