Klaytn (KLAY): What is it? Is it a good investment?

Klaytn crypto (KLAY) officially entered the market in 2019. Coming from a very interesting project, Klaytn was quickly propelled onto the market. 

Even though it’s still at its beginnings, its performances are not to be neglected. Considering the claims of experts about Klaytn, it tells us that this coin can become very profitable in the long term.

However, before embarking on this investment, it’s important to know more about Klaytn. In this article, I provide you with relevant information about this cryptocurrency.

What is Klaytn (KLAY)?

Klaytn is a public blockchain platform, backed by the Korean company Kakao. Its goal is to bring a blockchain experience to millions of people and businesses around the world.

The Klaytn crypto platform was designed by Ground X, a well-known and reputable technology company in its field. GroudX wants to provide reliable and innovative solutions while meeting the needs of companies using blockchain technology.

As with all blockchain-based platforms, Klaytn has native crypto with the name Klay. The Klay token is used by Klaytn for maintaining its public platform.

How Does Klaytn (KLAY) Work?

How Klaytn works is similar to the governance model seen on Facebook’s Libra platform. The Klaytn platform is jointly governed by a group of established companies in the Korean and global markets. Each member of the governing council manages a node in the network and has one vote in decisions regarding Klaytn. 

Klaytn’s Board of Governance is made up of a total of 30 companies, including LG and Binance, which deal with the following aspects: 

  • Platform developments
  • Budget allocation
  • Marketing investments 
  • Recruiting developers
  • Evaluation of community proposals
  • Management and validation of the platform nodes for transactions

These companies support Klaytn because it offers them the opportunity to build a private blockchain network with the possibility of interaction with the private networks of each participating company.

Klaytn Project History

Klaytn crypto is still very recent crypto. It is entering its fourth year on the market this year.

  • 2018: the ICO of the Klaytn project was launched towards the end of 2018. This ICO in December brought in fundraising of 90 million dollars.
  • 2019: since the ICO started at the end of 2018, the project was officially launched in 2019. It was supported by the South Korean company Kakao. The Klay currency followed after the launch of the project.
  • 2020: Cryptocurrency exchange Huobi joined the Klaytn team in 2020. This addition to the governance board will strengthen the Klaytn project and increase its market insight.
  • 2021: Klaytn crypto platform announces the launch of Klaytn Foundation, a non-profit entity. This foundation will be essential in the expansion of the blockchain platform globally. At the same time, it announces to the market the Klaytn 2.0 version.

Why Buy Klaytn?

The following are the most interesting aspects of the Klaytn project and its KLAY cryptocurrency:

1)  Better performance than Bitcoin and Ethereum

The Klaytn blockchain features a throughput that can go up to 4,000 transactions per second. This speed in block execution makes Klaytn significantly faster than its main competitors such as Bitcoin and Ethereum.

2)  Lower fees than Ethereum

The transaction costs in the Klaytn network (measured in tokens per transaction) are about 1/10 of the average costs of Ethereum. Klaytn commissions are not based on the priority of users for executing transactions, but on a fixed model that charges commissions on a predefined basis.

3)  Governance and reliability

Several highly trusted global companies, some already operating in the technology and blockchain industry, together govern and operate the Klaytn platform. The Klaytn ecosystem made up of the governance board and its partners is what gives this platform a real competitive advantage.

4)  Compatibility

Klaytn supports the Ethereum Solidity Agreement most commonly used by developers for the reuse of existing codes. This allows Ethereum developers to easily adapt to the Klaytn platform.

5)  User base

Klaytn’s user base is gradually expanding thanks to the connection with various Kakao services including KakaoTalk. In addition, Klaytn is used in other applications developed by members of the Board of Governance. Overall, Klaytn partners boast a user base of 85 million people.

Where to buy Klaytn

In general, you have two choices to buying cryptocurrencies:

  • Use an Exchange: the most famous are Binance and Coinbase
  • Use an online trading platform such as eToro

Klaytn (KLAY) contract address.

