What is Klaytn?
KLAY is the native utility token for Klaytn, a blockchain services provider with the goal of integrating blockchain applications (BApps) and solutions into legacy business infrastructure. Klaytn provides a user-friendly interface to build and deploy BApps and integrate with ecosystem services including non-custodial Klaytn Wallet and Samsung KlaytnPhone. KLAY is used across the Klaytn ecosystem as a means of payment for services. Klaytn uses both public and private blockchain technology in a hybrid model. Public blockchains are used to maintain decentralization of data, and facilitate voting within the Klaytn Governance Council. Private blockchains are used to improve scalability and reduce latency, while providing centralized security for sensitive data.