Klaytn (KLAY) Price

Klaytn (KLAY) is an open-source blockchain platform developed by South Korean tech giant Kakao. It was designed to offer high performance and scalability while maintaining decentralization.

Kakao, which operates the popular messaging app KakaoTalk, created Klaytn to address the limitations of existing blockchain networks, such as slow transaction speeds and congestion. The platform uses a hybrid consensus mechanism that combines proof-of-work (PoW) and practical Byzantine fault tolerance (PBFT) to achieve faster block times and greater throughput.

Klaytn is also designed to be developer-friendly, offering a range of tools and resources to help developers build decentralized applications (dApps) on the platform. These include a smart contract development kit (SDK), a block explorer, and a wallet.

One of the major advantages of Klaytn is its partnership network. Kakao has teamed up with a number of major companies and organizations to create a robust ecosystem of dApps and services on the platform. These partners include LG, UnionBank of the Philippines, and the Seoul Metropolitan Government.

Klaytn also has its own native token, KLAY, which is used for transactions, yield farming, and minting NFTs.