The Klaytn ecosystem is an enterprise-level, service-oriented manifesto. It intends to bestow a user-centric blockchain experience to millions of users across the globe. The Klaytn blockchain focuses on the metaverse, creator economy, and gamefi. Klaytn was launched back in June 2019 by Jaesun Han, CEO, and founder of GroundX, which is a subsidiary of Kakao. The Klaytn network brews the superior features of both private blockchains and public blockchains through an effective hybrid design. It has its own native token called KLAY, which the traders can make use of as a means of exchange. and payment for applications that are bridged to the Klaytn network.

 

The protocol employs the IBFT consensus mechanism, which ensures that the data is correct and irreversible. Klaytn offers a one-stop package for the metaverse which comprises of customized L2 solutions, IPFS solutions, wallets, NFTs, SDKs, and smart contract libraries, amongst others. Moreover, the platform is associated with the contributions of several reputed tech firms across the globe. Some of the prominent names include Binance, LG electronics, SK Network, Everich, Union Bank, etc.