Month: December 2021

The origination of Klaytn started through South Korea’s largest publicly traded tech firm, Kakao. This highly reputable firm in South Korea is renowned for its diverse services and the many users in the country.

Kakao decided to venture into the crypto sector after the 2017 bull run caught its eye being a multi-service firm. In that context, the firm was inspired to create a cryptocurrency, which resulted in the innovation of Klaytn.

The efforts to actualize the Klaytn initiative were nearly altered as the firm encountered many backlashes from the nation’s financial regulators, which is similar to the system used in Facebook’s Libra.

Nonetheless, the crypto vision of the company’s CEO, Yeo Minsoo, was in the end actualized in mid-2019. The firm dived its way through multiple restrictions and hindrances with the assistance of its blockchain-based subsidiary known as Ground X. Later on, it successfully unveiled the Klaytn blockchain.

Core Technology Of Klaytn

The blockchain utilizes an enhanced version of an Instanbul BFT that substitutes for other blockchain’s Proof-of-Stake (PoS) and Proof-of-Work (PoW). With that in mind, the network implements Practical Byzantine Fault Tolerance (PBFT) with the modifications to operate with the integrated blockchain performances it has.

Nonetheless, it allows beginners to use a Proof-of-Stake (PoS) consensus mechanism. Hence, it powers a limited number of validators. This blockchain network is a business-oriented network that functions nearly like the Ethereum (ETH) network.

It takes up an unaltered clone of the Ethereum Virtual Machine (EVM) for its smart contracts that quicken transactions with a high speed. In its uniqueness, the blockchain can process 4000 transactions per second.

Blockchain Apps

The blockchain platform offers excellent services for all types of users mainly enterprises. It owns and hosts over 50 blockchain applications. The applications have many functionalities since they have diverse duties to perform on the blockchain network.

Klaytn also extends its hostage to diverse crypto gaming networks and a variety of staking services. To name several of these blockchain applications that are hosted on the platform, there are Quotabook, Tessa, Orbit Bridge, Makestar, and many others.

It also hosts several gaming apps including Games Knight Story, Crypto Sword, Crypto dragon, and many others.

The Governance Council

Being an enterprise-oriented blockchain platform, Klaytn has delegated most of the operations about the improvement and activities within the ecosystem to several multinational organizations and businesses.

The governing council members comprise multinational enterprises and organizations. Therefore, the council members have the right to vote and propose any adjustments about the performances of the platform and its node network.

More particularly, the council members are now responsible for guaranteeing the growth and development of the platform’s thriving ecosystem.

Klaytn Improvement Reserve (KIR)

By description, Klaytn Improvement Reserve (KIR) is a mechanism the project adopts to provide reward services to the users that contribute to the growth and enhancement of its entire ecosystem.

Whenever the qualified users submit proposals on activities for example community incentives, making adjustments on the platform, and enhancing its user, they can get subsidies or rewards for their contribution to the ecosystem via the KIR program.

Klaytn Improvement Reserve enables partner developers to innovate, deploy and execute smart contract-based applications with excellent speeds alongside the extremely cheap fees. That is because the platform had incurred some fee policy which implies that Klaytn will be fully responsible for all the transaction fees that the developers are subjected to.

KLAY Token

KLAY is the native token that powers the Klaytn blockchain. This token is used for all transactions that take place on the blockchain network and all other blockchain applications on the network.

It mainly works as a means of payment and exchange for app applications that run within the Klaytn ecosystem. Based on data acquired from the first quarter of 2021, more than 2 billion KLAY tokens were in circulation in the cryptocurrency market, gaining a growing rate of enthusiasm and increased recognition in the crypto sector.

Use Cases

This platform is designed to offer a gross development avenue that empowers various levels of blockchain development for a plethora of use cases. Klaytn blockchain is mainly bringing blockchain to businesses.

In simple terms, it serves enterprises, including small-scale and large-scale businesses. The main purpose was to provide them with a chance to integrate their technological infrastructure with a blockchain network.

Furthermore, the supported businesses enjoy the service of a public and private blockchain through Klaytn’s ecosystem. Many users prefer this platform since the private blockchain functionality of the network guarantees discreteness. Furthermore, it guarantees the maximum security of sensitive data which increases the scalability nature of the network.

In the meantime, the public blockchain within Klaytn’s network supports the decentralization of data and ensures the distribution of governance. It accommodates all the important mechanisms that can make the platform as scalable and user-friendly as possible.

