Klaytn Foundation Unveils New Governance Measures for Increased Community Involvement and Transparency

SINGAPORE, Feb. 19, 2023 /PRNewswire/ -- The Klaytn Foundation, established to build and decentralize the ecosystem of South Korea's leading Layer 1 blockchain Klaytn, is announcing a new governance system that will further enhance the technical capabilities, sustainability, and decentralization of the Klaytn blockchain ecosystem.

Working alongside the Klaytn Governance Council (GC), the Foundation will continue its ongoing transition to a permissionless validator structure, providing opportunities to the general public to participate as block validators, while encouraging various decentralized projects to operate on the Klaytn platform. The Foundation will also introduce a communication channel for Klaytn's community members to participate in decision-making processes. These initiatives align with Klaytn's Governance Roadmap, introduced at the launch of the Klaytn Mainnet in 2019. By fostering a more inclusive and open ecosystem, the Klaytn Foundation aims to support the development of a reliable and sustainable blockchain mainnet for developers and the wider community alike.

In light of the aforementioned organizational changes, the Klaytn Foundation will present a revamped tokenomics proposal for GC voting starting February 22nd through February 28th. This includes a proposal on handling the uncirculated (reserve) KLAY tokens in response to community feedback. Finalized agendas and proposals will be made public once voting has concluded. In addition, Klaytn Foundation looks to reveal on February 27th Klaytn's roadmap for 2023 and beyond, which outlines key governance, ecosystem and tech initiatives. Through these proposed changes, the Klaytn Foundation is committed to advancing the growth and development of the Klaytn ecosystem while prioritizing transparency and community participation.

Fulfilling Our Long-Term Vision for Ecosystem Sustainability

Based on the Governance Roadmap established at the time of Klaytn's mainnet launch in 2019, Klaytn has gone through the Development and Stabilization Phases, during which it built a stable ecosystem and improved mainnet operations. As of 2023, Klaytn is currently in its Decentralization Phase, the final stage of its Governance Roadmap. It aims to increase community involvement in decision-making processes and further improve its technology and consensus algorithms to become an inclusive and open blockchain ecosystem.

Announcing New Measures to Enhance Decision-making, Transparency, and Communication Via Klaytn Square

As the Foundation becomes more focused on its primary purpose of building the Klaytn blockchain ecosystem, there will be new changes to the existing governance structure. As before, the Foundation will continue to serve as a decision-making mediator for Klaytn ecosystem expansion projects, and will propose major agendas for the Klaytn platform by collecting feedback from various ecosystem stakeholders on new technology applications and business directions. These agendas will be determined through on-chain voting by GC members, and the Foundation will facilitate and manage GC members' participation in the process. In conclusion, GC members' decision-making authority over Klaytn blockchain business will be further expanded, and the Foundation will promote various projects necessary for ecosystem expansion based on GC members' decisions rather than its own.

In particular, the Foundation will strengthen governance transparency by disclosing GC on-chain voting agendas and statuses in real-time through the Klaytn Square governance portal. Launched in beta in November 2022, Klaytn Square is set to officially launch in the first half of this year. Concurrently, the Foundation plans to accelerate the transition to a permissionless blockchain, which was approved by the GC in December 2022, and open up the block verification process within 2024. This will allow general validators who stake a to-be-determined amount of KLAY on the Klaytn mainnet to be able to develop and operate various Klaytn-based decentralized services utilizing not only validation but also the scale of their deposits.

The Klaytn Foundation will also establish appropriate communication channels for the Klaytn community to participate in governance and decision-making matters. Information on ecosystem funds, investments, news, and technological advancements will be available to the public through Klaytn Square, and the community will have the opportunity to collaborate on GC member selection and governance agenda decisions through the portal.

Expanding Klaytn Foundation's Capabilities

As a part of this process, Klaytn Foundation also looks to expand its scope and capabilities by fully taking on all Foundation operations from March 1st 2023 from Krust Universe - the original developer of the Klaytn platform. As the parent company of Ground X, the subsidiary that developed the Klaytn blockchain, Krust Universe has been supporting and incubating Klaytn's growth in its Development and Stabilization Phases until the Klaytn mainnet platform can be activated independently on a community basis. With its enhanced capabilities, the Foundation will be better equipped to support the development of new applications and services on the Klaytn network, ensure the continued growth of the ecosystem, and drive its decentralized agenda.

Krust Universe will continue to help grow the Klaytn ecosystem by focusing on real-world application projects of Klaytn's blockchain technology, including the Bank of Korea's Central Bank Digital Currency (CBDC) project. To ensure the smooth execution of existing projects, key personnel of Krust Universe's major businesses, including the CBDC project, will continue to perform their duties without any changes.

As a participant of the Klaytn ecosystem, Krust Universe also plays a role in supporting decentralization and expanding the use cases of the Klaytn platform and KLAY. Furthermore, as a bridge between Web 2.0 and Web 3.0, Krust Universe will support Klaytn GC members such as Kakao, Kakao Pay, Kakao Entertainment, and GroundX to participate in governance activities. Krust Universe will maintain close cooperation with the Foundation as necessary to expand the Klaytn business.

Dr Sangmin Seo, Representative Director of the Klaytn Foundation, said, "With our new initiatives, the Klaytn blockchain has an opportunity to take yet another step towards decentralization. The Foundation remains steadfast in its commitment to advancing blockchain technology, fostering community trust, and relentlessly working towards decentralization."

About Klaytn Foundation

Klaytn Foundation was established in 2020 to expand the ecosystem of Klaytn, a global Layer 1 blockchain platform, and has since been actively collaborating with its Governance Council members worldwide. Klaytn Foundation facilitates the adoption and development of new technologies to ensure that Klaytn fulfills its role as an open, trusted, and sustainable blockchain platform for developers and users alike. It also facilitates decision-making to ensure that the ecosystem continues to expand optimally in the rapidly changing blockchain landscape. In line with its long-term Governance Roadmap, Klaytn Foundation plans to fully implement the Decentralization Phase of the Klaytn blockchain in 2023 and beyond.

For press enquiries, please contact:
Kimberley Kok
Corporate Communications Manager
Telegram ID: @kimberleykok
Email: kimberley.kok@klaytn.foundation