Klaytn Foundation Unveils Ambitious 2023 Vision Map to Achieve Mass Adoption Trifecta

Klaytn
Klaytn
Published in
10 min readFeb 27, 2023

--

Four years ago, we embarked on a noble journey with a grand goal: to make the world a better place through people and technology. Despite many challenges, Klaytn experienced great growth over the past four years. As Klaytn gears up for another takeoff in 2023, we’re proud to unveil our latest mission, vision, and Vision Map.

Mission: To make a better world through blockchain technology

To us, transparency is a key factor to achieving this goal as it enables accountability and trust: two crucial building blocks for a functioning society. While information technology has made great strides in enabling transparency, achieving this remains a challenge in our world today. Often, decision-making processes and vital information are shrouded in secrecy, hindering the ability of customers or relevant stakeholders to make informed decisions and hold those in power responsible.

With our belief in the power of transparency, we at Klaytn have continued our journey with a renewed aim: to create a transparent society where everyone has access to information to make decisions, can participate in decision-making, and can be rewarded based on their contributions. This transparency is possible due to blockchain technology’s distributed ledger, open source-based smart contracts, and community governance.

Vision: To be the public foundational layer for tomorrow’s on-chain world

We believe that in order to create a transparent and fair society, our core societal infrastructure should look to be realized on-chain. This means ensuring decentralization, security, and scalability in a blockchain system. Since launching our mainnet in July 2019, we’ve been focused on addressing the Blockchain Trilemma (Decentralization, Security, Scalability) by working to achieve these factors.

To this end, Klaytn has established a decentralized decision-making structure through a governance council and is working to integrate permissionless infrastructure to allow anyone from the community to participate in the process. We have also worked on enhancing security, continuously upgrading mainnet performance, and openly sharing these processes with the public. Additionally, we have reached out to onboard a variety of everyday services to the Klaytn chain as part of its ecosystem outreach efforts.

Klaytn Vision Map 2023: Achieving the Mass Adoption Trifecta

Yet, solving the Blockchain Trilemma alone will not ensure a fair and transparent society in an on-chain world. As the blockchain industry continues to evolve, we still see certain roadblocks that hinder mass adoption. Users face a high barrier to entry, as blockchain jargon is hard to grasp. The development environments and user experience (UX) in Web3 have yet to match the standards set by Web2. And while countless DApps have been developed, few have seen mass adoption.

The long-term sustainability of blockchain ecosystems is another challenge that demands attention. Many blockchains’ tokenomics, including that of KLAY, have struggled to create a virtuous cycle of supply and demand or intrinsic value. Moreover, significant maintenance costs are required to upkeep blockchain platforms and ecosystems. Furthermore, the excessive energy consumed to achieve consensus and maintain security can impact environmental sustainability.

The trustworthiness of blockchain ecosystems is another area of concern. Incidents such as the Terra/Luna and FTX fallouts have eroded trust in blockchain and its operators. Though blockchain technology itself is transparent, issues arise when governance and operations are not transparent.

With these challenges at the forefront of our minds, Klaytn has identified the ultimate trifecta for achieving mass adoption: sustainability, verifiability, and collectiveness (community).

Keeping our long-term vision in mind, we have carefully crafted our 2023 Vision Map comprising six strategic goals and 18 detailed initiatives to accelerate our goal of achieving the Mass Adoption Trifecta. Our focus will center around prioritizing ecosystem sustainability, ensuring verifiability through transparent governance and operations, and fostering a strong and vibrant community.

Goal #1: Klaytn is Sustainable

With mass adoption in mind, Klaytn Foundation has identified two key components of ecosystem sustainability — a sound tokenomics strategy that creates intrinsic value for the Klaytn ecosystem, enabling a virtuous cycle of supply and demand for KLAY, as well as a robust technological network capable of supporting such a system. To achieve this, we have set specific goals and initiatives as follows:

