Kaia

Kaia

In January 2024, the blockchain merge project, Project Dragon (tentative name), promoted by the Finschia Foundation and the Klaytn Foundation, passed the governance vote, thus founding the new blockchain brand 'Kaia.' Kaia was born out of a desire to make blockchain technology easy to use and accessible to everyone, regardless of background or experience, while maintaining Finschia's existing vision of "Blockchain for All."

The core values of Kaia are community, sustainability, and simplicity as we foster partnerships, engage our community, and spearhead blockchain adoption. To embody these values, we have adopted a stylized ampersand as our brandmark and coin symbol. This symbol represents our role as a facilitator of connections that can spark an explosion of creativity and growth, where Kaia can be more than just a single concept.

Kaia as a Mainnet

• KAIA is the native token of the Kaia chain, used for paying gas fees. KAIA tokens are distributed every block to block validators and community funds to support node operations and ecosystem growth. The validator portion of the block reward comprises the proposer reward for participating in block creation and the staking rewards for the staking KAIA, recognizing both operational and economic contributions.

• Kaia chain, utilizing IBFT (Istanbul BFT) consensus, aims to be an enterprise-grade blockchain prioritizing secure and efficient service delivery. Kaia blocks are generated once every second and are instantly finalized, avoiding temporal uncertainty. In addition, Kaia’s specialized node roles (CN, PN, EN) ensure stable and efficient network operation.

• Kaia chain extends the concept of EOA (Externally Owned Account) to include private key replacement functionality, advanced multi-sig, and role-based access control, and practical account management without the need for smart contracts. In addition, the platform supports the Fee Delegation feature, allowing service providers to sponsor service users for gas without the need for smart contracts.

• On-chain governance drives the Kaia chain. The validators’ voting powers are calculated from the staked KAIA amounts in the staking smart contracts. Based on these voting powers, validators can vote on network configuration changes, fund disbursement, and other agendas, deciding the chain’s future. Anyone can transparently verify that the governance process is transparently happening on-chain smart contracts.

• The Kaia chain utilizes randomized block proposer selection to ensure fairness and mitigate DoS attacks. A VRF (Verifiable Random Function) based on BLS signatures produces random numbers for every block that decides the next block proposer. Since the random numbers are derived from validators’ BLS private keys, it is impossible for any entity to predict them in advance, yet they can be verified against the published BLS public keys.

• Users can delegate their KAIA tokens to validators. By delegating KAIA tokens, the user gives the validator more voting power and helps them earn the block producer qualification. Then, the validator shares the block rewards with the users according to their delegation contributions.

• The priority fee mechanism is introduced to the Kaia chain. When transactions are included in a block, they are first sorted in the order of highest priority fee, then the order of arrival time on the consensus node. Transaction gas fees, comprising the base fee and priority fee, are burned up to the block proposer’s reward limit, contributing to the token’s deflationary model and increasing its value.

KAIA as a Token

Although key technologies from both Finschia and Klaytn will be integrated, the Kaia chain will initially launch on top of the Klaytn network. Therefore, FNSA holders will need to swap their tokens for KAIA tokens through the Kaia Portal. This service, built by the Kaia Foundation, will be available at the time of the Kaia chain launch.

For swapping FNSA tokens to KAIA tokens, please refer to this guideline.