Klaytn Implements Fee Delegation Policy for Blockchain Services

• In celebration of first anniversary of its mainnet launch, Klaytn waives transaction fees for all of its partners operating blockchain applications on Klaytn
• Klaytn will extend the policy for any interested developers and service providers seeking to build or run applications on the Klaytn blockchain
• Fee delegation policy valid for the next 1 year...whether the policy would be extended further to be decided later

SEOUL, South Korea, July 8, 2020 /PRNewswire/ -- Klaytn, the blockchain project of Korea's largest messaging-app operator, Kakao (KRX: 035720), today announced that, in celebration of the 1 year anniversary of the mainnet launch, it starts a fee delegation policy for its partners operating blockchain applications on the Klaytn platform. Any transaction fees incurred on Klaytn will be covered by Klaytn on behalf of its partners.

Klaytn is a public blockchain platform whose mainnet 'Cypress' was launched on June 27, 2019. With a mission to drive mass adoption of blockchain, Klaytn is committed to offering high performance, fast response time, and flexible scalability solutions that cater to a wide spectrum of engineering audience, from micro startups to large-scale enterprises. The service provider partners can benefit from Klaytn's efficient hybrid design that combines the best features of both public and private blockchains. To this date, approximately 60 applications are running on Klaytn platform.

In celebration of the first anniversary of its mainnet launch, Klaytn is implementing a fee delegation policy, through which Klaytn pays for all transaction fees on behalf of its developers and service providers that run applications on Klaytn platform. The developers would be able to deploy or execute smart contracts at no cost. Further, any wallet services that support Klaytn's KLAY or Klaytn-based tokens can also have their transaction fees covered by Klaytn so that its users can send or receive tokens at no cost.

Klaytn will be running the fee delegation policy for the next 1 year. Current Klaytn partners are eligible first. After considering network and security issues, Klaytn plans to extend the policy for any interested developers or service providers.

Jason Han, the CEO of Ground X, said, "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 interested 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."

Meanwhile, Klaytn has released the fifth version of Klaytn, Klaytn v1.5.0, along with SDK yesterday. For more information, visit the official Klaytn Medium blog. 

About Klaytn (https://www.klaytn.com/)

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

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SOURCE Klaytn

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