Klaytn Will Undergo a Hard Fork Upgrade and Destroy Nearly Half of Its Tokens

On April 13th, it was announced that the Korean blockchain project Klaytn will undergo a hard fork upgrade on block number 119750400 (April 17th), while destroying approximately half of the total supply of tokens, approximately 5.28 billion KLAYs (worth $1.3 billion).

Klaytn will destroy half of the total supply of tokens, worth approximately $1.3 billion

Introduction

On April 13th, the Korean-based blockchain project, Klaytn, announced it will undergo a hard fork upgrade on block number 119750400, to destroy approximately half of the total supply of tokens, nearly 5.28 billion KLAYs worth $1.3 billion. This upgrade aims to address the token’s value and increase the platform’s efficiency. In this article, we will discuss the Klaytn project, the hard fork upgrade, and what it means for users.

What is Klaytn?

Klaytn is a blockchain-based platform developed by GroundX, a subsidiary of the South Korean internet giant, Kakao. It aims to provide a blockchain service that is easily accessible and user-friendly. Klaytn’s features include smart contract execution, an account system, and a decentralized application (DApp) store.

What is a Hard Fork Upgrade?

A hard fork upgrade is a significant change to a blockchain network’s protocol, which results in a permanent diversion from the existing blockchain. This upgrade requires all users to migrate and adopt the new protocol. When a hard fork happens, transactions on the network are split into two parts; one following the old rules and one following the new rules.

Why is Klaytn Having a Hard Fork Upgrade?

Klaytn’s hard fork upgrade aims to destroy nearly half of its total supply of tokens to address the price decline and increase efficiency. The token’s price has declined since its all-time high value, causing concerns among investors. The destruction of tokens will reduce supply, potentially increasing demand and increasing the token’s value. The upgrade will also increase Klaytn’s efficiency by removing stagnant accounts and transactions to optimize network performance.

How Will the Hard Fork Affect Klaytn’s Users?

Klaytn’s hard fork upgrade will not affect its users’ wallets or account balances. However, users must install the latest version of the Klaytn wallet to continue using the platform after the hard fork. Users should also be aware that some DApps may only be accessible on the new version of the platform. Furthermore, the hard fork may result in some temporary network instability during the transition period.

Conclusion

The hard fork upgrade of Klaytn is an essential step in ensuring its future success as a blockchain platform. This upgrade will address various concerns and optimize network performance, benefiting its users in the long run. To prepare for the hard fork, users should install the latest version of the Klaytn wallet and be aware of the DApps’ accessibility on the new platform.

FAQs

Q1: Will Klaytn do any further hard fork upgrades?

It is unknown if Klaytn will do any further hard fork upgrades in the future. However, with blockchain technology constantly evolving, it is possible.

Q2: Will Klaytn’s hard fork upgrade affect other cryptocurrencies?

No, Klaytn’s hard fork upgrade will not affect other cryptocurrencies.

Q3: Can I still access my Klaytn account during the hard fork upgrade?

Yes, you can still access your Klaytn account during the hard fork upgrade. However, you must install the latest version of the Klaytn wallet and be aware of any DApps’ accessibility on the new platform.