  1. Sound Tokenomics Strategy:
  2. Deflationary Model:
  • Revise Token Release Schedule: Klaytn will continue to refine and update its token release schedule to ensure its relevance.
  • Establish Demand Projection: With the long-term goal of establishing KLAY as a deflationary asset, we will project realistic targets for the amount of demand needed to make KLAY a deflationary asset.
  • Establish Optimal Supply/Demand Balancing Process for Ecosystem Providers: We will support balanced ecosystem activities that ensure a mid-to-long-term supply and demand model for KLAY.
  1. Ecosystem Treasury Optimization:
  • Establish Token Circulation Monitoring Process: Klaytn will manage the supply of new tokens based on clear criteria that take into account market environments, Klaytn Validator operation statuses, and KLAY trading volumes.
  • Rebalance Reserves and Treasury: The rebalancing of reserves and funds due to tokenomics changes will be reflected on Cypress, Klaytn’s mainnet, in Q2 2023.
  • Launch Klaytn Community Fund and Klaytn Foundation Fund: To manage ecosystem funds transparently and effectively, our existing Klaytn Growth Fund (KGF) and Klaytn Improvement Reserve (KIR) will be merged and reorganized into the Klaytn Community Fund and the Klaytn Foundation Fund. Under this new structure, we will increase the proportion of funds that can only be spent with GC approval, and provide advanced notice to our community of all plans to spend ecosystem funds.
  1. Demand Facilitation:
  • Establish Direction for Key Infrastructure Level KLAY Burn Mechanisms: We look to identify necessary and frequently-used infrastructure services, such as oracles, and create structures where KLAY can be used to access and utilize said services, further increasing transactional utility and leading to more gas burns.
  • Strengthen Liquidity via Major Exchange Listings: Klaytn will work on major exchange listings driven by community feedback, taking the next step towards becoming an open-source project.
  • Support Launch of Klaytn-Exclusive Metaverse Flagship Services: Together with partners, we will be launching flagship metaverse and gaming services on Klaytn, that will also serve as a blueprint for future Klaytn services.
  • Attract New Active Users: To expand the reach of Klaytn’s mainnet and attract a wider user base, we plan to increase the number of on-chain services utilizing our platform and enhance the user experience for Web3 users. By doing so, we hope to appeal not only to existing Web3 users but also to those new to the space, providing diverse activities and opportunities for all users.
  1. Robust Network:
  2. Permissionless Participation:
  • Define and Establish Permissionless Network Configurations: Klaytn’s vision is to become a permissionless network, and we’ll work with our community to design and evolve a structure that enables us to move towards that goal.
  • Launch Permissionless Network Pilot: In the second half of 2023, we look to launch a permissionless network pilot on our mainnet, Cypress. Initially, the Foundation will be involved in operations to ensure maximum stability, but our goal is to automate the entry and exit of validators without Foundation intervention by 2024.
  1. Stability:
  • Enhance Incident Monitoring and Resolution Process: We recognize that maintaining a stable network is essential to our ecosystem’s success. While our network ran smoothly without glitches or outages last year, we don’t take this as a sign to rest on our laurels. We’ll improve our processes for monitoring and detecting failures to respond quickly to incidents.
  • Scale Node API (Service Stability): We’ll develop a scalable end node to ensure the stability of the Node API Service even during large API requests, enhancing our ecosystem’s stability.
  1. Efficiency:
  • Optimize Node Specs: To reduce the operating costs of our consensus, proxy and end nodes, we’ll propose an efficient specification for data storage and compute instances. By doing so, we can operate nodes more efficiently, reducing costs and benefiting our ecosystem in the long run.

Goal #2: Klaytn is Verifiable

Trustlessness was a fundamental challenge that blockchain technology needed to overcome. However, recent developments in the blockchain industry have highlighted the importance of trust in the operating system itself, rather than solely relying on the platform operator. As a result, it is crucial to enhance the transparency of all components related to the blockchain network’s operation, ensuring verifiability in any situation. With this goal in mind, Klaytn is committed to strengthening its decentralized governance and operational transparency to achieve a fully verifiable blockchain network.

