Klaytn is a cryptocurrency and a staking-based blockchain. Klaytn has major corporate backing for development and marketing. Klaytn adopts the best of Ethereum and adds to it. Klaytn aims to one-up Ethereum in every way. Klaytn even adopted Ethereum’s Solidity language as its main blockchain development language.
The big difference between Ethereum and Klaytn is that Klaytn has massive consumer penetration in South Korea that Ethereum has not achieved anywhere on Earth. This is due to the internet giant, Kakao.
I have little interest in the price of the Klaytn cryptocurrency. I admit passing interest as Klaytn skyrockets from its debut price of $0.11 on Gate.io, but I am no financial consultant.
I am, however, a seasoned Software Engineer with several decades of experience including much experience with the Ethereum blockchain, so I find Klaytn as a technology very exciting. It appears that anything Ethereum’s blockchain can do, Klaytn can do.
Klaytn provides transparency and immutability, like any useful blockchain. Applications are written to incorporate this transparency and immutability as a feature, like an app might include email, chat, or databases as a feature. To use a cooking metaphor, you don’t eat cinnamon by itself, but it tastes great when combined with other ingredients in a recipe.
Use cases for Klaytn in applications include currency (duh), supply chain validation, authentication, trading, voting systems, certificates, diplomas, deeds to property, car titles, and crowd funding. Because the Klaytn blockchain is immutable and transparent, you can use it in any application that requires proof that no one has forged false documents or lied about past agreements.
How could this help modern society? Imagine using Klaytn for a national voting system that could be completely audited by anyone for fraud. Oh, there are going to be some people completely against that one 😉
A warning to new developers and CTOs looking to create blockchain apps: Test thoroughly! It is very easy to blow through $100,000 dollars worth of crypto in seconds if you write bad Solidity code. Explaining to your CEO where his entire budget went and that it can’t come back is not something you want to experience. Reddit is full of dev comments begging for their crypto to be returned when they screwed up.