Krypton is a blockchain technology-enabled platform that was launched on 18th February 2016. The platform started out as an Ethereum side chain, but following a devastating 51% attack in September 2016, the project did away with the Ethereum base and worked to be an independent proof of work cryptocurrency. At first, the project moved to proof of stake blockchain in 2016 before moving to be a proof of work cryptocurrency.
How Does Krypton Work?
The cryptocurrency allows users the same features as on Ethereum platform including smart contracts, DAOs, Dapps, and DACs. However, the coin is offered at a lower price. In Ethereum transactions, this kind of fees is known as Gas. It is spent according to the computational costs meaning that if the price of Ether is high, the costs will also be high and vice versa.
The platforms aim is to offer inalterable smart contracts that cannot be affected by political forces. The platform hopes to specialize in coding distrusted applications for business systems and internet of things devices. It also aims to provide an easy means by which decentralized autonomous organizations (DAO) can be registered, smart contracts can be created, and distributed applications (DAPP) can be built. Decentralized autonomous organizations (DAOs) allows people to invest money in exchange for decision-making rights. DAC which means distributed autonomous corporation is a subclass of DAO. Shares in a DAC are purchasable and tradable, and the shares entitle their holders to a dividend based on the performance of the DAC.
A smart contract is a piece of code within a DAPP that runs forever unless it was programmed to self-destruct. Pre-written contracts are used in smart contracts for the execution of preselected actions without the need for additional input. DAPP, on the other hand, means decentralized applications and are very similar to smart contracts. However, they have two differences. Firstly, decentralized applications have an unlimited number of participants, and secondly, they are not always financial.
The KR Coin
The KR coin will be the blockchain of choice upon which the DAPPs will be run. Krypton will also code private blockchains as per customer requests. The KR coin was also planned with a smaller initial token release with lower inflation at 1 coin per minute which is created through proof of work and a faster speed of 15-second block time than Ethereum.
The proof of stake allows users to make more KR coins without the need to have mining equipment. Every 64 seconds sees the creation of 0.25KR. Investors only need to put a few KR coins in their wallet, leave it open and unlocked for staking to see their KR multiply.
The founder of the coin had experience in areas to do with tech, engineering, travel, finance, and entertainment and chose to focus on building the startup to assist firms to realize their distributed applications. The practical uses of the technology will see the platform being used for smart contracts and in future, customize blockchain solutions for Fin Tech and IoT devices. The platform is set to become the best public blockchain solution for individuals and businesses.