What is Klaytn?
Klaytn is a project that brings together public and private blockchains to deliver the functions of both. It takes decentralization and shared governance from public chains and scalability and high-speed transactions from private chains. Klaytn presents a Proof of Contribution (PoC) technique, which aims to reward all users in the Klaytn tokenomy that are major contributors. The protocol was brought out in June 2019 by major South Korean software firm Kakao. Its originator is Jaesun Han, the Chief Executive Officer of Kakao Blockchain Subsidiary Ground X. Klaytn issued its native token KLAY in late March 2020. KLAY powers the environment proceedings, growth initiatives, and strategic investments. The token's supply is unlimited. When a new block is created, anew emerged KLAY and operation fees (together called "block reward") are apportioned into three target groups. The Klaytn Governance Council gets 34% of the amount, 54% goes to the consensus, and reward partners get 12%.