Despite being active for a little over a decade, the cryptocurrency industry has seen the birth of so many digital currencies. As a result, a lot of new cryptocurrencies go unnoticed, especially when they don’t spend a lot of time marketing. However, if you’ve been active in the industry, then you probably have noticed that a new coin made its way into the top 50 coins on CoinMarketCap. Klaytn seems to have dropped out of nowhere leaving a lot of enthusiasts confused as to what it’s all about.
Klaytn’s design functionality is comparable to that of Facebook’s Libra network, although with some additional advanced features. For this reason, Klaytn has attracted a lot of attention from reputable brands and investors in just a few years after its launch. In this article, we are going to take a look at what Klaytn is including some key features of the project. Stick around to the end to learn how you can easily buy or exchange your BTC holdings for KLAY on Swapzone.
What is Klaytn?
Klaytn is a global blockchain project designed by GroundX that belongs to giant communications company Kakao. At its core, Klaytn is a business-oriented decentralized blockchain that brings a user-friendly experience to its customers. It does this through a hybrid system that combines the best features of private blockchains (high scalability, low latency) with the best features of public blockchains (distributed governance, decentralized control). The best part is that Klaytn enables businesses to create and operate their own-customized service-based blockchain on the Klaytn architecture.
Following the Klaytn ICO of 2019, Klaytn was able to amass over 40 ISPs (Initial Service Partners) through a wide spectrum of industries such as healthcare, finance, entertainment, etc. Their aim is to bring blockchain to all manner of users. Klaytn’s service blockchains are referred to as service chains and they run autonomously as subnetworks. Additionally, they are flexible, simple to customize, and can handle any form of web service. The only exceptions are financial speculations and gambling services.
Key features of the project
The best part of Klaytn is that you can easily create your customized chain or join other chains even if you don’t have any technical knowledge. You don’t require to be an expert with deep knowledge in blockchain technology or cryptography. Neither do you need to hire a specialized technical developer. The Klaytn ecosystem provides a wide array of unrestricted dApps that any user can choose from depending on their needs. These dApps are supported in a multitude of sectors such as game development, art trade and collecting, decentralized exchanges, digital asset management, etc.
The KLAY token is the platform’s native default utility token. It serves several purposes on the platform. For starters, it’s used as payment for all applications that run within the Klaytn ecosystem. It’s also used as the primary utility token for all transactions on the platform. You can also use KLAY for staking or as a medium of exchange. Within the first quarter of 2021, there were about 2 billion KLAY tokens in circulation, earning the platform a surge of interest and recognition within the crypto market.
Klaytn Improvement Reserve
Klaytn Improvement Reserve, otherwise known as KIR, is a mechanism that Klaytn adopts to offer rewards to users who contribute towards the ecosystem’s growth and improvement. Each time a user makes adjustments on the platform in a bid to improve the user experience or create community incentives, he/she qualifies for rewards or subsidies through KIR. KIR also enables partner developers the opportunity to deploy and execute smart contract-based apps at a reasonable speed and cheap fees.
Samsung: Klaytn Phone
The Samsung Klaytn phone is a Galaxy Note 10 variant that’s a result of the Klaytn Samsung collaboration. The Klaytn phone comes packed with the same features and hardware as other Galaxy Note 10 models. However, the phone displays the Klaytn logo when it’s booted up or shut down. Additionally, it comes pre-installed with a bunch of blockchain apps and a cryptocurrency wallet. Anyone who buys this variant automatically gets rewarded with 2,000 KLAY coins for the purchase. Another key feature of the phone is the Samsung Blockchain Keystore which enables all users to manage blockchain transactions and key store data directly on their device.
How to buy Klaytn or exchange BTC to KLAY on Swapzone?
Wondering how to buy Klaytn or exchange your BTC to KLAY? Swapzone has got you covered. Here’s a step-by-step on how to get your KLAY coins on Swapzone aggregator of exchanges:
- Launch Swapzone on your browser.
- In the “select pair” tab pick the kind of cryptocurrency and amount you wish to exchange.
- In the “get up to” section, pick the KLAY token.
- You will see different KLAY exchange rate offers from different exchanges.
- Filter through the different exchange offers by price or transaction time.
- Once you locate an offer that you want, simply select the offer by clicking on “exchange”.
- Enter your correct wallet details and then click on “proceed to exchange”.
- Wait for the transaction to complete.
- Once the transaction finalizes, you will receive KLAY in your wallet. Please, rate the experience and leave behind an honest review.