How does Klaytn work?

Klaytn is a blockchain platform developed by Ground X, a subsidiary of the South Korean messaging giant Kakao.

It is designed to provide an efficient, user-friendly environment for decentralized applications (dApps) and services. Klaytn works by providing a blockchain network that is powered by Klaytn’s native token, KLAY. This token is used to pay for transaction fees and incentivize users to participate in the network.

The Klaytn network consists of two layers: the consensus layer and the service layer. The consensus layer is responsible for verifying transactions and maintaining the integrity of the blockchain. It uses a delegated proof-of-stake (DPoS) consensus algorithm, which allows users to stake their KLAY tokens in order to become validators on the network.

Validators are responsible for verifying transactions and ensuring that all nodes on the network are in agreement about the state of the blockchain. The service layer is responsible for providing services such as smart contracts, data storage, and decentralized applications (dApps). Smart contracts are self-executing programs that can be used to automate certain processes or store data securely on the blockchain.

Data storage allows users to store data securely on Klaytn’s distributed ledger technology (DLT). Finally, dApps are applications that run on top of Klaytn’s blockchain platform and can be used for various purposes such as finance, gaming, healthcare, etc. Klaytn also provides developers with tools such as SDKs and APIs that make it easier to develop dApps on its platform.

Developers can also use Klaytn’s Baobab Testnet to test their dApps before deploying them onto Klaytn’s mainnet. Overall, Klaytn provides an efficient and user-friendly environment for developers to create dApps and services on its platform while also providing users with secure data storage solutions and smart contract capabilities.