Klaytn Learn & Earn (Quiz + Answers)
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· Answers to quiz
∘ Question 1
∘ Question 2
∘ Question 3
∘ Question 4
∘ Question 5
· Lesson 1: What is Klaytn?
∘ Further reading
∘ Question 1
· Lesson 2: Killer features of Klaytn
∘ #1 Fast Transaction Finality
∘ #2 Ethereum Virtual Machine Compatibility
∘ #3 Service Chain Networks
∘ Further reading
∘ Question 2
· Lesson 3: The KLAY token
· Further reading
· Question 3
· Lesson 4: Klaytn’s governance
· Further reading
· Question 4
· Lesson 5: Klaytn’s ecosystem
· Further reading
· Question 5
· Navigate the DeFi Space now with Krystal!
· Social Media
Answers to quiz
Here are the answers to the 5 questions in our quiz:
Question 1
Which best describes the Klaytn blockchain?
Answer: A scalable, interoperable public blockchain platform that wants to be the ‘trust layer of the metaverse’.
With the release of the Klaytn 2.0 whitepaper, Klaytn now has a strong focus on the metaverse, particularly on games and NFTs.
Question 2
What are the special features of Klaytn?
Answer: Klaytn adopts the Istanbul Byzantine Fault Tolerance mechanism, is compatible with the Ethereum Virtual Machine, and utilises Service Chain Networks to provide scalability.
The Istanbul Byzantine Fault Tolerance (IBFT) mechanism allows Klaytn to take just 1 second to complete a transaction, even when Klaytn processes up to 4,000 transactions per second (tps).
EVM-compatibility is an important feature as it helps developers to port over their code from Ethereum to Klaytn, making it easier to switch blockchains.
Service Chain Networks (SCNs) may be considered as ‘side-chains’, and they can be used for applications with special requirements. This helps to reduce congestion in the network.
Question 3
What are the use cases of the KLAY token?
Answer: KLAY is used to process transactions and can be staked by Governance Council members to receive block rewards for being the Proposer.
Klaytn is a Proof-of-Stake network, where only members of the Klaytn Governance Council can stake KLAY to earn rewards.
This is slightly more centralised compared to other networks, where anyone can participate as a validator.
Question 4
How is Klaytn governed?
Answer: Klaytn has a Governance Council that decides on key issues on the Klaytn blockchain, and a proposal will be raised and decided by the members of the Council.
Fun fact: proposals on Klaytn are called Klaytn Improvement Reserve (KIR) proposal, which is slightly different from other networks like Ethereum (Ethereum Improvement Proposal or EIP).
Question 5
What does Klaytn’s ecosystem consist of?
Answer: Aligning with the vision of being the trust layer of the metaverse, Klaytn aims to integrate many projects, particularly for games and NFTs.
Lesson 1: What is Klaytn?
Klaytn is a scalable, interoperable public blockchain platform that allows developers to easily build applications for users.
Founded by Kakao in 2019, Klaytn achieved its goal of helping Web 2 companies move to Web 3 (e.g. Netmarble).
The team behind Klaytn is fully publicised and has very strong credentials from the likes of Tezos, Samsung and Argonne National Laboratory.
Klaytn recently announced that they are launching Klaytn 2.0, with the aim of being the ‘trust layer of the metaverse’.
This means that Klaytn wants to be the go-to platform for any user or developer that wants to interact with the metaverse.
Further reading
Question 1
Which best describes the Klaytn blockchain?
Submit your answer here: https://bit.ly/Quiz-D1
P.S. Don’t forget to use the SAME wallet address for all 5 days!
Lesson 2: Killer features of Klaytn
Klaytn’s blockchain has 3 main differentiating features:
#1 Fast Transaction Finality
Klaytn uses the Istanbul Byzantine Fault Tolerance (IBFT) as its consensus algorithm, which allows them to achieve a 1-second finality.
This means that it just takes 1 second for transactions to be completed, even while it processes at very high speeds of up to 4,000 transactions per second (tps).
The 1-second finality helps to provide a seamless user experience on the blockchain, in particular for games which may require a large volume of transactions.
