Klaytn’s new move for enhanced sustainability & decentralization

The Klaytn Foundation happens to have been set up with the aim and intention of creating and decentralizing the ecosystem of the South Korean top-of-the-line layer one blockchain, Klaytn. The entity seizes the opportunity of making its announcement of coming out with a new governance system which will, in turn, improve on the technical abilities, as well as sustainability and decentralization of the Klaytn blockchain ecosystem. 

Functioning in tandem with the Klaytn Governance Council (GC), the Foundation will remain involved in the process of transforming to a permissionless validator framework. This will offer the users the option of taking part as block validators and the decentralized projects to be worked upon on the Klaytn platform. There will also be the opportunity for community members to take part in matters related to making decisions.

As part of its game plan for the year 2023, the entity will remain involved in issues of key governance, ecosystem, and technology. It will introduce a redone tokenomics proposal for the sake of GC voting. This will, in turn, involve a proposal for dealing with the reserve KLAY tokens after receiving valuable feedback from the community. With the help of these activities, the entity will be working towards the growth and enhancement of the Klaytn ecosystem, with a focus on clarity and community contribution. 

While the entity goes about its functioning, it will be making alterations to its present governance framework. It will remain the decision-making mediator where the Klaytn ecosystem is concerned in relation to expansion projects and also come out with important plans for the Klaytn platform depending on feedback from the ecosystem stakeholders. 

These plans will be decided with the help of on-chain voting by GC members. Through this method, the clarity aspect will also be dealt with by the disclosure of the on-chain voting plan and status in real-time, being made on the Klaytn Square governance portal. With the help of this portal, the Klaytn Foundation will open up proper communication means for the sake of the community and its taking part in governance, as well as decision-making factors. There will also be relevant information passed on related to ecosystem funding, investments, news, and technological improvements to the public. 

The entity will also be focussing on its plans of expansion with the help of Krust Universe, which happens to be the main developer of the Klaytn platform. In this very way, it will be the Krust Universe that will keep on assisting in the overall growth of the Klaytn ecosystem, with the attention being given to the real-world application projects belonging to the Klaytn blockchain technology. Further, being a part of the Klaytn ecosystem, The Krust Universe will also be involved with the backing of decentralization, along with the increase of use cases, in terms of the Klaytn platform, as well as KLAY. 

According to the Representative Director of the Klaytn Foundation, Dr. Sangmin Seo, as per the company’s plans, the Klaytn blockchain presently happens to be that much closer to decentralization. In his opinion, the entity remains fixated on its pledge to enhance blockchain technology, as well as create trust and faith amongst community members, and move towards decentralization. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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