Advantages Of Using Klaytn

This blockchain comes with several benefits for the institutional and retail clients that it serves. Some of them include:

• Low Cost – all of the services offered by the nascent platform have a fixed unit price. It means that each transaction is handled equally and always assured execution when its time comes. Furthermore, the users do not need to struggle to determine the right unit price and the blockchain helps users save the cost of gas fees by paying some of it.
• High Transactions Speed – the design of the blockchain ensures that transactions on the platform are completed quickly. Users say that they experience nearly instant transactions within a fraction of blockchain time. Klaytn’s main net handles up to 4 transactions per second.
• The platform is developer-friendly – the API services of the network have a variety of functions that developers can use to create some useful apps. Additionally, the platform is designed to support the solidity programming language and in that context, Ethereum developers can readily migrate to Klaytn without requiring to learn any new language.
• User-friendly – users report that they enjoyed engaging with this platform since it is designed in a manner that using it feels easy like sending and receiving text messages. The users can access their assets and wallets from smartphones through their Klaytn account. Every wallet is printed with an integrated QR code address that can be scanned with a phone camera. With that code, users can receive assets into their crypto/blockchain wallet. Thus, users do not have to memorize any private keys.
• Business development – another significant benefit of Klaytn is that it supports businesses’ technical operations that are a push forth for businesses. With the blockchain’s flexible scalable nature, it provides businesses and developers the ability to follow the fast-moving world of blockchain. Therefore, businesses can easily and readily venture into the blockchain sector and enjoy the benefits that come with it.

Disadvantages Of Klaytn

Although the blockchain platform has many advantages, some shortcomings plague its operations.

• Kakao is developing a series of apps that are designed mainly for use on the Klaytn blockchain. Among these apps is Peatix, which is a ticketing service that has a built-in customer base. It could give Kakao’s other services an advantage over startups aiming to compete with Kakao for users.
• Kakao is the only firm that has announced the intention to launch a project on the Klaytn blockchain. It might be problematic since it might limit the growth potential of the blockchain and its in-house cryptocurrency.
• Once the blockchain launches, Kakao is expected to take a huge fee off of each transaction. That adds to the gas fee that users will also have to pay. That might be a challenge for the startups launching on the blockchain since it will reduce the profits from token sales.
• The communication is quite bad. At first, developers seemed quite confused about what they needed to be talking about. Although the platform is thriving, there are a few operational challenges that still exist but developers are striving relentlessly to resolve them.

By JOHN WANGUBA

Request crypto has been around since 1997. But for most of its existence, it had mostly traded for just a few cents per token. However, a major boost in interest came from it being added to the Coinbase exchange. This was welcomed news for traders and long-term holders. And it was further proof of the big shift in Coinbase’s philosophy.

Not long ago, a listing on Coinbase equaled a major stamp of approval. To get listed on Coinbase, crypto engineers had to jump though a lot of hoops. In the process, they really had to prove to Coinbase thier token was worthy of a listing. In this way, the exchange acted as a sort of crypto gatekeeper.

More recently, though, Coinbase has changed its tune… as you can see in this tweet from its CEO:https://platform.twitter.com/embed/Tweet.html?creatorScreenName=investmentu&dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1409555338836078592&lang=en&origin=https%3A%2F%2Finvestmentu.com%2Frequest-crypto%2F&sessionId=58dbe1e9b652d6fb671109bb87528294fe521d03&siteScreenName=investmentu&theme=light&widgetsVersion=f001879%3A1634581029404&width=550px

He went on to mention that beyond the exchange’s listing standards (regarding safety and legality), this was a move toward freer markets. And, as he concluded, it was the way to make Coinbase more innovative. It also happens to be a way that can make Coinbase more money. After all, the more tokens it lists, the more opportunities there are for trades. And charging trading fees is a big part of how Coinbase makes its coin.

So no complaints from the peanut gallery here. Coinbase is a publicly traded company now. It’s beholden to its shareholders. And increasing profits is one of the easiest ways to keep shareholders happy.

But now back to the important information on Request crypto (REQ).

All About Request Crypto

In a nutshell, Request crypto is a utility token. It was created to ensure the stability and performance standards of the Request Network. This network is an Ethereum-based decentralized payment system. It allows folks to request a payment and receive money in a secure way. It also removed third-party oversight requirements. This is an important detail… because it’s one of the quickest ways to reduce transaction costs.