#2 Ethereum Virtual Machine Compatibility
Klaytn has built its own virtual machine (Klaytn Virtual Machine or KLVM), and it is compatible with the Ethereum Virtual Machine (EVM).
Many developers use the EVM due to Ethereum’s dominance in the smart contract space.
EVM-compatibility gives Klaytn an advantage as developers can easily port their applications on the Klaytn blockchain, without having to change their code.
#3 Service Chain Networks
Klaytn uses service chains (Service Chain Networks or SCN), which are connected to the main Klaytn blockchain.
These operate outside of the main chain, and provide a separate execution environment for applications to run. Furthermore, they can be tailored to a specific application which helps to ensure that such applications are fully optimised.
Further reading
- Klaytn Lightpaper
- Klaytn’s source code
- Istanbul Byzantine Fault Tolerance (IBFT)
- Klaytn’s consensus mechanism
- Klaytn’s Service Chain
Question 2
What are the special features of Klaytn?
Submit your answer here: https://bit.ly/Quiz-D2
P.S. Don’t forget to use the SAME wallet address for all 5 days!
Lesson 3: The KLAY token
Check back on Wednesday, 22 June after 12:00 GMT+8 for the lesson & quiz!
The KLAY token is native only to the Klaytn blockchain, and it is used to pay for transaction fees when processing transactions on the network.
As a Proof of Stake network, members of the Klaytn Governance Council can stake KLAY tokens to process transactions, and they will receive a block reward if they are selected to be the Proposer for the block.
For every new block that is generated on the Klaytn blockchain, new KLAY that is generated as well as all of the transaction fees will be distributed to 3 different entities:
- Klaytn Governance Council Reward
- Klaytn Growth Fund
- Klaytn Improvement Reserve
9.6 KLAY tokens will be minted with every new block. Klaytn estimates that there will be a 3% annual inflation rate in accordance with the 10 billion KLAY tokens that were issued at genesis.
The KLAY token can be bought on multiple centralised exchanges, including:
- Bithumb
- Binance
- Gate.io
- Huobi
- Bybit
- KuCoin
Further reading
Question 3
What are the use cases of the KLAY token?
Submit your answer here: https://bit.ly/Quiz-D3
P.S. Don’t forget to use the SAME wallet address for all 5 days!
Lesson 4: Klaytn’s governance
The Klaytn blockchain is governed by the Klaytn Governance Council, which makes the decisions for the blockchain.
Some decisions include:
- Technical updates to the platform (e.g. new features)
- Changes to transaction fees and KLAY issuance
- Rules of governance
When a new decision is to be made, a Klaytn Improvement Reserve (KIR) proposal will be raised and decided by the Governance Council members.
During Klaytn’s inception, there were 31 Governance Council members that are all trusted organisations. Some of these include well-known companies such as LG, UnionBank and PUBG.
While this seems rather centralised, Klaytn has recognised this and is aiming to shift toward a Decentralised Autonomous Organisation (DAO) structure.
This ensures that more voices can be heard as the metaverse grows on Klaytn.
Once more DAOs and developers are integrated into the Governance Council, this will allow Klaytn to be fully decentralised.
Further reading
Question 4
How is Klaytn governed?
Submit your answer here: https://bit.ly/Quiz-D4
P.S. Don’t forget to use the SAME wallet address for all 5 days!
Lesson 5: Klaytn’s ecosystem
Klaytn has a booming ecosystem with many exciting projects (particularly gaming and entertainment companies) integrating with them.
Here is a brief overview of Klaytn’s entire ecosystem.
With Klaytn aiming to be the ‘trust layer of the metaverse’, you can look forward to new AAA games, play-to-earn (P2E) games and non-fungible tokens (NFTs) being launched on the blockchain.
Fun fact: Klaytn NFTs can be bought on OpenSea, the #1 NFT marketplace in the world!
Further reading
- AMA with Neo Yiu (Head of Technology Advocacy, Klaytn Foundation)
- AMA with Ez Yi (Head of Strategy, Klaytn Foundation)
Question 5
What does Klaytn’s ecosystem consist of?
Submit your answer here: https://bit.ly/Quiz-D5
P.S. Don’t forget to use the SAME wallet address for all 5 days!
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