Klaytn Foundation changes economic model of Klaytn network

02/20/2023 01:21 • AI & Tech Insights • 106 views

It is reported that the Klayth Foundation, one of the main developers and code maintainers of the Korean blockchain platform Klaytn, is changing the economic model of the Klaytn network governance system and the native KLAY token. The Klayton Foundation will work with the Klayton Governance Committee to help the Klayton blockchain transition to a completely unlicensed verifier structure, provide the public with the opportunity to participate as a block verifier, and introduce a communication channel for Klayton community members to participate in the decision-making process.

The Klayton Foundation will announce the new proposal of KLAY token economic model and governance system on February 28

Interpretation of the news:

The Klaytn Foundation, a major developer and code maintainer of the Korean blockchain platform Klaytn, is making changes to the Klaytn network’s economic model and its native KLAY token. The move aims to transition the Klaytn blockchain to a completely unlicensed verifier structure and provide the public with the chance to participate in the governance process through block verification.

The Klaytn blockchain is a public blockchain platform that offers a suite of developer tools, data services, and ecosystem support to enable businesses and organizations to build decentralized applications (dApps). The platform runs on a hybrid consensus algorithm that combines proof of work (PoW) and practical Byzantine fault tolerance (PBFT) to reach consensus on transactions and blocks.

The Klaytn Foundation has been an instrumental player in the development and maintenance of the Klaytn blockchain, and its latest move to change the network’s economic model is aimed at increasing decentralization and community participation.

Under the new model, the Klaytn Governance Committee, a group of organizations, developers, and key stakeholders in the Klaytn ecosystem, will work with the Klaytn Foundation to transition to a completely unlicensed verifier structure. This means that anyone can participate in block verification by staking their KLAY tokens, which will be earned as rewards for verifying blocks.

In addition, the Klaytn Foundation will introduce a communication channel for Klaytn community members to participate in the decision-making process. This channel will enable community members to propose changes to the network’s economic model, vote on proposed changes, and participate in other aspects of governance.

The changes being made by the Klaytn Foundation are important because they promote decentralization, increase community participation, and ensure the long-term sustainability of the Klaytn blockchain. By enabling anyone to participate in block verification and allowing community members to contribute to governance, the Klaytn blockchain becomes more resilient, secure, and adaptable over time.

In conclusion, the Klaytn Foundation’s move to change the economic model of the Klaytn network is an important step towards increased decentralization and community participation in the governance of the Klaytn blockchain. This move allows the public to participate in block verification, such that consensus is reached through the community. Finally, it ensures the long-term sustainability of the Klaytn blockchain.

Keyword: Governance Keyword: Blockchain Keyword: decentralization

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