The cryptocurrency and metaverse industries are still relatively in their early stages, and it can sometimes be difficult to choose the right tools to build a particular system that leverages the two. Considering the complex nature of the technology involved, Klaytn is an easy solution built to handle these problems.

What is Klaytn (KLAY)?

Klaytn is an open-source blockchain project which utilizes leading blockchain technology to power business frameworks in different sectors, from the creative industry to the metaverse. Klaytn focuses on integrating as many business-oriented blockchain solutions as possible, regardless of the underlying technologies these solutions run on. Thus, it helps foster interoperability between blockchain enterprises.

How Does Klaytn Work?

The KLAY token powers the entire Klaytn ecosystem. Indeed, Klaytn works by combining the decentralized nature of public blockchains with the high scalability of private blockchains. It is for this reason that the Klaytn project is hailed as a hybrid ecosystem. It does this through a combination of several unique and customized features and frameworks, such as the Istanbul Byzantine Fault Tolerance (IBFT) framework. The IBFT is a type of consensus algorithm which allows for the completion of any transaction initiated on the network within one second.

Moreso, the Klaytn project boasts full compatibility with Ethereum-based software, a complete set of tools that developers can easily use to build metaverse infrastructure. It achieves these using cutting-edge blockchain technology, which includes a sophisticated customized layer 2 solution, SDKs and smart contracts, wallets, chain explorers, bridges, and oracle support.

Due to its easy flexibility and interoperability, Klaytn also allows for the exchange of crypto assets between blockchain networks.

In addition, the protocol boasts a unique governance system. The network does not allocate voting privileges to users who hold its native KLAY cryptocurrency token. Instead, the network is run by a governance council, which consists of decentralized autonomous organizations (DAOs), builders, and enterprises. The network does plan on implementing more DAOs in the future.

Advantages and Disadvantages of Klaytn

Klaytn is a useful tool for the creation and seamless operation of metaverse infrastructure, however, the project is not without its drawbacks.

Pros

The Klaytn project makes it incredibly easy to create and build complex software using blockchain technology. Play-to-earn games, cryptocurrency wallets, and cryptocurrency exchanges are among the blockchain platforms that can benefit from Klaytn's extensive tool kit. Examples of projects that are currently linked to Klaytn include MiR4, Metamask, Binance, and Opensea.

Klaytn also helps foster innovative ideas, as its comprehensive tool kit makes the creation of the software much easier.

Cons

The major disadvantage that comes with Klaytn is the heavy competition it faces. The Klaytn network is still a relatively new project, and developers might opt for much more familiar names, such as Decentraland.

Who Created Klaytn?

Klaytn was founded by Ground X, a subsidiary of South Korean Kakao Group, in 2019. Kakao is predominantly a mobile platform corporation, however, they began to wade in Web3 waters in 2017 and finally launched Klaytn in July 2019.

Why Does Klaytn (KLAY) Have Value?

The Klaytn network and its native token, the KLAY crypto, could provide useful solutions to emerging blockchain-related challenges. For one, the Klaytn model is equivalent to Ethereum's EVM layer 1 protocol, which makes it possible for Ethereum-based networks to integrate with the blockchain without any modifications. The protocol is also highly customizable and can be tweaked to fit user requirements, whatever they may be.

Price of Klaytn

According to the data from Coin Market Cap, the Klaytn (KLAY) is currently changing hands for approximately 0.2 USD. The token is the 47th largest cryptocurrency by market cap, with a circulating supply of 2.64 billion tokens. The crypto asset reached an all-time high price of 4.24 USD in March 2021.

Why Use Klaytn?

The KLAY token is a crypto asset native to the Klaytn blockchain. The token does have value, as it is used in various transactions both on and off the Klaytn blockchain. It can be bought, sold, traded, or staked, just like any other crypto asset, and is used to facilitate transactions carried out in the metaverse. These transactions could include the sale or purchase of NFTs, and virtual assets. Users can even receive rewards in the form of KLAY tokens.

Klaytn dApp Ecosystem

Unlike most blockchain protocols which refer to their hosted networks as decentralized apps (dApps), Klaytn addresses their hosted networks as blockchain apps (bApps) instead. This is because these networks do not necessarily have to run decentralized web services on their service chains.

The bApps are networks that partner with the Klaytn network to provide top-tier blockchain services. As of 2019, Klaytn boasted 51 bApps linked to its mainnet, which include Rayon, Blockpet, Pibble, and others.

Does Klaytn Have Staking?

Klaytn does allow staking of the KLAY token. The token can be staked on a cryptocurrency exchange, such as Binance, or on Klaytn's official staking tool, dubbed the Klaystation.

KLAY’s staking rewards also differ from exchange to exchange. For example, staking KLAY on Gate.io can get you token returns as high as 10%, while Binance offers slightly lesser.

Alternatively, you can also stake KLAY on the Klaytn platform in return for DeFi staking rewards. Although you’d need a web 3.0 wallet compatible with the Klaytn blockchain.

How to Swap Klaytn

• Go to JansWap.com
• Visit JansWap’s Klaytn Swap Page
Head down to the swap page and settle on a coin to exchange for KLAY tokens. Your options include Ethereum (ETH), Bitcoin (BTC), and Tether (USDT), among others. For this guide, we’ll use USDT as an example.
• How Much KLAY Do You Want? After selecting a swap pair, you can decide on the amount of KLAY you’d like. JansWap has two slots on the exchange page, the send box where you enter the USDT you are willing to send and the get box, which shows the estimated Klaytn you will get in return.
• Select a Crypto Exchange JansWap will aggregate a list of the right platforms for you, ranking them by speed, rates and ratings. Choose an offer that best suits your need.
• Put in Your Wallet Details You will be required to drop your Klaytn wallet address, a USDT refund address, and, optionally, your email. After confirming the details, hit the blue proceed to exchange button.
• Transfer the USDT Transfer the USDT you agreed to in step 3 to the wallet address on your screen. Confirm that all the digits are correct, so you do not lose your funds.
• Swap Completed Done! All you need to do now is wait for your KLAY tokens to arrive. Once it appears on your wallet,, congratulations, you have swapped Klaytn!