Klaytn (KLAY) Crypto Exchange

Klaytn (KLAY) crypto was developed by South Korean tech giant Kakao , a company initially known for a monopoly instant messaging app KakaoTalk. As it's often happening with large businesses, Kakao rapidly diversified its focus and started developing in various spheres, starting from online banking and ending with bike rentals. One of the steps of such diversification was creating own cryptocurrency, which was inspired by the first crypto bull run in 2017-2018. That's where the history of Klaytn (KLAY) started.

Due to heavy resistance from the local regulators, Kakao was forced to go in a long way to maintain their crypto. The company partnered with Dunamusoftware developers first and Bittrex cryptocurrency exchange for creating the UpBit exchange in South Korea. Then in early 2018, they've found a Japanese subsidiary called Ground X, which would develop the cryptocurrency Klaytn. So in late 2018, Kakao became able to host a Klaytn ICO, using its international subsidiary – Ground X – technically based in Japan. What’s interesting about Klaytn is its a hybrid blockchain that combines Proof of Work and Proof of Stake mechanisms under the PBFT (Practical Byzantine Fault Tolerance) consensus algorithm. The Klaytn network is also quite similar to the Ethereum in particular as it also supports smart contracts and blockchain dApps.

The utility of KLAY token within the blockchain is more or less the same as one of DIAM for Facebook. However, it got broader use as soon as it’s not limited to transferring stablecoins across the globe. Users can stake KLAY tokens using KAIKAS Web Wallet, or use it to pay fees within the blockchain.