What is KLX and how does it work? #KLX #workNews Headlines
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Kalima Blockchain is a layer 1 third generation blockchain for IoT (Internet of Things) and enterprises. It’s a rapidly expanding ecosystem which enables enterprises, developers, and startups to build the future of Web3.0, Enterprise, and Data Governance applications, specifically with IoT data, to solve real-world problems.
What is the KLX ?
The KLX is the native utility token of the Kalima Network. The role of the KLX token is to maintain, secure, and operate the Kalima network. It can be used to hold, send, spend, stake, build dApps on the Blockchain, pay transaction fees, and acquire nodes. KLX stakers will secure the entire network and earn rewards proportionally to the amount of KLX they have staked.
The KLX has a limited max supply of 480,000,000,000 KLX. The max supply will never be modified by the Kalima DAO.
In addition, a “halving” mechanism will reduce KLX emissions with, for each new issue of 16,000,000,000 KLX, a halving of the validation reward. The Kalima Foundation will also be able to “burn” KLX. The supply of KLX will therefore be reduced over time to control inflation, avoiding dilution for KLX stakers.
The initial KLX supply release curve below shows an estimate of the liberated amount of tokens (in yellow), corresponding to the foundation’s tokens, staked tokens, and circulating tokens. The circulating KLX (in gray), corresponds to the liquid KLX available on the market. These curves are based on a staking hypothesis estimating a release of 80% of all KLX, and highlight the effectiveness of the mechanisms implemented.
The initial distribution of the KLX is as follows:
- 3.125% allocated to the initial seed sale
- 15.625% allocated to the private sale
- 41.25% allocated to the reserve
The tokens allocated to the reserve are considered non-circulating at the beginning of the project and are managed by the DAO to ensure:
- Compliance with European regulations on crypto-currencies in terms of liquidity.
- Exceptional expenses
The foundation will not to use more than 4,000,000,000 KLX per year, over a year, corresponding to 0.8% of the total supply on the reserve.
Following successful private sale rounds, with €5 million of KLX sold, the KLX is listed on the BitMart CEX as an ERC20 token on the Polygon Network.
When the Kalima MainChain is launched in 2024, the KLX token will swap from being an ERC20 token to becoming a native KLX token on the Kalima Network. Each and every ERC20 holder will be able to convert their ERC20 token to the native KLX token.
How does Kalima work ?
The Kalima Network
The Kalima Network is a decentralized network with a community-based governance. The Kalima Network is composed of validation pools, validation nodes and is based on the Kalima Blockchain technology. It’s a living Network relying on the Kalima protocol with the core pillars of modularity, security, and scalability. Kalima Network is composed of the “Kalima MainChain” and multiple “PrivaChains”.
What makes Kalima Blockchain Unique
Kalima Blockchain is a network of blockchain with the ability to host decentralized applications.
Kalima Network is built to handle very large amounts of sensitive data generated by industries and to have smart contract that can manage data in real-time at the edge. The PrivaChains are able to connect to one another as well as to other leading public chains (Tezos, Lightning Network and soon Polygon and Cosmos hubs). Also acting as a layer 2 or 3 to Bitcoin, the Kalima Network is expected to have a great impact on widely-adopted networks, boosting Kalima’s overall adoption.
Anybody needing a network to interconnect people, objects and services can use Kalima network. Objects can be devices such as Android and iOS devices, supercomputers, small IoT gateways, LoRaWAN gateways, industrial networks etc. People can be connected using mobiles, tablets, smart watches and web interfaces. Services can be AI processes, deep learning, big data, reporting tools and more. The core idea of the Kalima network is to be a plug-and-play platform for anyone who wants to build or use enterprise decentralized Applications (dApps).
How to use KLX ?
The KLX can be used in several ways in the Kalima Network, you can run a validator node to contribute to the security of the entire network, stake your KLX to contribute to the consensus, or build dApps on the network.
