Why Klaytn
This document explains the key design principles of Klaytn and illustrates how Klaytn differentiates itself from others.
Ever since the first bitcoin transaction in 2009, numerous blockchain applications have been developed, but few of them gain meaningful traction in the market. The major roadblocks to blockchain adoption are;
Difficulty of use: Blockchain applications force end-users to understand cryptographic terms and the inner workings of the system. There are too many steps in making transactions, and hex-strings pop up all over.
Poor user experience: The burden of technical immaturity is simply passed to the users. In many blockchain systems, a transaction is not confirmed until significant time passes. Use of application often requires password inputs repeatedly (while there are no password recoveries), and charges a fee for each interaction (where the amount of fee can be highly fluctuating each time).
Uncertain sustainability: Lack of long-term sustainable business models for public blockchains slows down enterprise adoption. The operation heavily relies on the token economy that incentivizes the stakeholders to act in a sustainable manner, but the model is not proven in commercial areas yet.
Klaytn is aiming at Mass-adoption of Blockchain
The goal of Klaytn is blockchain mass adoption. The foremost design principle is;
Giving the same user experience that matches the expectation set on the web/mobile applications, eventually making the technology invisible to the users.
As per this principle, Klaytn has been designed to meet the following requirements.
High Performance
Main chain should handle at least 4,000 TPS.
Main chain should guarantee immediate transaction finality with one-second block generation time.
See Consensus Mechanism.
Low Cost
End-users should not be burdened with any higher transaction fee that is beyond the cost that the traditional systems require.
Transaction fee should be stable and be determined by the transaction complexity itself, not by surrounding factors.
See Affordable Smart Contract Execution Cost and Transaction Fees. At the time of writing, sending KLAY requires a fixed fee of 0.000625 KLAY.
Usability in User Account Management
User should be able to choose own account address in a human-readable format.
User can change the private key of an account without changing the address.
Usability in Transaction
Ability to delegate the user's transaction fee to the application operator.
See Fee Delegation. Application operator can decide the amount of subsidy for each transaction and can implement more flexible business models such as freemium or subscription. Fee delegation can effectively lower the user acquisition barrier.
Removing usability hurdles in the platform layer is not enough to drive the mass-adoption. To find attractive blockchain applications, fostering global developer communities along the strategic partnership with business owners is a crucial step.
Making a business-friendly environment to encourage the birth of compelling applications.
This entails the following requirements to support application development.
Rapid Development
The development of application on Klaytn must be straightforward, and the technologies used must follow the open standard to reduce the learning curve.
See Solidity-Smart Contract Language, Truffle, and Migrating Ethereum App to Klaytn. As Klaytn Virtual Machine (KLVM) supports Ethereum’s Solidity contract, it becomes much easier to port PoC product on Ethereum to Klaytn for commercial use. It is much easier as well to find development tools and to get some help from the well-established developer community.
Service-specific Private Chains with Data Anchoring
Klaytn should provide a dedicated solution for private blockchain. The private chain can have its own governance and connect to the Klaytn main chain for data anchoring and asset transfer.
See Service Chain. Enterprises often want to have their own dedicated execution environment to meet the SLA. With the service chain, an enterprise can maintain an isolated high-performing execution environment that is not affected by other blockchain applications, and also keep their business-sensitive data private.
Contribution Reward
Applications that contribute to growing Klaytn ecosystem should be fairly rewarded.
See Incentive Program.
Lastly, the grounding rules,
Klaytn does not sacrifice blockchain’s core characteristics to achieve the above-mentioned enhancement, and the platform stays stable with strongly committed stakeholders.
Transparency, Security and Decentralization
Everyone can request transactions and retrieve and validate every transaction execution result on the blockchain.
Klaytn is a decentralized network and no single malicious node breaks the data integrity.
Governance by Trusted Entities
At its initial phase, trusted entities, global listed enterprises that manage the business of hundreds of thousands to billions of dollars, operate Klaytn node and participate in decision making for the development of Klaytn.
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