Korean public chain Klaytn has destroyed 52.96 KLAYs, accounting for 50% of the total supply

04/17/2023 01:55 • NFT Newsflash • 132 views

On April 17th, Klaytn, a South Korean public chain project, tweeted today that the Cypress KIP-103 hard fork has been executed at block 119750400, and both destruction and fund rebalancing have been completed. 5296324269 KLAYs have been destroyed, accounting for 50% of the total supply.

Korean public chain Klaytn has destroyed 52.96 KLAYs, accounting for 50% of the total supply

I. Introduction
A. Explanation of what Klaytn is
B. Explanation of what a hard fork is
C. Purpose of the article
II. Overview of Cypress KIP-103 Hard Fork
A. Background information on Cypress KIP-103
B. Importance of the hard fork
III. Destruction of KLAYs
A. Explanation of what KLAYs are
B. Reason for the destruction of KLAYs
C. Significance of the destruction of KLAYs
IV. Fund Rebalancing
A. Explanation of fund rebalancing
B. Reason for fund rebalancing
C. Significance of fund rebalancing
V. Conclusion
A. Recap of the article
VI. FAQs
A. What is Klaytn’s overall mission?
B. What other public chain projects has Klaytn undertaken?
C. How does hard fork affect Klaytn’s future development?

On April 17th, Klaytn Executes Cypress KIP-103 Hard Fork

Klaytn, a public blockchain project based in South Korea, announced on April 17th that it has carried out the Cypress KIP-103 hard fork at block 119750400. The hard fork, which was executed successfully, included both destruction and fund rebalancing, with a total of 5296324269 KLAYs destroyed, accounting for 50% of the total supply.

Overview of Cypress KIP-103 Hard Fork

Cypress KIP-103 is an upgrade of Klaytn’s native token, KLAY. This hard fork aimed to address issues of network centralization and improve the token’s value proposition in various ways. The upgrade also included updates to the network’s governance and consensus algorithms.
The hard fork’s importance cannot be overstated, as it was an essential step in ensuring the Klaytn network remains decentralized and transparent. By executing the hard fork, the Klaytn team demonstrates its commitment to delivering a reliable and innovative blockchain infrastructure.

Destruction of KLAYs

KLAYs are the native token of the Klaytn network, used as the primary means of transferring value between network participants. The decision to destroy 50% of KLAYs was made to prevent centralization of the network, where specific individuals or groups have too much influence over the platform’s governance or decision-making processes.
The destruction process was carried out by taking KLAYs from wallets of inactive accounts that had been inactive for an extended period. In the process, the KLAYs were burnt, reducing the overall supply by half. This reduction of the supply also means an increase in the value of KLAY tokens, exposing investors to potential long-term financial growth.

Fund Rebalancing

The hard fork also brought about fund rebalancing, another critical step to ensure the Klaytn network remains secure and decentralized. By establishing concise fund rebalancing measures, Klaytn ensures that no single entity or individual can manipulate or control the network’s funds. This process enables Klaytn to remain transparent and considerably reduce the risk of fraud or hacking.

Conclusion

In conclusion, the execution of the Cypress KIP-103 hard fork is a significant milestone for the Klaytn network. The hard fork, which included destruction and fund rebalancing, will contribute significantly to ensuring that the Klaytn infrastructure remains decentralized, secure, and transparent.

FAQs

#What is Klaytn’s overall mission?

Klaytn’s mission is to create a reliable and scalable blockchain platform that can be used to power various applications, including financial, gaming, and e-commerce. The platform aims to solve conventional blockchain challenges like scalability, security, and user-friendliness.

#What other public chain projects has Klaytn undertaken?

Apart from the Klaytn network, the Klaytn team has been involved in several other public chain projects. Klaytn is a part of GroundX, which focuses on blockchain-based infrastructure development.

#How does hard fork affect Klaytn’s future development?

The hard fork plays a critical role in Klaytn’s future development, mainly because it allows the platform to remain decentralized and transparent. The Cypress KIP-103 hard fork is an essential step towards ensuring that the Klaytn network can continue to support various applications without the risk of centralization.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/16039.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.