Klaytn Foundation Launches Beta "Klaytn Square" Governance Portal for More Transparent and Decentralized Ecosystem

November 23, 2022 10:00 AM EST | Source: InboundJunction Ltd.

  • Beta version of governance portal provides information about Klaytn Governance Council (GC) members, their KLAY transactions and staking deposits

  • Official launch in H1 2023 to feature live GC on-chain voting statuses, allowing users to keep track of GC decision-making processes in real time

  • Klaytn Square aims to meet market needs for transparency and pave way for more decentralized ecosystem

Singapore, Singapore--(Newsfile Corp. - November 23, 2022) - Klaytn Foundation, the non-profit overseeing growth of the Klaytn ecosystem, has launched the beta version of its Klaytn Square governance portal for public testing. With the aim of enhancing transparency and decentralization within the Klaytn ecosystem while increasing holder communication, Klaytn Square will provide users with information about each Governance Council (GC) member, as well as their KLAY transactions and staking deposits. The official launch of Klaytn Square is scheduled for the first half of 2023 and will introduce an on-chain voting status feature, allowing users to keep track of GC decision-making progress in real time.

In September 2022, Klaytn Foundation launched the Klaytn Governance Forum to broaden communications with KLAY holders, GC members and developers. Supplementing the Governance Forum, Klaytn Square provides users with more practical information about the Klaytn GC, such as the:

  • Agendas that the Klaytn GC discuss in real-time
  • GC member profiles and their past, current, and new projects
  • KLAY staking deposits and transactions of GC members1
  • Real-time on-chain voting status for Klaytn's ecosystem management and improvement proposals2

"The launch of Klaytn Square highlights our commitment to open and transparent communication with our communities," said Sangmin Seo, Director at Klaytn Foundation. "As the Klaytn ecosystem matures, we look to pursue further decentralization strategies to allow the voices of our communities to be heard through on-chain mechanisms."

Klaytn Square is expected to officially launch in the first half of 2023, alongside a series of proposed governance structure changes in line with the Foundation's eventual aim of decentralizing governance. The Klaytn Improvement Proposal (KIP) 81 proposes an improvement to the current stake-based governance model that grants 1 vote per GC member. More voting power will be granted to GC members holding more KLAY, with an in-built cap on voting power to prevent potential monopolies.

The Klaytn Improvement Proposal (KIP) 82 proposes a renewed GC reward structure through the abolition of the Gini Coefficient, which was utilized to allow all GC members to receive equal chances of receiving block rewards, regardless of the amount of KLAY staked. In future, GC members will receive block rewards and voting power depending on the amount of KLAY staked. Both proposals are made in recognition of the tendency for GC members that hold more KLAY to make decisions that benefit the Klaytn ecosystem in the long run.

In addition, Klaytn Foundation is seeking to introduce the participation of permissionless validators, to strengthen the security of the Klaytn network and increase network effects. The submitted Governance Proposal aligns with the Foundation's momentum in pursuing decentralization strategies.

1. Wallet login access is only available for GC members during beta testing

2. This feature will be supported after the official launch of Klaytn Square in H1 2023

About Klaytn:

Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore, led by the Klaytn Foundation.

Since unveiling its metaverse roadmap in early 2022, the Ethereum-equivalent L1 chain has seen many well-known companies come onboard its metaverse-including game developer and publishing powerhouses: Netmarble and Neowiz. It recently ramped up efforts to lay the foundation for the metaverse and to expand use cases.

Learn more: https://klaytn.foundation/

For media enquiries, please contact:
Kimberley Kok
Corporate Communications Manager, Klaytn Foundation
+65 9189 4648

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145436