What is the Klaytn token (KLAY)?
Klaytn (KLAY) is the native token of the Klaytn blockchain platform.
It is used to incentivize and reward users for their contributions to the network, such as participating in consensus, running nodes, and developing applications. Klaytn is a public blockchain platform developed by Ground X, a subsidiary of Kakao, the largest internet conglomerate in South Korea. The platform is designed to provide an efficient and user-friendly environment for developers to build decentralized applications (dApps).
Klaytn’s mainnet was launched in June 2019 and has since become one of the most popular public blockchains in Asia. KLAY tokens are used to pay transaction fees on the Klaytn network. They are also used as rewards for miners who validate transactions on the network.
Additionally, KLAY tokens can be used to purchase goods and services from dApps built on the Klaytn platform. Finally, KLAY tokens can be traded on various cryptocurrency exchanges such as Binance and Upbit.
