Site icon BARMY Xpress

Project Review: Kyve Network

I. Overview:

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.

II. USPs:

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.

 

III. Tokenomics & Ultilities:

Governance

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.

Staking

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.

Funding

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.

Delegation

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:

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. 

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.

V. Roadmap:

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

On the upcoming time, Quarter 3&4, 2022, these events will happen:

VI. Socials:

Visit these social channels of Kyve Network for more updates:

VII. Summary:

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.

Exit mobile version