What is KLX and how does it work?

Disclaimer: The text below is a press release and is not part of Cryptonews.com editorial content.

Kalima Blockchain is a third-generation layer-1 blockchain for IoT (Internet of Things) and enterprise. It is a rapidly expanding ecosystem that enables enterprises, developers and startups to build the future of Web3.0, enterprise and data governance applications, especially 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, create dApps on the Blockchain, pay transaction fees and acquire nodes. KLX stakers will secure the entire network and earn rewards in proportion to the amount of KLX they have staked.

Tokenomics

The KLX has a limited maximum supply of 480,000,000,000 KLX. The max power will never be modified by the Kalima DAO.

In addition, a halving mechanism will reduce KLX emissions with, for each new issuance 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 amount of tokens released (in yellow), corresponding to foundation tokens, staked tokens, and tokens in circulation. 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 put in place.

The initial distribution of the KLX is as follows:

• 3.125% allocated to the initial sale of seeds
• 15.625% allocated to private sale
• 41.25% allocated to the reserve

Tokens allocated to the reserve are considered non-circulating at the start 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 undertakes not to use more than 4,000,000,000 KLX per year, over one year, corresponding to 0.8% of the total supply on the reserve.

KLX roadmap

After successful private sale rounds, with €5 million worth of KLX sold, the KLX is listed on the BitMart CEX as an ERC20 token on the Polygon network.

When the Kalima MainChain launches in 2024, the KLX token will transition from an ERC20 token to a native KLX token on the Kalima network. Every ERC20 holder will be able to convert their ERC20 token into a native KLX token.

How does Kalima work?

The Kalima network

The Kalima network is a decentralized network with community governance. The Kalima network is made up of validating pools, validating nodes and is based on the Kalima Blockchain technology. It is a living network based on the Kalima protocol with the fundamental pillars of modularity, security and scalability. Kalima Network is made up of the “Kalima MainChain” and several “PrivaChains”.

What makes Kalima Blockchain unique

Kalima Blockchain is a blockchain network with the ability to host decentralized applications.

Kalima Network is designed to manage very large amounts of sensitive data generated by industries and to have a smart contract capable of managing real-time data at the edge. PrivaChains are able to connect to each other 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 for Bitcoin, the Kalima network is expected to have a big impact on widely adopted networks, driving the overall adoption of Kalima.

Anyone who needs a network to interconnect people, things and services can use the 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 central idea of ​​the Kalima network is to be a plug-and-play platform for anyone who wants to create or use enterprise decentralized applications (dApps).

How to use KLX?

The KLX can be used in many 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 consensus or create dApps on the network.

Securing the network

Kalima uses a unique Delegated Proof of Stake (DPoS) mechanism to secure the network. Kalima’s central consensus is a proof of authority derived from Raft. The combination of these two consensuses leads to the need for two types of validator nodes: validator nodes and master nodes.

Master nodes are validator nodes that store the entire ledger set.

These validating nodes oversee the integrity of transactions and the immutability of blockchain data.

These nodes are grouped into Validation Pools:

Validation groups

To open a validation pool, users will need to have staked 120,000,000 KLX.

To operate validator nodes or master nodes, the pool must have a certain number of KLXs staked, either by itself or by stakers in the Kalima network.

• 40,000,000 KLX per master node
• 4,000,000 KLX per validator node

For validation and network security work, validation pools are rewarded as follows:

• 1 KLX is issued per block for each validation performed by a Master Node
• 0.1 KLX is issued per block for each validation performed by Validation Node

These validation rewards will decrease over time with the halving effect. Block rewards are distributed equally between validator nodes and master nodes, in each chain of the Kalima MainChain and in each PrivaChain, all validation pools maintain the same weight over time. (Learn more about validation pools.)

Staking

If you don’t want to be a validator or don’t have the resources, you can delegate your KLX to a validation pool. This delegation process is called staking in the Kalima network. Validation pools share their earned rewards with their bettors, which encourages holders to continue participating in the consensus.

Staking is the process of locking KLX tokens onto the chain in order to secure the entire Kalima network. For doing this, bettors will earn rewards. KLX tokens can be self-delegated directly by a validator or validation pool, or be delegated by a holder to a validation pool.

When a KLX holder decides to delegate, their KLX will be randomly distributed among the different validator nodes and master nodes. In other words, delegators will not themselves choose which validation pool they wish to delegate their KLX to. The Kalima Protocol will assign each bet randomly. This mechanism will help in the decentralization of the network and prevent a commit 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 planned for the first quarter of 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 2^n/a2023 and the bridge date 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 maximum staking duration (i.e. February 2 to Bridge launch day).

Rewards will be distributed monthly for 12 months after the bridge, for the launch of the Kalima MainChain and the exchange from KLX ERC20 to native KLX.

Any token not staked before the bridge 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 enterprise and IoT. KLX is the ecosystem fuel that powers the entire Kalima network.

Transaction fees with Kalima are €0.00025 per Kb, paid in KLX.

To own a PrivaChain, validation nodes must be created and therefore a certain amount of KLX must be staked per node:

• 8,000,000 KLX per master node
• 2,000,000 KLX per validator node

Owning KLX is the only requirement to leverage the Kalima network, power a 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 for buying crypto. But before you can buy KLX, you will need to open an account and verify your identity.

2. Buy USDT or load your wallet with USDT on BitMart

KLX will be paired with USDT, you will need to get USDT to buy KLX. For this you have two options, buy USDT on BitMart or load 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 keep it in your BitMart account