Klaytn Smart Contract Audit – Process

If you are interested in crypto, you may have noticed the Klaytn blockchain project. In brief, it is a ledger whose main purpose is to provide trustworthiness at the enterprise level. The blockchain works on a proof-of-stake BFT consensus mechanism. Klaytn primarily aims to drive mass user adoption of blockchain. Public ledgers have yet to be widely adopted, as many companies are reluctant to benefit from new technology. The Klaytn project team promises that it will be the businesses driving the total adoption of the crypto world.

Shortly, the venture is oriented toward companies and to achieve a massive adoption of ledger technology. Read on to learn all about how it works.

When to Use a Smart Contracts Library

Utilizing a smart contract library for your business project development provides several benefits. 

1. Specialists save time by implementing ready-to-use blocks, which may be imported and set up directly in their ventures, rather than developing code from scratch.
2. Smart-contract libraries deploy standardized coding styles and patterns for pure readable code, making the code much easier to understand.
3. Open-source digital contract libraries are often heavily scrutinized. Furthermore, some libraries undergo external audits for added security. That helps mitigate venture implementation errors.

Yet, there is a risk in using external smart-contract libraries. That is, including unfamiliar code in a developer’s project. That is why you always read the documentation of the code and review it before adding it to your project.

How Does Klaytn’s Blockchain Platform Work?

Klaytn is a robust blockchain platform created on a PBFT, an optimized Instambul BFT version. It has public and private ledger features enabling the physical world app development out of the box and on a large scale. Here are the details of the professional process:

• The Klaytn network shows only one-second block generation time and transaction confirmation. That means that the network manages about 4,000 TPS. Besides, it boasts a gas rate of nearly 1/10 ETH.
• Klaytn is compatible with the EVM. Regarding smart contracts, the platform supports Solidity as the core programming language. The KLVM version is derived from EVM, so they share many similarities.
• Klaytn uses a Proof-of-Stake consensus mechanism to validate the blockchain state. Compared to Proof-of-Work, PoS-based networks are more energy-efficient since they eliminate the use of miners.
• The Klaytn network has DX offerings of integrated development environments on top of interoperability software and a simple-interface platform. Hence, the developer benefits from the network’s immediate responsiveness.
• The network delivers a high-performance development environment to drive mass adoption of blockchain forward. It aims to enhance smart contract security and enables ledger products to enter across enterprises while complying with core blockchain values.

How to Use `Klaytn-contracts` in Your Project

`klaytn-contracts` is typically packaged using npm. To safely install, use the following:

• npm install @klaytn/contracts

Most tools and IDEs for compiling contracts, such as Truffle and Hardhat, will easily access your venture’s `node_modules` folder to implement digital contract packages. So, you can take the next steps to import the “klaytn-contract` contract code directly into your venture:

• // This will load the klaytn-contracts package from node_modules import “@klaytn/contracts/token/ERC721/ERC721.sol”; contract MyNFT is ERC721 { constructor() ERC721("MyNFT", "MNFT") public { } }

How is the Klaytn Network Formed?

Klaytn’s network has a specific infrastructure. It uses a tiered network with role-based node types, optimizing platform performance. The network is split into three sub-networks:

• Core Cell Network (CCN). This subnetwork contains executing and verifying transactions received via EN or Endpoint Nodes. Moreover, the CCN network is accountable for creating and propagating blocks over the chain network.

• Service Chain Network (SCN). These subnetworks contain auxiliary chains separately running via BApps (Blockchain Applications). These are connected via EN to their ledgers named Service Chains or the main network where they operate.  
• Endpoint Node Network (ENN). It is a combination of EN and proxy nodes. ENs serve as endpoints within the network, controlling RCP API requests and processing information sent to the service chains.

What are the Smart Contract Components of Klaytn?

Some various smart-contract elements establish the relationship between the Klaytn Platform and the Solidarity language. Here they are:

• Klaytn Compatible token:

KCT is a smart contract following technical guidelines for those planning to issue a token on Klaytn. On the platform, coin values like KIP7 and KIP17 are indicated. Other KCTs are made to meet particular technical requirements.

• Fungible Token Standard (KIP-7):

Tokens with divisibility homogeneity are called fungi tokens. Each fungible token unit’s value is the same so that they can be exchanged. Besides, a high percentage of ledger-based tokens are fungible. The KIP-7 Token Standard is to integrate these features into digital contracts.

• Non-fungible token standard (KIP-17):

NFT is a form that represents a unique virtual asset. Each non-fungible token is non-divisible. The tokens’ non-fungibility offers new crypto-asset digitizing frontiers. Hence, KIP-17 may be used to incorporate NFT. Furthermore, a wallet interface may be used in the Wallet app. 

For users, the Klaytn ecosystem provides methods to simplify account creation and control, wallet setup, and private key safekeeping.

Klaytn History and Architecture

Klaytn’s mainnet Cypress was introduced in June 2019, aiming to become a service-oriented blockchain platform. Behind the Klaytn developers’ team is PoS venture subsidiary Ground X, part of South Korea’s major platform Kakao. Ground X aims to increase mass blockchain-powered services adoption via a scalable platform providing tangible services.

Klaytn is a BFT-based business-centric blockchain platform with excellent performance. It offers a wide-encompassing ledger application ecosystem with supporting tooling and other automated security tools to equip and allow enterprises to develop apps.

Klaytn addresses all the roadblocks against blockchain adoption today. It deploys an optimized version of the Istanbul BFT, Practical Byzantine Fault Tolerance, to reach the immediate final. Therefore, it allows up-to-date, large-scale applications to be created, fully utilizing the services.

JunSic Youn, the blockchain technology enthusiast and executive director of the Ground X team, stated that with Klaytn, they have the technology and business partners that are likely to scale and serve a massive new user base.

Conclusion

Blockchain platform Klaytn makes an effort to create a transparent and fair crypto space. So if you seek a professional audit company to perform a security scan today, create smart contracts, or test Klaytn business applications, then no need to search more. There is a talented developer staff with extensive experience in audit at Klaytn. They attract and help customers with top-notch services, helping users complete the project they want.

FAQ