Klaytn uses a mechanism called Practical Byzantine Fault Tolerance (PBFT) to function on its blockchain, rather than employing proof of work or proof of stake consensus. This technology allows nodes to share information, allowing transactions to be processed in a matter of seconds.
While this technique may appear to be superior to Ethereum’s more expensive, slower transactions, Klaytn does so at the cost of decentralization. Some investors may be put off by Klaytn’s lack of decentralization, which is perhaps the most important component in assessing a blockchain’s security.
While Klaytn has roughly 50 validator nodes, Ethereum’s blockchain is secured by over 10,000 independent nodes. The protocol hosts multiple sorts of nodes (public and private) that validate transactions together to make Klaytn more decentralized.
On its blockchain, Klaytn employs the Ethereum token standard. This means that Klaytn’s network supports the same sorts of fungible (ERC20) and non-fungible (ERC721) Ethereum tokens. Klaytn has decentralized exchanges (DEXs) and other applications created on its blockchain since it supports smart contracts.
How to Buy Klaytn
Sign up for an online account
To purchase Klaytn, you must first open an account with a cryptocurrency exchange that accepts the token. Klaytn is supported by Binance, the world’s largest cryptocurrency exchange, and it’s the best location to buy the token.
You must provide standard know-your-customer (KYC) information for tax purposes to open a Binance account; your information will be kept safe by Binance. It may take a few days for you to get approved for trading if you live in the United States.
Buy a wallet (optional)
It’s a smart idea to keep your funds in a separate cryptocurrency wallet regardless of the cryptocurrency you invest in. Because exchanges have custody of all investor funds, they are attractive targets for hackers. Software and hardware wallets are the two most common types of crypto wallets, both of which are safer than keeping crypto on an exchange.
Make a purchase
You’ll be able to make your purchase once you’ve been approved to trade on Binance. Klaytn can be purchased as a market or limit buy order on Binance. Market orders will buy Klaytn at the current market price, which is generally instantaneous. Limit orders are only activated if Klaytn falls below the price you select. Your request will not be fulfilled if the price of Klaytn does not drop to the price you specify.
Best Hardware Wallet: D’CENT
You can’t keep your Klaytn coins on most hardware wallets since Klaytn uses its private blockchain. The startup manufactures its hardware wallet, which can be purchased on Amazon. It’s a bargain compared to other hardware wallets, costing only $15. The wallet, however, will only allow you to hold Klaytn and Klaytn-based tokens.
The most secure way to keep cryptocurrency is in a hardware wallet. Because hardware wallets are physical devices that store your assets offline, online hackers will be unable to access your cryptocurrency.
Best Software Wallet: TokenPocket
TokenPocket is a software wallet, which means your cryptocurrency will be saved on a computer program. Bitcoin (BTC), Ethereum, Klaytn, and Binance Coin are among the cryptos supported by the wallet (BNB).
Furthermore, the wallet may connect to DeFi programs, allowing you to send tokens, earn interest, and even supply liquidity to DEXs directly from your TokenPocket wallet. It’s an excellent alternative to using a hardware wallet because the wallet is free to use.
Is Klaytn a Good Investment?
Klaytn is considered a greater-risk altcoin than blue-chip cryptocurrencies like BTC and Ethereum because of its modest market capitalization. Even after accounting for Klaytn’s recent price drop, it has provided early investors with around 1,000 percent profits.
