You can’t make this stuff up folks! Axie Infinity is back this week after recovering from the previous week’s pullback and rocketing from $15 to a new all-time high of almost $50. Out of nowhere Telcoin has also popped back up on the scene with the second largest gains of the week. Looking into the future of enterprise-grade blockchains. This week we’ll be reviewing an existing protocol that has been developed in collaboration with one of the largest messaging services in the world called Klaytn.
Introduction
Klaytn is Kakao’s global public blockchain project. An enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions. It combines the best features of both public and private blockchains via an efficient ‘hybrid’ design. Klaytn is secured by participation from many highly-reputable brands around the globe, working together to create a reliable business platform atop a robust system of decentralized trust. Klaytn enables businesses and entrepreneurs today to capture value using blockchain technology. This makes Klaytn a highly optimized, BFT-based public blockchain that aims to create enterprise-grade reliability. On Klaytn transactions have immediate finality due to their high TPS, low-fee system that lowers the average barrier of entry for existing blockchain developers. Klaytn supports a long-term plan where the number of nodes participating in block production will gradually increase as technical requirements for block production eases down through infrastructure technology advancements. This will lead to an expanded pool of block producer nodes which will in turn reinforce the network’s security while preserving performance. While blockchain-enabled products that would be offered by larger entrants may not focus on decentralization as its foremost value, and may not meet a number of key concepts often expected from a decentralized application (DApp). A new category of products Klaytn looks to enable with larger entrants, namely blockchain application (BApp), will instead focus on drawing out the intrinsic qualities of public blockchain networks to create unique use cases and value propositions before not possible without blockchain technology. But, a more fundamental reason for big business to consider adopting blockchain lies in the technology’s long-term potential to disrupt existing business models and to create entirely new ones
Klaytn launched its Mainnet back in 2019 with fully compatible Ethereum Virtual Machine Wallets to support and execute Solidity seamlessly. Solidity is adopted in Klaytn because it is a de facto standard contract programming language for Ethereum and has a large user base and an active community. The Klaytn team decided to provide the users with familiar development experience so that the Ethereum DApp developers could easily experiment with or migrate their existing smart contracts to Klaytn. To address the multi-faceted challenge of blockchain mass adoption, Klaytn opts for a multi-pronged strategy to enhance the experience of three different categories of users by delivering three separate packages; Developer experience (DX) offerings, User experience (UX) offerings, and Enterprise experience (EX) offerings. The offerings are designed to realize Klaytn’s goal of creating a business-centric, enterprise-grade blockchain ecosystem…
