Klaytn Implements Fee Delegation Policy for Blockchain Services

Klaytn Implements Fee Delegation Policy for Blockchain Services

Blockchain
July 9, 2020 Komal Joshi
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Klaytn, the blockchain project of Korea’s largest messaging app operator, Kakao, today declared that, in celebration of the 1st anniversary of the mainnet launch, it commences a fee delegation policy for its associates operating blockchain applications on the Klaytn platform. Klaytn will cover any transaction fees incurred on Klaytn on behalf of its partners. Klaytn
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Klaytn, the blockchain project of Korea’s largest messaging app operator, Kakao, today declared that, in celebration of the 1st anniversary of the mainnet launch, it commences a fee delegation policy for its associates operating blockchain applications on the Klaytn platform. Klaytn will cover any transaction fees incurred on Klaytn on behalf of its partners.

Klaytn is a public blockchain platform whose mainnet ‘Cypress’ was launched on June 27, 2019. With a purpose to drive mass adoption of blockchain, Klaytn is bound to offer high performance, fast response time, and flexible scalability solutions that purvey to a wide spectrum of engineering audiences, from micro startups to large-scale enterprises. The service provider associates can profit from Klaytn’s effective hybrid design that blends the best characteristics of both public and private blockchains. To this date, almost 60 applications are running on Klaytn platform.

In celebration of the first anniversary of its mainnet launch, Klaytn executes a fee delegation policy, through which Klaytn funds all transaction fees on behalf of its developers and service providers that operate applications on Klaytn platform. The developers would be capable of deploying or executing smart contracts at no cost. Moreover, any wallet services that promote Klaytn’s KLAY or Klaytn-based tokens can also have their transaction fees covered by Klaytn to send or receive tokens at no cost. Klaytn will be operating the fee delegation policy for the next year. Current Klaytn associates are eligible first. After analyzing network and security issues, Klaytn intends to extend the policy for interested developers or service providers.

Jason Han, the CEO of Ground X, said in a statement, “We decided to waive all transaction fees for Klaytn services to express our gratitude for the partners who have contributed to building the greater Klaytn ecosystem.” He added, “We will extend this new policy for any interesting startups or developers so that those who had difficulty using a public blockchain due to high costs would be able to consider using Klaytn blockchain.” Meantime, Klaytn has published the fifth version of Klaytn, Klaytn v1.5.0, along with SDK yesterday.

Klaytn is a global public blockchain platform produced by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform offering an intuitive development environment and a familiar end-user experience. It is created upon solid reliability and outstanding stability with substantial service development for mass adoption. The platform provides real-world applications of large scale to be produced right away so that our end-users can make comprehensive use of services without much expertise in blockchain or cryptocurrency.

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