We might be a bit late with the news, that world’s largest blockchain application competition Klaytn Horizon winners have been announced in December 2019. But we were in Tier-1 group and are nominated now to receive $100K in KLAY tokens in Q1 2020, so there’s our story.
What is Klaytn
Klaytn is a public blockchain platform, developed by Ground X, a subsidiary of South Korean internet giant Kakao. Governed by a council of 26 large enterprises, including LG and Binance, Klaytn’s goal is the mass adoption
of blockchain. It hopes to achieve that by providing a smart contract-enabled blockchain with high troughput, encouraging development activity with easy development tools and developer bounties as well as taking an enterprise- centric approach by offering a private blockchain option and migration tools.
From a developer’s perspective, and on the current date, Klaytn is a good fork of Ethereum, with major compatibility, but also a few goodies. The EVM is there and you can deploy basically any contract in Solidity, and use almost the same set of tools for that. Klaytn also works as PoS, with 1 second block time and instant finality, delivering up to 4k TPS. Which makes it perfect for realtime apps, especially given its fixed gas price.
In Klaytn, the gas fee of a transaction can be delegated — that’s is, paid by external or even 3rd party account. Two signatures will be attached to the original transaction — first on of the signed, and the second one of the fee payer.
Another major but yet to be adopted feature is that wallet address and private key are not necessary tied. Any wallet can be managed by an EOA (externally owned account), and the account owner may rotate the private key, also add alternative private keys, without changing the address of EOA. This is what Ethereum startups like Authereum try to achieve on the smart-contract level.
For the full Klaytn whitepaper you can grab Position Paper v2.1
What was Klaytn Horizon
Klaytn Horizon was a competition with a prize pool of $1M to get projects onboard that will drive Klaytn’s economy and adoption. With more than 100 project participating, there were 15 winning teams announced, splitted in 3 tiers decided by judges.
The event started as early as on May 13, 2019, but our team discovered this event in Reddit ads only in the end of September, 2019, just month before submissions deadline! Well, it was tough time, but thanks to Klaytn team for moving deadline to the end of November, we’ve managed to finalise our project and present it.
The objective of the contest was to break the circle of lacking the adoption:
Our team chose to develop infrastructure-level services, to create comfortable environment for other developers. The projects that we submitted to the this contest were:
★ KUSD Stablecoin: a project that provides legal and technical framework to represent US dollars ($) on chain, by issuing KCT-20 tokens named KUSD.
★ Klayfee: a fee delegation API endpoint for Klaytn transactions.
★ Klaybook: an open-sourced tool that configures and deploys Klaytn BApp infrastructures using a static specification.
Also, in Q1 2020 we’ve moved to the next step of increasing liquidity on Klaytn:
★ Kompose Trade: first and only open-sourced DEX for Klaytn. Built upon 0x Framework. Allows to atomically swap KCT-20 and KCT-721 assets between wallets.
Well, KUSD Stablecoin project won the hackaton with Tier-1 level of bounty, getting a place in Finance sector. Congratulations to other winning teams! There are 5 teams in each tier, and we think that some of them are worth to be mentioned here as well, while we’re integrating the technology together.
- Jetstream Wallet provides a Chrome extension to manage Klaytn balances, which is handy and user-friendly. It is a great tool until the official wallet is launched. All our products such as KUSD Stablecoin and Kompose Trade are integrated with Jetstream.
- Orb Explorer is a digital assets exploring and tracking tool. Similar to OpenSea it provides API to gather information about user-owned KCT-721 NFT tokens.
- BlockNation is a cool voxel-based 3D game built for browsers with WebGL. It adds blockchain economy into a virtual world with gameplay similar to Minecraft. The concept is brilliant and technologically complex, we’ll be waiting for more advancements from them after prize settlement.
In the future blog posts we will explain our projects in detail, we hope that some of the technical insights and code could be reused for your BApps.
We’ll looking forward to receive our prize from Klaytn team towards end if Q1 2020, it will allow us to more quicker and create even more ambitious projects for Klaytn.
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