Klaytn: A Service Centric Hybrid Platform
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Blockchain is changing the world in a unique way. It helps businesses, governments, and other organizations better manage their workflow and enhance their systems by providing better solutions. It’s now changing how we save, access, and use data in order to better the never-ending cycle of technological advancement. It also has an influence on other elements of our technology, such as how we establish network trust. There are various methods of regulating the blockchain: private, public, consortium, and hybrid. The hybrid blockchain combines the advantages of both private and public blockchains. Instead of changing their goals due to technological limitations, this provides companies more control over what they want to achieve.
The hybrid blockchain is best characterized as one that combines the greatest features of both private and public blockchain systems. In an ideal scenario, a hybrid blockchain would provide both regulated access and freedom. The hybrid blockchain architecture differs from other blockchain architectures in that it is not available to everyone but still provides blockchain benefits such as integrity, transparency, and security.
Blockchain technology may be used in both financial and non-financial applications. Blockchain gives high security and privacy for the data, eliminating the scope of fraud and hacking. The public blockchain’s openness brings individuals from all over the globe together, but the private blockchain guarantees that a closed ecosystem may benefit from blockchain capabilities as well. Klaytn platform is one of the most recent Hybrid blockchains to emerge.
Klaytn is a hybrid blockchain ecosystem for businesses that deals with a variety of service-related concerns. Let’s take a closer look at Klaytn and how it works. Sections of this page will provide a comprehensive description of Klaytn, its components, and LeewayHertz’s Klaytn development prospects.
What is Klaytn Network?
Klaytn, Kakao’s worldwide public blockchain initiative, is an enterprise-grade, service-centric platform that provides millions of people with a user-friendly blockchain experience. Through an efficient ‘hybrid’ architecture, it combines the greatest characteristics of both public (decentralized data and control, distributed governance) and private (low latency, high scalability) blockchains. Klaytn is governed by the involvement of a number of well-known businesses from across the world, who have collaborated to build a secure business platform based on a decentralized trust system. GroundX created Klaytn, with a vision of Hybrid secure network of exchange. .
In Klaytn’s notion, Blockchain Applications (bApps) are treated as first-class citizens. They try to provide the best level of performance and productivity in an environment that appeals to a wide range of audiences, from micro startups to large corporations. bApp designers are liberated to give the best experience to their customers. Thanks to a combination of Klaytn features such as low-latency network responsiveness, reliable yet powerful transaction throughput, flexible scalability through Service Chains, and transaction fee subsidization for end-users. Furthermore, the Klaytn network’s easy compatibility with conventional corporate assets (through Enterprise Proxy) provides a rapid onramp for teams looking to add blockchain capabilities to their existing products.
Klaytn Foundation and Service Partners
Klaytn is a worldwide public blockchain platform created by Ground X, the South Korean social media company Kakao’s blockchain subsidiary. Klaytn, a blockchain developed by Kakao, was built with modular network architecture, making it an interesting business blockchain option. Its modular network architecture makes it easy for enterprises to create and run service-oriented blockchains based on the Klaytn architecture. Service Chains are autonomously run sub-networks that form the backbone of Klaytn’s enterprise-friendly environment. Because of the flexibility and customizability of these Service Chains, any online service can be built on Klaytn. However, initiatives based on gambling or financial speculation are not permitted.
Klaytn’s mainnet launched in June 2019 and immediately attracted more than 40 Initial Service Partners (ISPs) from a wide range of sectors and use cases, including entertainment, e-commerce, healthcare, and finance. These ISPs are from a variety of nations and were chosen for the quality of their blockchain-based services and the size of their current user bases. Humanscape, a data marketplace for patient-generated health data; Atlas, blockchain-based travel content and transaction platform built by Chinese luxury travel business Zanadu; and REDi, a blockchain-based marketplace for innovative and sustainable energy; are all examples of ISPs thus far.
- Myeongjin Jeong
CFO, Head of Operations Group
- Jaesun Han
- Sangeon Bae
CEO of the Wallet Group
- Sangmin Seo
Head of Platform Group
What are the Klaytn network’s objectives?