  1. Decentralized Governance
  2. Open Governance:
  • Form GC Sectional Committees: To ensure more specialized judgment on specific agendas, we will delegate authority to smaller subcommittees of GC members with expertise in those areas. This change will help to foster more accurate and faster decision-making.
  • Launch On-Chain Voting (KIP-81) via Klaytn Square: We look to shift decision-making power to our community over time. With the implementation of KIP-81 onto our mainnet, future discussions and on-chain voting can be done through the Klaytn Square governance portal. This will enable users to check the voting agenda, GC’s voting statuses, and results quickly and conveniently through Klaytn Square.
  • Open GC Membership Applications: Klaytn will create a process for teams interested in becoming GC members to apply directly.
  1. Proactive Governance:
  • Establish Always-On Community ‘Sentiment Checks’: To keep on finger on the pulse of community sentiments, we look to conduct regular community surveys to gain valuable insights.
  • Establish Community GC Selection and Dismissal Process: Klaytn will gradually transfer its decision-making authority to the community, allowing our users to have a say on who sits on Klaytn’s Governance Council.
  1. Accountable Contributors:
  • Establish Foundation Structure and Function: The Foundation will establish the necessary organizational structure and capabilities to effectively enforce governance decisions.
  1. Transparency
  2. Broad Disclosures:
  • Quarterly Ecosystem Reports: Klaytn will publish regular quarterly ecosystem reports to disclose critical information on Community and Foundation Fund expenditures.
  1. Information Accessibility:
  • 3rd Party Verification and Publication of Disclosures: Klaytn will expand collaboration mediums to allow ecosystem participants to access critical information through key information distribution platforms they frequently use, such as ecosystem financial disbursement history.
  • Provide KLAY Tokenomics Data via Klaytn Square: With Klaytn Square, Klaytn will make it easy and convenient for users to get information about KLAY’s tokenomics and other Klaytn-related data.
  1. Community Engagement:
  • Establish and Operate Monthly Community Town Halls: Klaytn will hold online town halls with the community regularly, to share progress on key areas of our Vision Map, and answer questions by our community.

Goal #3: Klaytn is a Collective

With our developers and holders forming the backbone of the Klaytn ecosystem, we’re constantly looking for ways to help our community thrive. Beyond striving to provide a seamless onboarding process for builders to create Klaytn-based products, we also look to encourage the active participation and contributions from all ecosystem participants, including holders. By fostering a culture of collaboration and inclusivity, we aim to further enable the continued growth and development of our Klaytn ecosystem.

  1. Seamless Builder Onboarding
  2. Hassle-Free Developer Environment:
  • Develop and launch Klaytn’s Oracle: We will develop and launch a beta version of an oracle, an essential ecosystem service for any blockchain. By calculating our oracle’s fees in KLAY, we will further create demand for KLAY.
  • Develop a Trustless Bridge for Our Service Chains: We will develop and provide a more secure, trustless bridge between the service chain and the mainnet to enhance interoperability.
  • Develop an Open SDK: By developing an open SDK that is more compatible with Ethereum’s SDK, we’ll make it easier for our developers to buidl while integrating additional Klaytn-specific features.
  • Provide a Developer SDK: To simplify the process of developing DApps on Klaytn, we will offer an SDK that can seamlessly integrate with various services.
  • Launch Our Metaverse Package: To provide our buidlers with a hassle-free entrance into the metaverse, we look to launch our very own Metaverse Package. This includes comprehensive support ranging from SDKs and APIs to supporting documentation.
  1. Proactive Builder Community
  • Hold Regular Developer Meetups: We will host regular Klaytn developer meetups to share significant changes to Klaytn, provide a channel for direct communication with Klaytn core developers, and offer a avenue to ask for improvements.
  • Launch KlayMakers23: Following the success of our inaugural global hackathon KlayMakers22, we will continue the hackathon in 2023, giving more fresh ideas a chance to be developed on Klaytn.
  1. Pragmatic Support
  • Introduce Builder Support Programs / Use Cases: We will design a system that provides builders with personalized support in various areas, including marketing, development, networking, investor connections, business advisory, and finance.
  1. Community Participation
  2. User Playground:
  • Launch the Alpha Release of Web3 Social Infrastructure: To further revitalize the ecosystem, we are launching a new experiment in the social sector with the alpha release of our Web3 social infrastructure. Stay tuned for more updates!
  1. Stakeholder Motivation:
  • Establish “Proof of Hodl” Communication Touchpoints on Klaytn Square: We will establish “Proof of Hodl” communication touchpoints on Klaytn Square, providing participants who contribute directly to the Klaytn ecosystem with opportunities to participate in governance, communicate with the Klaytn Foundation, and more.
  1. Service Discovery
  • Strengthen Domain Specific Service Discovery Touchpoints and Content: We aim to enhance the discoverability of Klaytn services across major areas from Game-Fi, to DeFi by leveraging multiple channels including our governance portal and social channels. Our objective is to establish and strengthen our marketing and user acquisition abilities, enabling more users to easily find, learn about and access Klaytn services.

Through these bold and innovative initiatives, we aspire to manifest our vision of becoming the bedrock of tomorrow’s on-chain world. As Klaytn leads the charge towards this bold and exciting future, we invite you to join our thriving community and contribute to a world where anything is possible.

[Appendix: Klaytn Vision Map 2023]

--

--