What is Klaytn (KLAY)?

Klaytn (KLAY) may not be a name you immediately think of when it comes to crypto and blockchains. Yet Klaytn is a blockchain that potentially has a lot of potential, if the people behind Klaytn are to be believed.

The goal of Klaytn is to accelerate the adoption of blockchains. This can be done, of course, by developing a blockchain that no one can ignore. Another way to do that is by making it easier to set up your own application or blockchain. Klaytn has combined both of these features. In this article, you will read what Klaytn is and where you can buy the KLAY token.

What is Klaytn and how does it work?

Klaytn is a blockchain that makes it easy for anyone to develop an application on the blockchain. A blockchain consists of a network of computers that all have a copy of the history of the blockchain. This copy keeps track of all transactions, for example.

You can perhaps imagine that it is not easy to create your own blockchain. Or to program an application that can run on the blockchain. These kinds of applications are normally called dApps (decentralized applications).

Klaytn should make it easier to develop your own application on the blockchain. In the case of Klaytn, this type of application is called BApps. Developing a BApp can be done through the platform that Klaytn offers. This platform can be compared to a website where you can set up a new blockchain environment quite simply, without needing too much technical knowledge.

It is important to know that Klaytn's blockchain itself is incredibly scalable. This means that it can handle a large flow of transactions and users without increasing processing time and transaction costs. Klaytn has been able to achieve this by mixing features of a public blockchain with the features of a private blockchain.

A public blockchain is a blockchain that can be used by anyone, such as Bitcoin or Ethereum. Anyone has the ability to join the blockchain's network, and can co-determine the rules that apply.

There are also private blockchains. These are blockchains set up by, for example, a government, company or organization. Only they can determine who can join the blockchain network and what rules apply within the network.

Both types of blockchains have their advantages and disadvantages. Klaytn has combined the advantages of public blockchains (decentralized and security) with the advantages of private blockchain (fast processing time and scalability).

Who is the founder of Klaytn?

Klaytn is a blockchain invented by the South Korean company GroundX. This company is part of Kakao, which is based in Seoul. Jaeson Han is CEO of GroundX, and as a result is also CEO of Klaytn. Together with a team of various developers and marketers, Klaytn is being developed into a full-fledged product.

What is the purpose and function of Klaytn?

The goal of Klaytn is to accelerate the adoption of blockchains. It does this by creating an environment where anyone can set up their own blockchain application fairly easily. This creates multiple applications running on a blockchain, which also makes it easier for people to move from a centralized application to a decentralized one.

Klaytn is not only a blockchain, but also provides a platform on which developers can develop an application. The team behind Klaytn has done everything possible to make this as easy as possible. As a result, you don't need to have a lot of technical knowledge to be able to use Klaytn.

KLAY cryptocurrency

KLAY is the cryptocurrency of Klaytn that has several functions. First, users of BApps can use KLAY to pay for using the application. Developers then receive a reward for developing the BApp in KLAY tokens.

Of course, KLAY is also widely purchased by crypto traders. By buying KLAY at a lower purchase price than the selling price, a potential profit can be made to trade KLAY.

It is important to note that there is also a risk to trading KLAY coins. This is because past results do not guarantee future results. Therefore, a cryptocurrency such as KLAY can also always decrease in value after you have purchased the coin. So always do your own research on a cryptocurrency before you decide to invest in it.

Where can I buy Klaytn (KLAY)?

If you want to buy KLAY, you can do so on the crypto exchange of Coinmerce. Here you can buy KLAY with payment methods such as iDeal and SEPA. However, you will first need to have an account with Coinmerce before you can start purchasing KLAY.

You can create an account quickly and easily by clicking here [LINK]. Once you have an account, log in and then go to the Coins page. Here you can search for Klaytn using the search bar, or click here [LINK] to go directly to the page where you can buy KLAY.

On the page of KLAY, you can directly buy this cryptocurrency with one of the previously mentioned payment methods. It is also possible to buy KLAY with your euro balance, by depositing euros first. 

How do I store Klaytn (KLAY)?

When you want to store KLAY, it is important to have a wallet that supports the KLAY cryptocurrency. This means that the wallet must understand the technology of Klaytn in order to store the crypto currency. Fortunately, Klaytn is a fairly large crypto project, so many wallets offer support for KLAY.

You can also store KLAY in Coinmerce's wallet. This is where KLAY coins are moved directly after purchasing the cryptocurrency. Coinmerce stores its customers' crypto coins on a hardware wallet, making them extra secure. Of course, it is also possible to store KLAY on your own hardware wallet, such as Trezor or Ledger.