Securing the network
Kalima uses a unique Delegated proof-of-stake (DPoS) mechanism to secure the Network. Kalima’s core consensus is a Proof of Authority derived from Raft. The combination of these two consensuses results in the need to have two types of validation nodes: Validation Nodes and Master Nodes.
Master Nodes are validation nodes that store the complete set of the ledger.
These validation nodes oversee the integrity of transactions and the immutability of blockchain data.
These nodes are regrouped in Validation Pools :
To open a Validation Pool, users will need to have 120,000,000 KLX staked.
To operate Validation Nodes or Master Nodes, the Pool must have a certain amount of KLX staked, either by itself or from the Kalima Network’s stakers.
- 40,000,000 KLX per Master Node
- 4,000,000 KLX per Validator Node
For network validation and security work, Validation Pools are rewarded as follows:
- 1 KLX is issued per block for each validation made by a Master Node
- 0.1 KLX is emitted per block for each validation made by Validation Node
These validation rewards will decrease over time with the halving effect. Block rewards are divided equally in between Validation Nodes and Master Nodes, in each chain of the Kalima MainChain and in each PrivaChain, all validation pools retain the same weight over time. (Learn more about validation pools.)
If you do not wish to be a validator or do not have the resources required, you can delegate your KLX to a validation pool. This delegating process is called staking in the Kalima Network. Validation pools share their earned rewards with their stakers, which encourages holders to keep participating in the consensus.
Staking is the process of locking KLX tokens on the chain as a mean of securing the entire Kalima Network. For doing so, stakers will earn rewards. KLX tokens can be self-delegated directly by a validator or a validation pool, or be delegated by a holder to a validation pool.
When a KLX holder decides to delegate, his KLX will be randomly split between the different validation nodes and master nodes. In other words, delegators will not choose themselves the validation pool in which they want to delegate their KLX. The Kalima Protocol will attribute each stake in a random fashion. This mechanism will help the decentralization of the network and will prevent one validation pool from having too much staking power and centralized control in the network.
Pre-Bridge Staking :
KLX holders will be able to stake their tokens before the KLX token bridge from the ERC20 standard to the native KLX standard on the Kalima MainChain. The bridge is scheduled for Q1 2024.
Staking ERC20 tokens will help build and secure the Kalima Blockchain network, creating a robust staking pool ahead of the launch of the Kalima MainChain.
Between February 2nd, 2023 and the date of the bridge scheduled for Q1 2024, KLX holders will be able to stake their tokens in the “Pre-Bridge staking” program.
The longer the tokens are staked, the higher the reward will be, with a maximum return of 10% for a maximum staking duration (i.e. from February 2nd to the day of the launch of the Bridge).
The rewards will be distributed monthly for 12 months after the bridge, for the launch of the Kalima MainChain and the swap of the KLX ERC20 to the native KLX.
Any pre-bridge un-staked token will not bring any reward.
Building on Kalima
Kalima provides an interoperable, scalable, secure, and decentralized Network that eliminates high transaction fees and scalability issues to open up new use cases for enterprises and IoT. The KLX is the fuel of the ecosystem that allows to power the entire Kalima Network.
The transaction fees with Kalima are of 0.00025€ per Kb, paid in KLX.
To own a PrivaChain, validation nodes must be created and thus a certain amount of KLX must be staked per node:
- 8,000,000 KLX per Master Node
- 2,000,000 KLX per Validation Node
Owning KLX is the only requirement to build on Kalima Network, power decentralized application, run smart contracts and acquire nodes for PrivaChain owners.
How to buy KLX ?
Kalima is listed on the BitMart exchange and is the first CEX to list the KLX token.
1. Create an account on BitMart
Your BitMart account acts as a gateway to buying crypto. But before you can buy KLX, you’ll need to open an account and verify your identification.
2. Buy USDT or charge your wallet with USDT on BitMart
The KLX will be paired to USDT, you will need to get USDT to buy KLX. For that you have two options, buy USDT on BitMart or charge your BitMart Wallet with USDT
3. Buy KLX on BitMart
You can now buy KLX on BitMart, store it in your personal crypto wallet or simply hold it in your BitMart account