Klaytn is a service-centric enterprise-level distributed trust blockchain platform. It combines the best features of public blockchains (decentralized data and control, distributed governance) and private blockchains (low latency, high scalability) through an efficient "hybrid" design. Klaytn cooperates with many well-known brands around the world to create a reliable decentralized business platform through joint unremitting efforts. Klaytn will enable today's businesses and entrepreneurs to leverage blockchain technology to capture greater value.

Klaytn aims to be a platform for NFT and decentralized finance (DeFi) in Asia. Klaytn is also working with leading global institutions to develop the underlying software platform for central bank digital currencies (CBDC).
KLAY is the native utility token of the Klaytn network, with the following existing and planned use cases:
Network usage: Users will need KLAY tokens to transact on the Klaytn network, similar to ETH.
Mining: Users can provide liquidity through various DeFi protocols (KLAYswap, Klaystation) to plant tokens of other projects, or mortgage KLAY tokens to obtain KLAY mortgage rewards. Staked KLAY tokens (sKLAY) can also be used for liquidity mining.
Minting NFTs: Users can mint NFTs on the Klaytn network, which has partnered with OpenSea to launch NFTs minted through the Klatyn network.

Project Introduction

Klaytn is a public chain developed by Ground X, the blockchain division of South Korean Internet giant Kakao, with 50 million users worldwide. Due to the performance limitations of existing blockchain technology, Kakao built a proprietary blockchain platform to avoid any bottlenecks that online and mobile-first services may face.
The Klaytn protocol is managed by a governance committee composed of ecosystem builders and service providers that will contribute to the long-term development of the protocol. The Governance Council is one of the largest blockchain alliances, consisting of global players such as Kakao, Binance, MakerDao, Hashkey, Worldpay, LG Electronics, and more.

Klaytn Mainnet Cypress can provide a high throughput of 4,000 transactions per second, the block generation interval is one second, and the transaction is completed immediately. Klaytn uses an optimized version of Istanbul BFT that implements PBFT with modifications to handle the idiosyncrasies of blockchain networks.
At mainnet launch, 9.6 KLAY will be minted per block. This means that relative to the 10 billion KLAY issued at genesis (the annual inflation rate may change through the Klaytn governance process), the annual inflation rate is 3% (approximately 300 million KLAY).