Klaytn (KLAY) is a public blockchain developed in 2019, focused on the Metaverse, Gamefi and The Creator economy. Klaytn is the dominant blockchain platform in South Korea and is now undergoing global business expansion. KLAY is the blockchain’s native digital asset, fueling and securing Klaytn protocol. It has various uses such as transaction fees, the medium of exchange, staking and collateral for secondary tokens. Klaytn recognises the issues with proof-of-work and proof-of-stake consensus mechanisms, which is why the network uses an optimised version of Istanbul BFT to implement Practical Byzantine Fault tolerance.
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