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- 1 Klaytn uses an enhanced version of IBFT instead of POW.
- 2 Klaytn’s BFT addresses scalability concerns, particularly at the enterprise level.
- 3 At the press time, Klay coin is trading at a slight uptrend on the daily time frame.
Thousands of digital currencies are available in the market, each with its own infrastructure. Typically, cryptocurrencies are built on one of four types of blockchain protocols which include private, public, consortium, or hybrid, which determine their use cases and how they operate within the host blockchain’s capacity.
What is Klaytn, and How does it work
Klaytn is a public blockchain project that caters to businesses and combines the benefits of public blockchains, such as decentralized data & control, with the low latency and high scalability of private blockchains.
Klaytn uses an enhanced version of Instabul Byzantine Fault Tolerance (IBFT) instead of the commonly used Proof-of-work (POW) and Proof-of-Stake (POS) consensus mechanism, enabling it to operate a hybrid infrastructure that combines the advantages of both private and public blockchains.
Despite using IBFT primarily, Klaytn allows beginners to use the POS consensus mechanism, which only supports a limited number of validators.
Klaytn also adopted Ethereum’s virtual machine and functions similarly to the Ethereum network. However, it is at a much faster rate with its virtual machine for intelligent contracts processing at least 4,000 unique transactions in one second and boasting a gas rate of fewer than 1/10 of Ethereum.
Moreover, Klaytn’s adoption of BFT addresses scalability concerns, particularly at the enterprise level, where institutional adoption of blockchain technology has been limited. Klaytn’s DX offerings enable interoperability among hosted services and provide an integrated development environment for developers.
Additionally, Klaytn transactions have fixed fees, making transaction fees predictable and solving a significant concern for blockchain adoption at the enterprise level.
Technical Analysis & Prediction of KLAY Coin Price
Over the past year, the price of Klaytn cryptocurrency hit a low of $0.1332 before rebounding to reach a price of $0.3088.
In 2023, with the help of its supporters, Klaytn experienced a significant surge in price. Since then, the value of Klaytn has continued to rise, despite market fluctuations.
Over the past week, the KLAY coin price has seen a period of bearish turnover on its price chart. Despite this, the price has continued to rise with strong bullish momentum, indicating a positive trend.
If the price breaks out above its current consolidation, it could trigger another rally and push the price even higher. The current support levels for the KLAY coin price are at $0.2369 and $0.1883. Moreover, the resistance levels are at $0.2566 and $0.2772.
Conclusion
Klaytn is a public blockchain for businesses that combines decentralized control with high scalability. It uses Ethereum’s virtual machine and has been experiencing a bearish market trend for the past week.
Technical Levels
- Support Levels: $0.2369 and $0.1883
- Resistance Levels: $0.2566 and $0.2772
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
