5 Minutes Cryptocurrency: Klaytn — The Blockchain for the Metaverse

With the development of Web 3.0, the next iteration of the internet is almost inevitable. Businesses are gearing up for the upcoming metaverse world which is expected to be worth around $5 trillion by 2030. That said, it will be absolutely a novel experience with augmented reality (AR), virtual reality (VR), 3D graphics, cryptocurrency, NFTs, DeFi, gaming, and much more.

Last time we introduced important things about the metaverse and some innovative and fascinating projects. As blockchains are the technology underpinning Web 3.0, the foremost question is which blockchain network would truly support and bolster the new wave of the blockchain-based internet revolution.

This introduced a completely new business-focused public blockchain platform that uses a hybrid infrastructure directed at an enterprise level. It is much different from the conventional blockchains, and its main objective is to support the metaverse as a fundamental trust layer — Klaytn.

Klaytn — The Blockchain for the Metaverse

Klaytn refers to an enterprise-focused public blockchain that combines the best features of a public blockchain like governance, decentralized data, and the scalability of private blockchains to offer an awesome blockchain experience through its hybrid infrastructure. It adopts a modular network, enabling enterprises to connect, create and operate their customized blockchains on the Klaytn architecture.

As a business-centric blockchain, Klaytn uses an enhanced version of Istanbul Byzantine Fault Tolerance (IBFT), which allows it to operate as a hybrid infrastructure, combining the advantages of public and private blockchains.

In addition, Klaytn Virtual Machine (KLVM) is derived from the Ethereum Virtual Machine, however, it executes smart contracts at a speed of over 4,000 transactions per second (TPS), which is much faster than the average speed of 15 TPS on Ethereum.

Key Features

Klaytn provides interesting features, including network responsiveness, high transaction throughput, scalability, and fee delegation for different types of transactions that provide more flexibility to users.

Another key feature is its interoperability, making it possible for companies to easily switch to Klaytn blockchain technology. It helps users to easily get accustomed to the front-end interface. The objective is to offer a crypto platform whose backend is supported on the blockchain while the front-end interface is in no way different from non-blockchain technology.

In addition, it also focuses on enhancing analytics systems and redefining how data is collected and interpreted. Though many analytics tools work with legacy systems, these are not recommended for decentralized systems. Instead, Klaytn brings its advanced analytics services that support features, especially for blockchain technology, like network congestion monitoring, account types, and more.

The Klaytn Ecosystem

Just like in the real world, people use currency as a medium for transactions. In the metaverse, cryptocurrency plays an important role as a medium for exchanges or a means to store value for transaction needs. Klaytn’s native cryptocurrency token, KLAY is used on all transactions and for payment and exchange for all applications within the Klaytn ecosystem.

Essential components in the Klaytn ecosystem include:

Klaytn Bapp Ecosystem:
Klaytn platform offers diverse blockchain applications to various categories of users, particularly enterprises. These applications serve different purposes as they cater to the varied needs of businesses. Some applications like Orbit Bridge are hosted on the platform. In addition, the strong supports for game development also encourage game developer and some renowned publishers like Netmarble and Neowiz to join the ecosystem.

Klaytn Improvement Reserve (KIR):
Klaytn Improvement Reserve is a platform that serves as a reward mechanism for participants who contribute to the development of the network. For instance, if a governing board member submits a proposal towards enhancing some functionality or improving user experience, they may be rewarded through this platform.

Klaytn Governance:
Like most business-focused structures, Klaytn delegates the activities of the governing board to large organizations and businesses. Governing council members on the board vote for or against the improvements proposed. On the flip side, governing board members work toward the platform’s development.

Benefits for Metaverse and NFTs

Klaytn is the sought-after blockchain network for the upcoming metaverse and GameFi era. It is aggressively gearing up for the metaverse by including Play-to-Earn (P2E) games, NFTs, DeFi services for businesses, and more. It is well-supported by its 31 governance council members in digital assets, gaming, social media, and entertainment.

In this regard, Klaytn has put forth some initiatives to enable metaverse builders to plan and implement gaming and virtual communities on the platform. Some of these initiatives include:

  • Launching a game development package that comprises Klaytn L2 solutions, open-source tools, software development kit, and more.
  • Community initiatives towards promoting user growth for individual projects.
  • Managing and extending support to projects with high potential globally.

In addition, Klaytn also plans to enhance certain functionalities of its mainnet:

  • Increasing scalability by adopting L2 service blockchains
  • Extending reliance on bridges to foster interoperability with other blockchains
  • Implementing a smart contract library
  • Using IPFS (Interplanetary File System) for decentralized storage

Bottom Line

Klaytn uses its unique technology and hybrid infrastructure to incorporate the benefits of public and private blockchains. Its strength lies in its collaboration with large businesses and corporations. At the same time, as a partner with Klaytn Foundation, GMO Trust utilizes our know-how in blockchain technology to explore new possibilities in the blockchain field with Klaytn Foundation and looking forward to building new and open digital economies through our cooperation.

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About GMO-Z.com Trust Company

Building Financial-Grade Digital Assets. The World’s First Regulated JPY-Pegged Stablecoin Issuer. Visit our website to learn more.

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