What is Klaytn (KLAY)?

KLAY is the native cryptocurrency of Klaytn, an open-source and highly optimized layer-1 public blockchain that aims to meet global enterprise-grade reliability. Klaytn combines the benefits of both public and private blockchains to allow businesses to create and operate their customizable service-oriented blockchain. These mini blockchains are called service chains that run autonomously as subnetworks with the same high performance, scalability and productivity as Klaytn.

It was developed by KaKao, a public-traded company in South Korea, the country which gave rise to Kimchi Premium.

KaKao is the brain behind one of the most popular South Korean messaging applications, KaKaoTalk, which also owns a successful taxi-hailing app and an online bank. In 2017, the crypto industry drew its attention in the bull run, leading to the creation of Klaytn in 2019 with the help of its blockchain-based subsidiary, GroundX.

Klaytn users pay transaction fees through KLAY crypto when they create or execute smart contacts or transfer KLAY. The platform’s clients also pay to the consensus nodes (CNs) in KLAY tokens. In other words, Klaytn's nodes get KLAY as incentives to support its unique Istanbul BFT consensus algorithm. There is no fixed maximum supply of KLAY.

How Does Klaytn (KLAY) Work?

Klaytn reaches a single-second deterministic finality through its unique consensus algorithm, ‘Istanbul BFT’ (IBFT). It is a version of the Practical Byzantine Fault Tolerance (PBFT) with three types of nodes- CN (Consensus Node), PN (Proxy Node) and EN (Endpoint Node). The core cell operators of Klaytn manage the CNs and handle the block generation process. All network nodes verify these blocks generated by CNs. Together, they facilitate block generation and verification across Klaytn.

Additionally, Klaytn uses a hybrid consensus of Proof-of-Work (PoW) and Proof-of-Stake (PoS) to provide its users with the best of both consensus worlds. It supports a limited number of beginning validators while keeping IBFT as its primary consensus mechanism. With that combination, Klaytn Mainnet provides a high throughput of 4000 transactions per second and has a single second block generation interval.

To decide on various governance matters, Klaytn has a Governance Council. It has limited early members from trusted organizations to maintain reliability. Klaytn joined hands with 31 Governance Council Members for its seamless functioning. One of the key transactions that came from this council is the transition of Klaytn is the growth of its metaverse stance. Ultimately, Klaytn will evolve into a DAO of DAOs and a platform for DAOs to maintain consensus in the Klaytn Communities through on-chain mechanisms.

How to Buy KLAY in India?

There are many platforms where you can invest and Buy Klaytn in India.

One such platform is Flitpay. To buy Klaytn in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy KLAY crypto and execute the purchase.

You can instantly convert your Klaytn to INR and INR to Klaytn and withdraw your INR through bank transfers whenever you want

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Klaytn (KLAY)?

KLAY coins can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the KLAY till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Klaytn (KLAY) crypto?

KLAY coin is the native currency of the Klaytn blockchain, catering to the global enterprise needs. It is used by the Klaytn users to pay transaction fees for deploying smart contacts and transferring value on-chain. The network nodes in Klaytn also get their rewards in KLAY tokens. KLAY has no fixed maximum supply.

What is the Klayn (KLAY) price in India?

Check out the INR price of Klaytn (KLAY) in India today on Flitpay.

Which is the best cryptocurrency exchange in India to buy KLAY?

Flitpay is the best cryptocurrency exchange in India to buy KLAY, buy Uniswap, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy Klaytn crypto in India?

You can easily buy Klaytn (KLAY) in India on the safest crypto exchanges like Flitpay, with the lowest fees.

To buy KLAY coin in India:

1. Register on Flitpay and create an account.
2. Verify your identity through Know-your-customer (KYC)
3. Add INR or Fiat currency, corresponding to the amount of KLAY you want to buy.
4. Instantly buy KLAY coins with the deposited funds 

What are the benefits of Klaytn (KLAY)?

Klaytn (KLAY) offers several benefits. It provides an open-source layer-1 blockchain, blending public and private chain advantages for enterprise reliability. Businesses can create customizable service chains within Klaytn, enjoying high performance and scalability. Developed by KaKao, a major South Korean company, Klaytn incentivizes users and consensus nodes with KLAY tokens. Its flexible design make it a compelling blockchain platform and its native token a good-to-have in the crypto market.

Is it safe to invest in Klaytn (KLAY) in India?

Yes, investing and trading KLAY is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying KLAY crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Klaytn (KLAY) crypto in India?

Your search for secure crypto deposits and withdrawals ends here. Flitpay is India's most trusted exchange to facilitate hassle-free and Instant deposits and withdrawals of all the top cryptocurrencies with minimal or no fees.

Where can I buy Layer-1 cryptocurrencies in India?

You can instantly buy Ethereum, buy Polkadot, buy Solana, buy Near and other Layer-1 crypto in India, on Flitpay.