Klever Blockchain: A new paradigm in consolidating blockchain tools inside of the same ecosystem
We have already been writing how to setup a Klever testnet validator (it is in fact being quite interesting, specially in terms of setting up a 2nd and 3rd backup server, tweaking the configuration files) and how to monitor it:
Setting up a Klever Testnet Node
In this article we will go through the process of setting up a Klever testnet node. Of course, the official guide has…
Setting up a Grafana Monitor Dashboard for Klever Testnet
Dear readers, let’s get it straight to the point. That is, we want to have a simple monitor for a Klever Testnet…
Now, we would like to go deeper into understading what is Klever now, what it is going to be and what the plans are.
Klever is Crypto made simple. That, of course has many implications since, when we talk about crypto, we are indeed talking about many uses, applications, assets, technologies, etc. Let’s see what Klever is offering.
And, where is the user left there? Well, the user is left in the middle of a complex web of apps, chains, assets and changes that prevent (partially) the mass adoption to happen.
The internet has meant that were centralized finance was happening, now we have a chance to really decentralize it. That is what DeFi indeed is: DEcentralize FInance. This, itself, opens the door for anybody, no matter the origin, country or financial knowledge.
This has been indeed addressed this week by the White House:
Executive Order on Ensuring Responsible Development of Digital Assets | The White House
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is…
So, ensuring security, privacy and compliance should be coupled with a blockchain that really makes this technology affordable and available for just anyone.
KleverChain has pioneered there in offering a fast and reliable experience, for all users, globally.
Not just considering blockchain as a tech-savvy-gizmo, but linking it with real products and real world processes, supported by crypto wallet, crypto exchange, browser, staking, payment channel, loan, liquidity pool, decentralized finance, supply chains, logistic records, notary, saved value, gift cards, rewards, loyalty programs, collectibles, banking, digital ownership, and more.
The L1 Klever blockchain technology is based on a Proof-Of-Stake algorithm (PoS), oriented in such a way that enables scalability with a starting value of 2000 TPS (transactions per second). This can be increased over time, according to the blockchain’s needs and number of users. To make a comparison, VISA can handle nowadays 65000 transactions per second but the scalability there is much harder to achieve and is dealing today with about 1700 transactions per second.
Let’s go through the different components of the Klever Ecosystem:
Klever-apps or Kapps
Not being a closed ecosystem, but offering developers the chance to delevop applications that run on-chain, based on Klever, this expands possibilities considerably.
Tools to create applications with native functionality on-chain will be there, not just the common smart contracts being offered … you know … somewhere else :)
As other chains have been doing lately (i.e. Aleo), to be sure that developers can shorten their developing cycles, an SDK will be released. Having been using SDKs for other non-blockchain related projects, I can sincerely say that it is a game-changer for developers.
Take a look here if SDK does not ring a bell for you:
Software development kit - Wikipedia
A software development kit ( SDK) is a collection of software development tools in one installable package. They…
Basically it enables the development to have a safe ground on which development can happen.
In this mass adoption path, Klever will go beyond the traditional (well, it is starting to be so…) DeFi and give support to traditional industries as well. How? Why? With SDK and applications needed by those other industries were i.e. information, traceability and immutability have to be ensured: logistics, quality tracking, notary documents, personal health insurance documents, etc.
What are the the products from Klever that empowers both developers and companies to adopt this blockchain technology? Here, Klever comes with a smart solution: instead of smart contracts, ready-built apps are offered, giving direct access to Klever’s functionalities:
- Swap assets on-chain
- Mining of liquidity
- LP or liquidity pools
- Username and domain sale and registration
- Digital identity, which can have thousands of uses in the context of social media
- NFT marketplace. Think about the power that has in the context of gaming apps.
- Loans and collaterals for other digital assets
- Decentralized exchange. My favourite
The native token of Klever is KLV but, inside of the very same blockchain, additional assets can be created. This can be made by just anyone, for a certain price (now 10,000KLV)
Think of these digital assets as a tokenized version of the asset that needs securing in the blockchain. For example:
- DeFi Projects
- Governance of a community through its tokens
- Supply chain inventories
- Loyalty programs of a shop or an airline
- Gift or discount cards
- Game assets giving additional powers for that game
- Oficial documents
- NFTs bound to artworks
The list has no end. For example, let’s consider that a certain Football club wants to take certain decisions through its members. This can work on an extremely easy way through a tokenized asset bound to that football club.
That is indeed what happened with Atlético de Madrid token. It can be used for voting but can be swapped as well for other digital assets in the KLEVER Blockchain such as KLV, BTC, ETH, USDT or their Klever wrapped versions.
Once again, possibilities are endless.
The native token of KLV itself enables the following:
- Storing value in the chain
- Make peer-to-peer payments using KLV
- Pay fees in the chain: exchange, transfer, swaps, etc.
- Provide liquidity to liquidity pools
- Create the aforementioned digital assets on the chain
- And, of course, run a node with owned or delegated tokens
There is an additional native token inside of Klever, namely KFI. It is used for the blockchain governance. So KLV is the utility one, and KPI is the governance token.
Daily use tools
Klever comes with a complete set of daily use tools like:
- Software wallet, both desktop and mobile
- Klever marketplace for NFTs
- Klever exchange
We all know these from the blockchain technology itself, but in the case of Klever, they come coupled with the mentioned ecosystem, and not just a single point of service.
This is worth some explanation. As we have shared on our previous medium article, the Klever validators testnet is ongoing.
Validators play an important role in securing the chain. Not just its assets (KLV) but giving the physical (hw) and logical (sw) support to the execution of the blockchain transactions and all the tools that run on top of it.
The consensus algorithm of the PoS that Klever runs on picks 21 producers each epoch (now at 6 hours). These numbers, of course can be changed over time through the corresponding governance proposals.
Masternodes are essentially full nodes on the network that receive incentives and rewards for operating and performing actions on the blockchain. They earn rewards when they confirm (sign) those blocks.
For the time being, rewards are 50% of fees paid by users and, as well, profitability is achieved through burning an additional 50% of the fees. Token burning has proven as a successful way of increasing profitability, balancing inflation at the same time.
To become a Masternode, KLV staking must happen, so the Masternode itself has its skin on the game.
As it is happening right now in the testnet, 21 masternodes come into play on each round but, for mainnet, it will be 21 Klever masternodes that will provide the initial bootstrapping. Once the chain becomes stable, participation of external Validators will be enabled.
Now that we have seen that Klever is not just a blockchain but an extremely complete and well thought ecosystem, it is time to point out its main advantages, some already available, others coming in the future according to the roadmap of the chain:
- Fast development of new dapps. Dev tools are there.
- The blockchain itself comes with ready-to-use tools. Secure, audited, complete.
- APIs that can be integrated into non-blockchain projects that need blockchain functionality
- No need to run a node as a developer, shorthening thus developing times. Those who master coding sometimes do not master Linux native or docker-bound containers.
- Huge, global and growing community
- Clearly traced roadmap
- Team coming from non-blockchain industries, binding the ‘real’ world with the blockchain technology.
Don’t forget to take a look at Klever’s roadmap here, to know what is coming and what has been implemented so far:
Roadmap | Klever Finance
Roadmap 2020 Q1 Klever Multi Token Swap Reduce and Pay Swap Fees with TWX Add Ethereum ERC20 tokens support Q2 Klever…
You will be totall y amazed to see how each part of the roadmap really matches its gear speed with the previous steps.