Klaytn is a BFT-based public blockchain with excellent performance and enterprise-grade dependability. The following are important design objectives:
- Immediate completion.
- TPS is high enough to fulfill real-world use cases.
- Reduce the cost of developing and running Blockchain applications.
- Reduce the entrance barriers for end consumers.
- Facilitate the industry’s acceptance of new technologies.
What are the major features of the Klaytn mainnet?
On June 27th, 2019, Klaytn released its mainnet, Cypress, with the following characteristics,
- Block generation and confirmation take one second.
- Four thousand transactions per second are possible.
- Gas is approximately a tenth of the price of Ethereum.
- Supports the execution of Solidity contracts by running EVM (Ethereum Virtual Machine).
- Klaytn Governance Council was founded by 19 respected businesses from around the world to run consensus nodes. The Klaytnscope displays the current number of consensus nodes.
- On Klaytn, over 50 first service partners have committed to launching Blockchain Applications.
What are Klaytn’s three distinct logical subnetworks?
According to the functions and goals listed below, Klaytn is divided into three logical subnetworks.
- Network of Core Cells (CCN)
Core Cells (CCs) in the CCN verify and execute transactions provided by Endpoint Nodes (ENs). CCN is in charge of generating and spreading blocks across the network.
- Network of Endpoint Nodes (ENN)
Endpoint Nodes (ENs) in the ENN are responsible for creating transactions, handling RPC API calls, and processing data requests from service chains.
- Network of Service Chains (SCN)
SCNs are Klaytn subnetworks made up of auxiliary blockchains run independently by blockchain apps (bApps). The Klaytn main chain, or mainnet, comprises the Core Cell Network and the Endpoint Node Network. Blockchain applications can run on the Klaytn main chain, Cypress, or their blockchains, known as Service Chains. ENs connect the service chains to the main chain. Service Chain is recommended if you require a dedicated execution environment for your application with high TPS and customizable network rules.
How does Klaytn generate and propagate the blocks?
The architecture of block creation and propagation and the consensus method employed all have a part in lowering the latency of a blockchain platform.
- The cycle of Block Generation
In Klaytn, a ’round’ is a block creation cycle. Each round produces a new block, which is followed by the start of a new round. Klaytn aims for a one-second round time; however, network traffic and node operation conditions may alter the block creation interval.
- Selection of the proposer and the committee
Klaytn picks a Consensus Node (CN) as the proposer for the block to be generated at random but deterministically in each round and then selects a group of CNs as the committee for that round. Each CN utilizes a random number obtained from the most recent block header to conduct a cryptographic operation that gives proof that the CN has (or has not) been picked for this round. The committee’s size should be Byzantine-resistant; if the CNN is small, all CNs (excluding the proposer) are entitled to serve on the committee.
- Validation and Block Proposal
Once chosen, the proposer broadcasts the round’s proof of selection (i.e., a cryptographic proof verified by the proposer’s public key) to all CNs. Following that, the CNs chosen as the committee for the given round react to the proposer with their proofs of selection, telling the proposer to whom the new block should be broadcast. The proposer then chooses a group of transactions from its transaction pool and arranges them into a block. Finally, the proposer works with the committee to agree on and finalize the newly established block. Klaytn intends to enhance its consensus algorithm over time to achieve more security and efficiency.
- Propagation of Blocks
To be approved, a proposed block must get the signatures of more than two-thirds of the committee members. The new block is propagated to all CNs when the committee agrees and the consensus round is completed. By providing block header and body data to ENN over PNN once the new block has been propagated to all CNs, the information of the newly generated block may be made available to all Klaytn network participants.
What is multichannel propagation on Klaytn?
The degree of congestion on a network has a significant impact on its delay. Assuming that the network’s throughput remains constant, the network’s latency will be proportionally delayed as the number of transactions increases. Users of conventional mobile applications or web services will not accept more than a few seconds response times, and blockchain services have no reason to anticipate a greater user tolerance.
