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The arrival of blockchain technology took data storage, sharing, and security to the next level, making transactions effortless. Once such blockchain network, introduced to assist a scalable and user-friendly interface, is Klaytn. Klaytn’s enterprise-friendly ecosystem and hybrid blockchain made the system stand out from the competition. The network architecture is mainly designed to enable businesses to operate and customize services built on the Klaytn infrastructure.   History and Overview Klaytn, a public blockchain platform is all prepared to offer a distributed governance & scalability ecosystem and Klaytn DApp Ecosystem. The platform was introduced to the cryptocurrency industry in 2017, a time when Bitcoin and other coins were facing a bullish race. The story of Klaytn’s blockchain begins with the KaKao Company, a South Korean-based publicly traded technology firm.  Focusing on Klaytn’s history, In June 2019, the public blockchain was finally introduced for the gaming, metaverse, and creative economy. Surprisingly, the blockchain holds a large share of the South Korean Blockchain market. Klaytn blockchain made metaverse development, and play-to-earn crypto games more accessible to tech enthusiasts. KLAY crypto is the native token of the Klaytn network, securing 47 ranking in the crypto world in April 2022. Also, the respective platform has been designed, developed, and managed by several organizations.                How Does the Klaytn (KLAY) Blockchain Work? Klaytn network is a bit different from other existing blockchains, mainly in terms of consensus algorithm. Klaytn adopts a hybrid consensus algorithm, offering benefits of both the PoS and PoW mechanisms. The whole mechanism thus makes transactions faster, more secure, and more efficient. Klaytn blockchain has the potential to offer 4,000 transactions per second and 1-second block finality. Also, Istanbul Byzantine Fault Tolerance (IBFT), a consensus algorithm permits networks to complete transactions within seconds, making NFT minting effortless. In addition, the respective platform also considered user…

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Filed under: News - @ November 11, 2023 2:20 pm