Klaytn Public Chain Executes Cypress KIP-103 Hard Fork – 50% of Total Supply Destroyed
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 reb
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
Klaytn, a South Korean public chain project, announced on April 17th, 2021, that the Cypress KIP-103 hard fork had been executed at block 119750400. This execution resulted in both destruction and fund rebalancing being successfully completed, with 5296324269 KLAYs (50% of the total supply) being destroyed.
What is Klaytn?
Before diving into the details of the Cypress KIP-103 hard fork execution and its impact on the Klaytn network, let’s first understand what Klaytn is. Klaytn is a public blockchain platform created by the South Korean internet giant, Kakao Corp. It aims to provide a user-friendly environment for decentralized applications (dApps) and services to operate efficiently. Klaytn’s main focus is on providing enterprise-level blockchain solutions that cater to various industries, including finance, healthcare, and eCommerce.
What is a Hard Fork?
A hard fork is a significant change to the underlying protocol of a blockchain network. It involves updating the software of the blockchain to incorporate new rules and features, resulting in a split of the original blockchain into two separate networks. Hard forks happen when there is a disagreement among the network users regarding the future of the blockchain’s development.
Understanding Cypress KIP-103 Hard Fork
The Cypress KIP-103 hard fork was meant to address the issue of supply imbalance in the Klaytn network. The KLAY token, which powers the Klaytn ecosystem, has a total supply of 10 billion. However, a significant portion of this supply was owned by Kakao Corp., Klaytn’s parent company. This created an unfair advantage for Kakao Corp., leading to concerns over centralization and market manipulation.
To address this issue, the Cypress KIP-103 hard fork executed by Klaytn involved the destruction of 50% of the total KLAY supply, both owned by Kakao Corp. and held by other Klaytn network users. This destruction was carried out by sending the KLAY tokens to an unrecoverable address, thereby rendering them useless.
Impact of Cypress KIP-103 Hard Fork
The execution of the Cypress KIP-103 hard fork has significant implications for the Klaytn network and the broader blockchain industry. By destroying 50% of the total KLAY supply, the Klaytn network has taken a major step towards addressing the supply imbalance issue, which has been a persistent concern for the platform.
This move has also demonstrated Klaytn’s commitment to decentralization and equity, necessary components for a thriving and sustainable blockchain ecosystem. Furthermore, it has set a precedent for other blockchain projects to address supply imbalance issues and promote fair competition practices.
Conclusion
The successful execution of the Cypress KIP-103 hard fork is a significant milestone for the Klaytn network. It marks the platform’s commitment to decentralized and fair competition practices while addressing a persistent concern over supply imbalance. This move has set a precedent for other blockchain platforms to adopt similar measures to promote equity and decentralization.
FAQs
**Q1. What is Klaytn, and how does it differ from other public blockchain platforms?**
Klaytn is a public blockchain platform created by Kakao Corp. It aims to provide an enterprise-level blockchain solution that caters to various industries, including finance, healthcare, and eCommerce. Klaytn’s main distinguishing feature is its focus on providing a user-friendly environment for dApps and services to operate efficiently.
**Q2. What was the primary motivation behind the Cypress KIP-103 hard fork execution?**
The Cypress KIP-103 hard fork was meant to address the issue of supply imbalance in the Klaytn network. This was achieved by destroying 50% of the total KLAY supply, thereby promoting decentralization and fair competition practices.
**Q3. What are the implications of the Cypress KIP-103 hard fork for the blockchain industry as a whole?**
The Cypress KIP-103 hard fork has demonstrated Klaytn’s commitment to decentralization and equity, necessary components for a thriving and sustainable blockchain ecosystem. This move has also set a precedent for other blockchain projects to address supply imbalance issues and promote fair competition practices.
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