The other key benefit of the Request Network is that it works with currencies all around the world. It’s not limited to just crypto. It’s not limited to fiat currencies. It transfers dollars to the Korean won and just about everything in between. It’s a robust network with an impressive amount of capabilities.

This process works by having one user create a payment request – or invoice. The invoice needs to include the address the payment should be sent and the amount it should be in. The terms of payment can also be included here for business transactions. Then, the request is delivered to the payer of the invoice. All the while, each and every step of the process is stored on the Request Network. This makes it easy to keep track of transactions, both for the payer and the payee.

The last thing worth mentioning about the Request Network – which is powered by Request crypto – is that it has incorporated laws from all around the world. This, it hopes, will keep it compliant with the various trade laws of every country around the world… an impressive feat in of itself.

There really is some exciting engineering behind both the Request Network and the Request crypto that powers it. But as far as payment systems go, it does have a lot of competition. And not just from the likes of Visa (NYSE: V), Square (NYSE: SQ) or PayPal (Nasdaq: PYPL).

The Competition Is Stiff

Beyond the legacy payment processing companies mentioned above, there are lots of other companies operating in the crypto space now. Circle, which issues the stablecoin USD Coin (USDC), has been in the payment processing game for close to a decade. Incidentally, it was the first company to receive a BitLicense from the New York State Department of Financial Services.

Request crypto also faces competition from Solana crypto and, to a lesser extent, Telcoin. Then of course there is Coinbase Commerce, Electroneum, BitPay or CoinGate, among others. But specifically for business-to-business applications, Request crypto and the network it supports still manage to stand out. What it boils down to though is adoption.

This could be an exceptional tool for freelancers who pick up jobs around the world. Business consultants, writers, web designers and recruiters could all make good use of this type of payment system. And it has the possibility of cutting down on the paperwork needed for quarterly tax filings… since payments are vetted though international trade laws.

The Bottom Line on Request Crypto

As an experiment, there’s a lot to like about the Request Network. As an investment, there’s reason for both excitement and pause. It’s a penny crypto, after all…

Since its inception in 2017, it has yet to break the $1 mark. In fact, not long ago, you could pick it up for less than $0.05 a token. But trading volume has changed all of that. With the Coinbase listing came a lot of interest. Around 200% more interest than usual. If trading volume stays anywhere near that level, anything’s possible. And with the more recent spike, Request crypto looks as if it could finally launch past the $1 any day now… But that’s far from certain.

As a buy-and-hold play, Request crypto could be worth a gamble. If the Request Network does begin to catch on, you could see a slow but steady rise in value. But that’s a very big “if.” That being said, it’s a token we’ll be keeping a close eye on. A little momentum and an uplisting to Coinbase could be enough for companies to take notice of Request’s underlying capabilities.

Which products support REQ? 

	Send/Receive	Trading
Coinbase	✔	✔
Pro	✔	✔
Wallet	✔	✖️

What regions support REQ? 

	US	NY	CAN	EU	UK	IE	DE	SG
Coinbase	✔	✔	✔	✔	✔	✖️	✔	✖️
Pro	✔	✔	✔	✔	✔	✖️	✔	✖️
Wallet	✔	✔	✔	✔	✔	✔	✔	✔

Crypto to fiat trading pairs

	US	UK	EU
USD	✔	✖️	✖️
GBP	✖️	✔	✖️
EUR	✖️	✔	✔

Note: Coinbase Wallet does not support direct bank transactions. You’ll need to transfer your crypto to Coinbase.com or send it to an external address in order to cash out.

Crypto to crypto trading pairs 

	USDC	BTC	ETH	USDT
REQ	✖️	✔	✖️	✔

See the full list of countries that Coinbase supports for crypto-to-crypto trading.

Note: Only assets hosted on the Ethereum blockchain can be converted through the Coinbase Wallet mobile app at this time. Learn more about trading on Coinbase Wallet.

How many confirmations are needed for REQ?

REQ requires 35 network confirmations. Learn about transaction confirmations.

Which blockchain network hosts REQ?

REQ is hosted on Ethereum. 

What are the minimum and maximum withdrawal amounts?

Coinbase has implemented safeguards to ensure a healthy and efficient network both on-chain and through our platform.  

These safeguards include both minimum and maximum amounts for each cryptocurrency we allow customers to send through the blockchain.

Minimum: 0.000000000000000001 REQ

Maximum: 250,000 REQ

By Matt Makowski , Coinbase