Klaytn price (KLAY)

The Klaytn platform focuses mainly on businesses, They aim to create acceptance about blockchain among companies. Klaytn is ideal for small businesses due to its user-friendliness. Through the platform, companies can develop their own applications through an interface or even develop their own blockchain ecosystem without having any technical knowledge.

How does Klaytn work?

Klaytn uses both a private blockchain and a public blockchain. A private blockchain is not available to everyone and faster transactions can take place because not everyone can access the blockchain. With a public blockchain, however, everyone can access it this is therefore the most common blockchain.

Proof of Contribution (PoC)

Klaytn uses the Proof-of-Contribution consensus algorithm. The Proof-of-Contribution (PoC) is still relatively unknown because it is still little used. It makes everyone bellont who contributes, this can be done by setting up a note or also called a node. A node is also called a node that validates transactions. Users also get a reward because Klaytn believes that without the users, the platform does not exist.

Klaytn cryptocurrency KLAY

The network has its own cryptocurrencie Klay, so the Klay coin is mainly used to send rewards and to pay with on the platform. In total, there are 10 billion tokens online. In addition, there are low transaction costs and fast transactions take place.