Klaytn KLAY / USD is a public blockchain platform that aims to provide an accessible user experience as well as a development environment with the intent to convey the value of blockchain technology as a whole.
It is a hybrid blockchain, in the sense that it takes the best elements of public blockchains, such as decentralized data and control, as well as distributed governance, the characteristics of private blockchain, such as low latency. and high scalability. This allows anyone to easily implement their own chain or join other chains in Klaytn without any technical knowledge. It is also a home for a wide range of decentralized applications (dApps).
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The company behind Klaytn, known as Ground X, was founded by Jaesun Han, who serves as the founder and CEO.
Recent updates bode well for KLAY
On March 30, The Korea Economic Daily announced that it will use the Klaytn Blockchain for its digital transformation. At the time, KLAY was trading at $ 4.24, but lost all momentum in the months that followed, despite several encouraging updates.
For example, Klaytn announced in April a partnership with ConsenSys on blockchain solutions in an attempt to advance the Korea Digital Currency Project. They announced that their work will enhance Klaytn’s performance with specific characteristics. These include privacy reflecting the growing concern around data protection, post scalability 2 solutions that can serve a large number of users without loss of speed, and interoperability bridging multiple blockchains.
On May 25, Klaytn launched an NFT mining service. The goal of this service is to simplify the NFT creation and management process by automatically creating tokens from uploaded images and video files.
As we can see, investors seem to have given no credit to the recent developments as Klaytn is now trading at the $ 1.50 level. This could be due to the fact that you have flown under the radar, or that you have not yet shown the prowess of your system in real world systems. Hopefully, through these partnerships, its scalability can come to light in the eyes of future investors.
Data source: tradingview.com
Long-term opportunity for Klaytn
With the use of giants like The Korea Economic Daily, as well as its association with ConsenSys, and recently the launch of an NFT minting service, Klaytn is shaping up to be an attractive blockchain worth an investment at current levels.
Last year, its value was around $ 0.50, and despite falling from its highs, early investors are enjoying exceptional returns.
The fact that Klaytn traded above $ 4 recently indicates that investor demand exists in the right conditions. As Klaytn rolls out to many more use cases and the ConsenSys enhancements are at full throttle by the end of 2021, we can expect the price to return to at least the $ 2 level.
As such, you should buy Klaytn for $ 1.50, but keep in mind that the crypto space has yet to exist in a turbulent period of volatility. We recommend buying half a position at $ 1.50 and the other half if it falls to a potential support level of $ 1.
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