- The Klaytn Foundation has announced significant changes to the blockchain tokennomics and governance system.
- New Initiative Hopes to Boost Blockchain stability and decentralization.
Klaytn, South Korea’s leading Layer 1 blockchain, is set to undergo a series of changes to its governance system and token economy.
According to the Klaytn Foundation, the new system will boost the technical capabilities, stability, and decentralization of the Klaytn network.
The changes are in line with the blockchain governance roadmap, which was unveiled at the time of the Clayton mainnet launch in 2019.
The Klaytn Foundation will take control of the Crust Universe
According Advertisement Per Klaytn, the changes introduced by the Klaytn Foundation will improve stability, Decentralizationand the technical capabilities of the Klaytn blockchain ecosystem.
Klaytn has gone through growth and stabilization phases and is currently in its decentralization phase, which is the final step on its governance roadmap.
In accordance with the proposed changes, the Foundation will establish a communication channel that allows a greater participation of its community in the process of governance of the network.
In addition, the Klaytn Foundation will assume operational control of the network from its original developer, Crust Universe. Its goal is to expand its reach and capabilities to support the development of new applications and services on the web.
In addition, the Foundation will make an offer The Klaytn Ruling Council outlines key changes to its token economy. The Governing Council will vote on it from February 22 to 28.
Commenting on the proposed changes, Dr. Sangmin Seo, representative director of the Klaytn Foundation, said:
“With our new initiative, Clayton Blockchain has the opportunity to take another step towards decentralization. The Foundation remains steadfast in its commitment to advancing blockchain technology, building community trust, and continuing to work toward decentralization.
The massive increase in the value of the native KLAY token suggests that opportunistic traders are struggling to capitalize on the growth of Klaytn.
The 24-hour trading volume of the token increased by more than 20%. At the time of writing, KLAY was trading at $0.30, an increase of more than 7% from the previous day.