History of Klaytn
Back in 2017-2018, Kakao, a South Korean internet conglomerate, was looking for a blockchain that could run seamlessly for mobile applications, but the only option then was Ethereum which has high latency and low throughput. Faced with no limited options, Kakao decided to simply build their own high performance L1 chain. GroundX, Kakao’s blockchain subsidiary, developed and launched Klaytn, which went live in June 2019.
Klaytn Foundation’s recent push into real-world asset tokenization (RWAs) has already seen the onboarding of Elysia, a multi-chain RWA tokenization platform, and the launch of the Gold-Pegged Coin (GPC) which is 1:1 backed by physical gold from the Korea Gold Exchange. We have more RWA projects in talks at the moment, but are unable to reveal who they are.
Additionally, Klaytn’s technology was chosen by Bank of Korea for its CBDC pilot program, which today runs on a private version of Klaytn—a huge nod to Klaytn’s technological superiority.
OPEN ASSET, the team behind the initial Bank of Korea pilot program signed an MOU last 2023 with Korea Investments & Securities Bank, the largest investment bank in South Korea, to explore STO issuance, trading and management infrastructure.
On the entertainment front, Klaytn has built an impressive Web3 gaming ecosystem, with multiple commercially successful AAA games such as ArcheWorld and AVATARA, and world-renowned IPs such as King of Fighters and A3, as well as DeFi Kingdoms. Klaytn is also home to various vibrant gaming platforms and communities, including Netmarble’s MBX, Neowiz’s NEOPIN, ISKRA, P2EAll, and more. Moving forward, Klaytn Foundation will continue to work towards growing our gaming and entertainment ecosystem.
What is Klaytn’s mission?
Klaytn’s mission is to provide a technologically advanced, reliable and scalable blockchain platform to power the world’s transition to an on-chain future.
What services does Klaytn offer to users and stakeholders?
Klaytn is a high throughput, low latency Layer 1 public blockchain that provides end users with a Web2-like user experience, Web3 builders with a frictionless developer environment, and enterprises with a reliable blockchain platform to power their Web3 aspirations.
What is $KLAY? What are its use cases?
$KLAY is the native digital asset that fuels and secures the Klaytn protocol.
What sets Klaytn apart from other web3 projects?
What sets Klaytn apart is our 1-second block time and immediate finality, which allows transactions to be confirmed within 2.1 seconds on average after accounting for internet latency—making Klaytn the EVM chain with the lowest latency as shown by our real-world testing.
Even though TPS is often used as a measure of performance, transaction latency is a bigger factor when it comes to end-user experience and ultimately DApp user acquisition and retention. Users are already accustomed to the speed at which Web2 apps run, so it doesn’t matter how high the TPS of an L1 is if transactions take minutes to confirm—it is an objectively poorer UX and users will quickly abandon the service. Klaytn’s focus on near-instant transaction confirmation allows DApp builders to deliver snappy, seamless Web2-like UX.
On top of that, Klaytn has also had other UX innovations since launch, including account abstraction and gas fee delegation at the protocol level.
Additionally, Klaytn has an extremely developer-friendly environment, with a robust library of tools, SDKs and resources available for devs such as Klaytn Contracts Wizard and the Metaverse Knowledge Kit. Klaytn is also EVM-equivalent, which allows any DApp built for Ethereum to also be able to deploy and run on Klaytn with little or no code changes. Developers can also use any tooling built for Ethereum, and we are constantly releasing extensions such as the Web3Klaytn SDK to extend those toolings to support Klaytn-specific features.
What can we expect from Klaytn this 2024?
In 2024, Klaytn will be merging with Finschia to create Asia’s largest Web3 ecosystem, with over 250 million potential users via integration with the Kakaotalk and LINE messenger apps and over 420 DApps.
