What is Klaytn? This is how you can buy it • Benzinga Crypto
Want to jump straight to the answer? You can buy KLAY on Binance!
Klaytn’s main goal is to bring blockchain adoption to the masses. The project is far from having achieved this noble objective, but its commitment is strong. Although its network has seen greater user adoption this year, its platform has much lower adoption rates than its main competitor, Ethereum (ETH).
What is Klaytn?
Klaytn runs on its own blockchain, and instead of using proof of work or proof of consensus on issues, it uses a process called Practical Byzantine Fault Tolerance (PBFT). This system allows nodes to share information with each other to process transactions in seconds.
While this technology may seem superior to the more expensive and slower transactions on Ethereum, Klaytn sacrifices a level of decentralization. Decentralization is arguably the most critical factor in determining the security of a blockchain, so some investors may be dissuaded from Klaytn.
While Klaytn has around 50 validating nodes, Ethereum has over 10,000 independent nodes securing its blockchain. To make Klaytn more decentralized, the protocol hosts different types of nodes (public and private) that verify transactions together.
Klaytn uses the Ethereum token standard on its blockchain. This means that the same types of fungible (ERC20) and non-fungible (ERC721) tokens on Ethereum are found on Klaytn’s network. Since Klaytn supports smart contracts, the platform has Decentralized Exchanges (DEX) and other programs built on its blockchain.
Brief history of Klaytn
Ground X is the company behind Klaytn’s blockchain. Jaesun Han is the CEO of GroundX, and he has a long history in distributed computing technology. The platform has several partnerships with established companies that manage validation nodes, which contributes to the reliability of the only 50 validators on its blockchain.
Klaytn started trading in early 2020 for around 10 cents per token. The cryptocurrency experienced its 1st significant price increase in August 2020 during the emergence of DeFi programs.
In March 2020, Klaytn hit its peak alongside the rest of the cryptocurrency market. The token traded at over $ 4 per token, reaching a market cap of around $ 5 billion. Klaytn was hit hard during the recent crypto correction, falling to less than $ 1 per token, a 75% drop from its all-time highs.
How to buy Klaytn
- Open an account online.
To purchase Klaytn, you will need to create an account with a cryptocurrency exchange that supports the token. Binance, the world’s largest crypto exchange, supports Klaytn, and it’s the best place to buy the token.
To create a Binance account, you submit the usual Know Your Consumer (KYC) information for tax purposes; your information will be stored securely through Binance. If you are located in the United States, it may take a few days for you to be cleared to trade.
- Buy a wallet (optional).
Whatever cryptocurrency you invest in, it’s a good idea to store your assets in a dedicated cryptocurrency wallet. Exchanges are great targets for hackers as these platforms hold custody of all investor funds. The 2 main types of crypto wallets are software and hardware wallets, both of which are more secure than storing crypto on an exchange.
- Make your purchase.
Once approved for trading on Binance, you will be ready to make your purchase. Binance allows you to buy Klaytn as a buy market or limit order. Market orders will buy Klaytn at its market price, usually instantly. Limit orders only execute if Klaytn drops to the price you specify. If Klaytn’s price does not drop to the price you set, your order will not be executed.
Benzinga’s crypto wallet choices for Klaytn
Best Hardware Wallet: D’CENT
Since Klaytn uses its own proprietary blockchain, you cannot store your Klaytn tokens on most hardware wallets. The company actually makes its own hardware wallet, which you can purchase from Amazon. Compared to other hardware wallets, it is inexpensive at just $ 15. However, you will only be able to store tokens based on Klaytn and Klaytn on the wallet.
Hardware wallets are the most secure way to store cryptocurrency. Since hardware wallets are physical devices that store your funds offline, it is impossible for online hackers to access your crypto.
Best Software Wallet: TokenPocket
TokenPocket is a software wallet, which means your crypto will be stored on a computer program with TokenPocket. The crypto wallet supports several cryptos including Bitcoin (BTC), Ethereum, Klaytn, and Binance Coin (BNB).
Additionally, the wallet can connect to DeFi programs, giving you the ability to transfer tokens, earn interest, and even provide cash to DEXs from your TokenPocket wallet. The wallet is free and is a great alternative to using a hardware wallet.
Klaytn’s biggest competitor is Ethereum, but some others are Binance Smart Chain and Solana. If you think users will be enticed to use Klaytn on Ethereum in the future, then the token can be a great addition to your wallet.
Exchange, sell or convert your KLAY
When you want to sell or convert your KLAY, simply send your tokens back to Binance. Since Binance offers multiple trading pairs for Klaytn, you can sell your tokens for BTC, BNB, or fiat-pegged stablecoins.
Binance is the world’s largest cryptocurrency exchange in terms of trading volume. In fact, it tops the cryptocurrency exchanges maintained by CoinMarketCap, which are ranked based on 24-hour trading volumes, exchange score, and average liquidity. Binance triumphs on exchanges like Huobi Global and Coinbase, which follow closely behind in 2nd and 3rd places, respectively.
Previously based in Malta, the Binance group is now based in the Cayman Islands. Binance has several sites and registered entities across the world. In the United States, it is known as Binance.US. The exchange in the United States uses the same advanced technology and trading services as its global counterparts, the difference being US regulatory compliance. It is operated by BAM Trading Services, based in San Francisco.
Binance.US ranks 9th on CoinMarketCap’s top 10 list based on metrics such as 24-hour trading volume, stock exchange score, and average liquidity. Binance might be a good platform for you to invest in cryptocurrencies if you are a US based trader who trades frequently, does not intend to pay high trading fees, and needs to. ” access a large number of cryptocurrencies.
- American citizens
- Frequent traders
- Users interested in Binance Smart Chain (BSC) and Binance Coin (BNB)
- Low trading fees
- Easy to use platform
- Wide choice of altcoins – it offers 51 cryptocurrencies besides Bitcoin (BTC)
- Good customer service
- High liquidity due to large transaction volumes
- Only residents of 43 states in the United States can trade on Binance.US. You cannot trade on this platform in New York, Connecticut, Hawaii, Texas, Vermont, Idaho and Louisiana
- Despite the wide choice of altcoins, the number of tokens offered on the US platform does not compare to the hundreds of choices available on the global Binance platform.
- There is no option for telephone customer support
Current crypto prices
The cryptocurrency market has seen a sharp correction since its peak at the start of the year. As new investors sell their positions at a loss, analysis from the chain suggests long-term holders are not yet selling. Many investors think that this recent correction resembles the correction in the crypto bull market in 2015. However, only time will tell if we are in a full-blown bear market or if we are simply correcting after a big rally.
So, is Klaytn a good investment?
Since Klaytn is a relatively small market cap altcoin, it is considered to be higher risk than blue chip cryptocurrencies like BTC and Ethereum. That being said, early investors have shown returns of around 1000%, even after factoring in the significant price drop that Klaytn has seen in recent weeks.
Benzinga has developed a specific methodology for classifying cryptocurrency exchanges and tools. We prioritized platforms based on offers, prices and promotions, customer service, mobile app, user experience and benefits, and security. To see a full breakdown of our methodology, please visit our Cryptocurrency Methodology page.
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