Klaytn, a public blockchain platform focused on the metaverse, gamefi, and the creator economy, has announced a transition to a permissionless validator structure. According to the Klaytn Foundation, this shift aims to improve business opportunities, profit-sharing structures, and network security while ensuring openness, transparency, and censorship resistance.
Under the new structure, anyone can participate in the Klaytn ecosystem as a block validator, as long as they meet minimum requirements that are being finalized. The consensus algorithm will be improved to allow as many validators as possible to participate without compromising network performance.
The permissionless validator structure will pave the way for greater decentralization of the Klaytn ecosystem. Increased validator participation will result in enhanced security and censorship resistance, making it more challenging for malicious attacks like hacking or censorship attempts to occur.
Klaytn’s compensation system for block validators will be based on two factors: the performance of block validation and the amount of KLAY staked. Those who demonstrate strong validation performance and have a larger amount of KLAY staked will receive higher compensation, incentivizing positive behavior and influence on the platform and improving the profit distribution structure.
This proposal to amend Klaytn’s validator structure was approved by the Klaytn Governance Council, an alliance of multinational businesses and organizations committed to platform governance, consensus node operation, and ecosystem growth.
Klaytn maintains its current governance structure, and Governance Council members will remain committed to the platform’s growth. Klaytn’s mission is to create a more competitive ecosystem in the global market and ultimately share its successes with all participants.
In conclusion, Klaytn’s move towards a permissionless validator structure enhances decentralization, transparency, and openness. By allowing more participation in the block validation process, Klaytn aims to build a more competitive ecosystem and improve network security.