Klaytn: Everything You Need To Know

In 2019, Kakao, a mobile platform owned by Kim Beom-soo, decided to launch the Klaytn project. The latter aims to participate in the promotion of the mass adoption of blockchain technology. The mainnet of the Klaytn platform was therefore created, and very quickly a network token was launched: It is the KLAY token.

The Klaytn platform and blockchain development environment is accessible, with a convenient hybrid design. The organization’s hope is to transmit the value of blockchain technology, and to participate in its decentralization on a global scale.

Moreover, the Klaytn platform brings together some of the most sought after features of both public blockchains and private blockchains.

How does Klaytn work?

Klaytn allows businesses that want to integrate the blockchain functionality into their offerings to do so. Similarly, developers who wish to build blockchain applications can do so on the Klaytn network.

In order to effectively use the Klaytn network, setting up an end node, and deploying your dApp’s smart contract are mandatory tasks. An end node is an interface to the Klaytn network, it is the node that handles encoding requests made to the network.

The smart contract defines the function and relevance of the application you are building on the network.

What is ClubRare?

ClubRare is a luxury limited-items NFT marketplace deployed currently on Klaytn, and will soon be expanding to Ethereum and others. It allows owners of premium collectibles, such as handbags, watches, sneakers and other hard-to-find merchandise, to issue a Non-Fungible Token linked to the physical item.

Moreover, ClubRare opens the opportunity for collectors to bid on the NFTs dropped in the marketplace. Then in case of auction winning, they are given the NFT representing the physical item.

ClubRare’s model provides exposure to premium and rare items, the convenience of NFTs, and liquidity to collectors.

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