KLAY is the main internal cryptocurrency of the Klaytn blockchain project. The coin is used to pay transaction fees when creating or executing smart contracts or when transferring KLAY to other users.
KLAY is one of the basic and essential elements for keeping the network ecosystem running, the fuel for the Klaytn distributed application platform.
The coin provides a payment mechanism, carried out by the platform's clients between consensus nodes (CNs) performing the requested transactions.
KLAY is a crypto-economic incentive; it ensures that developers write high-quality applications (non-working code is always expensive in the long run) and that the network remains operational (CNs and RNs are compensated for the resources they contribute).
How many KLAY coins are in circulation?
Klaytn launched its core network on 06/27/2019 with a total issue of 10 billion KLAY tokens created in genesis, and additional KLAY will be issued through the subsequent creation of new blocks. During the first year following the launch of the core network, the inflation rate will be maintained at approximately 3% per year, which means that approximately 9.6 new KLAYs will be issued for each new block.
The default inflation rate will reflect Klaytn's economic growth, and although the project founders aim for lower values whenever possible, the exact value will be determined by the governance structures.
For each block, the block reward (the total amount of KLAY issued and transaction fees incurred during block creation) will be allocated as follows (specific percentages and categories are subject to change-the current percentages and categories reflect projected values for the initial phase after the main network. launch):
- Primary cellular carrier award: 34%
- Proof of contribution: 54%
- Klaytn improvement reserve: 12%
KLAY coin is available on many cryptocurrency exchanges and decentralized cryptocurrency exchanges.