Below is the contract address for KLAY:

Klaytn: 0x0000000000000000000000000000000000000000

Klaytn’s current state of the market

Currently, a KLAY is worth $0.997588 on CoinMarketCap as of the time of writing, with a 24-hour trade volume of $113,044,350. At the moment, the coin ranks #44 on CMC.

Does Klaytn have a future?

If you are wondering if Klaytn crypto or Klay has a future, the answer is Yes, it has a future. Going into an investment without a future is not worth it, fortunately, this is not the case for Klay. Here are the reasons why Klay crypto has a future ahead of it:

  • First, the number of platforms using blockchain technologies is on the rise and is not about to stop. As blockchain technologies and their development are among Klaytn’s offerings, it will be in high demand in the market.
  • Second, Klaytn is backed by Kakao, a South Korean company specializing in internet services. It will be able to take advantage of its reputation and experience of this to maintain a good place on the market.
  • Finally, apart from Kakao, Klaytn can also rely on a team of experts, scientists and investors. We can take as a reference its founder Jeasun Han, a doctor of electrical and computer engineering.

Klaytn (KLAY) Price Prediction

Predicting the price of cryptos is very difficult given the high volatility of cryptos and the influence of the market. The prices of cryptos including Klay crypto can go up or down at any time. The predictions below may therefore change depending on the evolution of Klaytn cryptos.

Klaytn Crypto Price Prediction in 2022

Since the beginning of this year, there has been a strong fluctuation in the price of the Klay crypto. The price is struggling to stabilize and the trend alternates between ups and downs. 

However, experts expect no major falls, and the predictions remain positive. According to estimates from some crypto analysts, the average price of the Klay crypto can reach $1.6 by the end of the year.

Klaytn Crypto Price Prediction in 2023

For 2023, even if declines remain possible, estimates remain on the rise for the Klaytn crypto. Analysts forecasts KLAY to be between a maximum price of $4.44 and $8.19. While some analysts prefer vigilance despite their positive estimates, others are more optimistic.

Klaytn Crypto Price Prediction in 2024

As with every cryptocurrency, the price of Klaytn crypto(Klay) should experience a moment of stabilization. After a sharp rise, the euphoria should come down and vigilance could set in. In 2024, the average price of the Klay crypto by analysts is estimated at $3.22 with a minimum price of $3.13.

Klaytn Crypto Price Prediction in 2025

The blockchain project should be able to stabilize and improve the functionality of the network by 2025. In addition, by then, it will be able to increase the number of its users and partners. The average price of the Klay crypto by crypto analysts is estimated at $4.73 in 2025 with a minimum price of $4.57.

Klaytn Crypto Price Prediction in 2030

If the Klaytn crypto manages to stay on the market by 2030, it is probably because it has a good influence. With the projects and development strategies put in place by Klaytn crypto, it is expected to experience strong growth. According to analysts’ predictions, a maximum price of $30.49 is possible by the end of the year 2030.

Is Klaytn (KLAY) a good investment? 

Investing in cryptocurrencies is becoming very fashionable. If you are looking for something to get started with, the Klay crypto is one of the good investments not to be missed.

As we saw above, Klay’s price predictions are very positive. If you buy Klaytn crypto now, you can take advantage of future rises in its price.

In addition, the Klaytn crypto is still very young, so it has not yet reached the end of its performance. The Klaytn crypto can reach new all-time highs at any time and bring great profits to investors.

Klaytn crypto is very volatile, it can bring losses, but on the other hand, it can earn a lot of interest. It’s up to you how and when to invest to take advantage of this crypto.

Conclusion

In short, buying Klaytn crypto(Klay) can be a good idea for this year. Information about Klaytn crypto and expert analysis are in favor of a rise in the price of Klay. 

This crypto can bring several advantages and benefits in the short term, but especially in the long term. However, always play safe with your investment.

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Anthony Adewuyi

Anthony Adewuyi

Anthony is a Content Writer with MakeMoney.ng. He is passionate about Finance, Business, and Tech related topics. He is a Digital Entrepreneur with vast experience in Data Analytics and Advanced Google Analytics

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