Altcoins News
By Sydney TheCMO
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What you should know about Klaytn
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If you regularly keep tabs on the cryptocurrency market, you may have noticed that a cryptocurrency called Klaytn (KLAY) is up more than 50% in the last 24 hours.
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KLAY traded at $1.26 at the time of this press and ranked 28th on Coinmarketcap. It currently has a circulating supply of 2.47 billion coins and its market cap is currently at $2.
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The Klaytn coin was developed by a company called Ground X which is a subsidiary of a South Korean technology company called Kakao.
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Kakao went live with the Klaytn ICO in 2018 and it is the native cryptocurrency KLAY on the Klaytn blockchain.
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The Klip wallet stores KLAY coins and other fungible, as well as non-fungible tokens. The wallet also allows Kakaotalk users to stake their KLAY tokens.
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The Klaytn blockchain supports customizable blockchains called service chains which are operated by participants who are then rewarded through a proof of contribution mechanism.
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There was an initial supply of 10 billion KLAY coins, although roughly a quarter of them are currently in circulation.
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The release of more tokens into the market will likely lead to a price decline assuming that the market cap will grow at a slower pace.
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