To deal with network congestion, Klaytn uses a multichannel strategy. Klaytn network can transmit freshly produced blocks in a timely way even when the network is heavily congested with many transactions by designating distinct propagation channels for transactions and blocks. Klaytn assures that bApps on its network can respond to end-user queries despite sporadic network traffic surges in this way.
What are the various smart contract components of Klaytn?
- Klaytn compatible tokens
Klaytn Compatible Token (KCT) is a smart contract that follows a set of technical guidelines. The standard must be followed by anyone who wishes to issue tokens on top of Klaytn. In Klaytn, token standards such as KIP7 and KIP17 are specified. Other KCTs can be created to satisfy particular technological requirements.
- Fungible Token Standard (KIP-7)
Tokens with homogeneity and divisibility are called fungible tokens. Because each unit of the fungible token has the same value, they may be interchanged. Every $1 note, for example, has the same face value. A high percentage of blockchain tokens are fungible tokens, as fungibility is an important property of crypto money in most situations. The KIP-7 token standard may be used to integrate these features into smart contracts. Please keep in mind that KIP-13 and KIP-14 must be used in tandem. Wallet interfaces can be implemented in wallet apps.
- Non-fungible Token Standard (KIP-17)
A nonfungible token (NFT) is a form of token that represents one of the unique assets. Every nonfungible token is unique and non-divisible, as the name indicates. The non-fungibility of nonfungible tokens offers new asset digitizing frontiers. KIP-17 can be used in implementing nonfungible tokens. A wallet interface can be used in wallet apps.
The aforementioned points are the various smart contract components that establish a relationship between the Solidity smart contract language and the Klaytn platform. Let’s understand that relationship in the section below.
- Solidity and Klaytn
Solidity is a contract-oriented, high-level, statically typed language for building smart contracts on the Ethereum platform. Although Solidity was created with Ethereum in mind, it is broad enough to build smart contracts to be used with other blockchain platforms like Klaytn.
The Constantinople Ethereum Virtual Machine (EVM) version is officially compatible with Klaytn. Backward compatibility with other EVM versions on Klaytn is not guaranteed. As a result, using the Constantinople target option while compiling Solidity programmes is highly advised. Please see the instructions for configuring the EVM version of solc.
When creating smart contracts for Klaytn, developers may use tools like Remix (a browser-based IDE) and Truffle (a programming framework). The Klaytn team will make every effort to keep Ethereum’s and Klaytn’s development tools compatible. Still, they may choose to provide upgraded or updated versions of those tools to Klaytn smart contract developers if required.
What Klaytn development opportunities does LeewayHertz provide?
- Creating Nodes
Our blockchain specialists create fully functional and reliable nodes for public and private blockchain networks, ensuring that they follow the agreed-upon consensus procedure.
- Support and maintenance of Klaytn based bApps
For Klaytn-based bApps, we provide our clients with very effective support and maintenance services. Clients who already have blockchain apps and their bApps created by us get lifetime support.
- Development of the Wallet
Our blockchain experts possess all of the technical skills required to construct blockchain wallet apps. Klaytn wallets allow you to store a range of currencies and digital assets while also allowing you to view your balance and keep track of your transactions.
- Development of Smart Contracts
We offer Smart Contract creation services to support a variety of bApps. For the Klaytn blockchain network, smart contracts that comply with the Klaytn network employ the solidity programming language. We assist our clients with Smart Contract architecture, auditing, provisioning, and developing and executing them.
- Development of bApps
For companies using the Klaytn platform, our blockchain specialists are adept at developing enterprise-grade blockchain apps (bApps).
Klaytn is working hard to create a world that is transparent and fair owing to blockchain technology. Klaytn’s proposed notion of the digital property will help create a world where distribution is fairly based on contribution, which is a solution to the current society’s major distribution problem. Because Klaytn is a platform, the blockchain services that are implemented on it are the primary characters.
You’ve come to the correct spot if you want to employ a professional blockchain development firm to construct Klaytn blockchain apps. We have a team of talented developers with extensive experience in blockchain development. We create effective blockchain apps with our extensive knowledge, engaging and aiding our clients with high-quality services. We will assist you in accomplishing your desired project, from consulting services to sketching out your development map.
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