Project Review: Kyve Network
About Kyve Network:
Kyve Network is a decentralized archival network that reconstitutes data streams as permanent resources. Any generated data stream — for example, a sequence of blocks from a blockchain — is standardized, proven valid, and stored permanently. KYVE secures the scalability, immutability, and availability of these resources over time.
In an easier understanding, Kyve supports most chains currently to standardize, combine, validate and store data/information permanently. With this method, data on chains will be secured and process speed of new data will be highly increased.
KYVE offers a solution in decentralized archival framework, which compacts any configurable data stream into readily retrievable reminders. Using Arweave to create permanent backups, KYVE ensures the longevity of this data. Naturally, data is useful only to the extent that it can be proven valid, especially when it is to be stored immutably. Invalid data can be the result of faulty transmission or storage processes, or a result of interception by malicious actors. With this, any errors that may have occurred at previous junctions along a data element’s lifecycle are gracefully caught and handled by KYVE’s built-in and fully configurable validation step.
- Arweave Protocol: A protocol that offers permanent and decentralized storage. The centralized web as we know is impermanent and prone to erasure. Moreover, there are some critical issues such as hard drives failure, offline services and information shortage. Web 2.0 systems are not designed to leverage data’s replicability. As a result, single points of failure are commonplace. On the other hand, Arweave protocol is conceived at base to maximize rates of data replication across a distributed network of participating resources, alongside a clever endowment structure to insure the cause in perpetuity. The implications of a permanent, storage-first web are rangy, no doubt enabling KYVE’s vision.
- KYVE Protocol: KYVE’s architecture features 02 main components. The first is an autonomous governance system that handles “breaches of contract”. Governance functionality is enabled by way of staking and slashing $KYVE, ensuring participants behave in harmony with the network’s objectives. The second is a computational layer that allows for participants to run customizable nodes. In exchange for $KYVE, nodes run various tasks. Inheriting from core KYVE logic, these nodes validate, standardize, and archive data streams.
- KYVE Pools: Pools can be created by anyone, configured to fetch data from anywhere, and orchestrate day to day operations amongst network participants. Indeed, each pool takes the form of a DAO that is powered by SmartWeave, the Arweave smart contracting language. Node operators are synonymous with pool participants, who are organized into receiving data streams, running computations on them, and writing results to Arweave. If certain criteria are met, pools also distribute $KYVE tokens to designated uploaders and validators. There are now 16 pools on KYVE, including famous chains such as Bitcoin, Solana, Avalanche, Solana, Celo, etc.
III. Tokenomics & Ultilities:
With $KYVE, users can participate in the Governance of the blockchain, voting for which pools can be created, controlling the treasury and how the treasured $KYVE is used, bringing forward new proposals for improving the protocol, and more.
A storage pool requires protocol nodes that upload and validate data. To ensure that nodes upload correct data and validate honestly, the protocol nodes have to stake $KYVE. Nodes are rewarded with $KYVE based on their staking amount.
A storage pool requires funding in $KYVE and can be provided by anyone. The funding gets paid out to the protocol nodes active in the pool, and also is what allows users to access the data. If a pool runs out of funds, it stops. This is a crucial part of KYVE’s token economics.
By delegating to a node, you help to secure the network. Delegation is a form of staking which does not require you to run your own node. Delegation in support of protocol nodes also allows users to generate rewards. At KYVE, you can delegate to both protocol and chain nodes, allowing you to have multiple ways of earning rewards for your tokens.
IV. Team & Backers:
For the Kyve Team:
CEO and Co-founder of Kyve Network is Fabian Riewe. As a blockchain developer, Fabian established Kyve at the beginning of 2021. Back to 2019, he was a co-founder of AMS-Pro UG. This offers a digital solution for occupational safety in companies. From full stack projects to machine learning to blockchain technologies, he have implemented projects from planning to production. His skills include programming in Python, Solidity, VueJs, Java and DevOps processes. Customers are several start-ups in the areas of education, logistics and occupational safety.
John Letey is the CTO of Kyve Network.
For the backers:
In the latest fundraising round, Kyve Network has collaborated with key market players such as Distributed Global, IOSG Ventures, Wicklow Capital, Huobi Incubator, Anagram, Cerulean Ventures and MEXC participated in the funding. After the latest fundraising, Kyve’s valuations stood at a staggering $100 million.
Before that, their backers are popular names among blockchain industry such as:
Permanent Ventures: focused on investing in decentralized applications which will exist forever.
Hypersphere Ventures: a venture capital firm that invests in and develops blockchain technology.
As with other chains such as: Solana, Avalanche, Cosmos, etc.
Since Jun 2021, Kyve has been integrated with 5 chains: Arweave, Avalanche, Cosmos, Polkadot, and Solana.
Kyve Team has achieved remarkable milestones since Quarter 1, 2022
- PoC Governance
- Improve network stability
- Improve slashing mechanisms
- Continued Integrations with Layer 1s and Layer 2s
On the upcoming time, Quarter 3&4, 2022, these events will happen:
- DEX/CEX Listing
- Mainnet Launch
- Governance and Data Indexing Launch
- Continued Integrations with Layer 1s and Layer 2s
Visit these social channels of Kyve Network for more updates:
Kyve Network has developed so much since its beginning in early 2021. Now the platform has supported almost all popular chains such as Bitcoin, Solana, Avalanche, Near, Celo, etc. Most of their pools have been fulfilled with validators.
In recent fundraising of $9M, Kyve said that a major part of its funding will be allocated to the expansion of its Web3 data lake. Kyve will also focus on unique use cases and integrations Layer 1 and Layer 2 projects as their roadmap.