What kind of governance model does Klaytn use and how does it work ?

Klaytn is a blockchain platform developed by Ground X, a subsidiary of the South Korean messaging giant Kakao.

Klaytn uses a hybrid governance model that combines both on-chain and off-chain elements. The on-chain governance model is based on a delegated proof-of-stake (DPoS) consensus algorithm. This means that Klaytn users can vote for delegates who will be responsible for validating transactions and maintaining the network.

The delegates are rewarded with KLAY tokens for their work. The off-chain governance model is based on the Klaytn Governance Council (KGC). The KGC consists of 21 members from various industries, including finance, technology, and academia.

These members are responsible for making decisions about the future development of the platform, such as changes to the consensus algorithm or new features. They are also responsible for approving new projects that want to join the network. The KGC also has an advisory board which consists of industry experts who provide advice and feedback to the council members.

This helps ensure that decisions are made in an informed manner and with input from all stakeholders. Overall, Klaytn’s hybrid governance model allows it to be both decentralized and responsive to user needs at the same time. This ensures that users have control over their data while also allowing developers to innovate quickly and efficiently without compromising security or decentralization.