What Is Klaytn (KLAY) and Klaytn’s History?

There are thousands of cryptocurrencies in the market, hence the challenges with understanding the underlying technologies with each of them are inevitable. As such, we bring to you a vivid review of a business-oriented blockchain-based project Klaytn.

There are huge diversities in the nature of cryptocurrencies as the innovation of each cryptocurrency is serves different purposes. Hence, even though all cryptocurrencies are similar, a majority of cryptocurrencies have diverse purposes and various underlying technologies. Klaytn (KLAY) in its design functions similarly to Facebook‘s (NYSE: FB) Libra network, although with more advanced features as noted by its founders. It is an emerging blockchain project that seeks to combine the exclusive functionality of a public and private blockchain.

More precisely, Klaytn is a blockchain network that provides a friendly user experience and development environment. Meanwhile, it communicates the essence and value of blockchain technology to all types of users, either retailers or institutions.

The foundation of Klaytn was from a business-oriented basis. As such, it was designed to specifically integrate business infrastructures with blockchain solutions. Klaytn can accommodate all types of users with the combined features of public and private specs it possesses. As a result, it has gained the interest of many people including reputable brands in just a few years after its launch.

Klaytn’s History

The origination of Klaytn began through South Korea’s leading publicly traded tech company, Kakao. Kakao is a highly reputable company in South Korea, well recognized for its diverse services and the significant number of users in the country.

Being a multi-service company, Kakao decided to venture into the crypto industry after the 2017 bull run caught its interest. As such, the company was inspired to create its own cryptocurrency, which led to the innovation of Klaytn.

Efforts to actualize the Klaytn initiative were almost altered as the company was faced with several backlashes from the country’s financial regulators, similar to the case of Facebook’s Libra.

However, the crypto vision of Yeo Minsoo, CEO of Kakao, was eventually actualized in mid-2019. The company dived its way through several restrictions and hindrances with the help of its blockchain-based subsidiary, Ground X. Afterwards, it successfully launched the Klaytn blockchain.