What is KYVE?
KYVE is a layer 1 blockchain that allows data providers to standardize, verify, and store data streams endlessly. KYVE’s Cosmos SDK-based chain provides persistent backups and maintains the scalability, immutability, and sustainability of these resources over time by employing permanent data storage solutions via Arweave. As a result, certified data becomes more trustworthy and available to everyone, allowing enterprises to scale more easily.
Why is data creating scalability concerns?
While researching several blockchain projects, we discovered that the present infrastructure has limits, particularly when it comes to data retrieval.
Long data sequences can be difficult to retrieve, especially when pieces are computationally dependent on one another or when a stream takes a lot of bandwidth and is difficult to handle. When nodes initially join blockchain networks, synchronization periods are a significant source of worry. Synchronizing a complete archive node on Ethereum, for example, takes weeks since it involves re-computing the whole chain state and syncing all blocks and transactions. Without help, synchronizing might turn into a multi-year task.
After reviewing the existing potential solutions and collaborating with several layer 1 projects, we found that there was no out-of-the-box quick fix to tackle these difficulties in a coherent way, despite the fact that data is a critical component of every project. In other words, there are no initiatives that allow for flexible and organized data access across multiple blockchains without needing tailored programming.
What is KYVE’s proposal for these problems?
KYVE provides a comprehensive solution for all blockchain data demands with their decentralized archival system. KYVE, as a layer 1 blockchain, standardizes, verifies, and archives any created data stream forever. Their method ensures the scalability, immutability, and availability of these resources throughout time by employing Arweave.
Web3 is a new Web version that is mostly based on blockchain technology. That is why decentralization is taken into account. Nonetheless, Web3 appears to be more of an idea that has only been partially realized. In any case, it represents data privacy and scalability.
KYVE works for infinite scalability, or the capacity to handle any quantity of data that grows over time. Furthermore, KYVE embraces not just endless data, but also data that can be trusted.
By constructing a storage pool using KYVE’s governance, data providers and developers may easily store and validate their data streams. Each pool has protocol nodes that must stake into the pool in order to keep it secure.
Protocol nodes serve as both uploaders and validators, gathering data from a data source, packaging and uploading it to Arweave, and checking it.
One of these nodes is chosen at random to be the network leader for each piece of data uploaded (based on self-stake and delegation power). They are in charge of uploading the data to Arweave, thus not every node is required to do it.
Once the data is submitted, it may be simply and rapidly accessed via KYVE’s query interface or by directly accessing it in Arweave. The combination of KYVE’s validation and Arweave’s immutability ensures data integrity for downstream users.
$KYVE native tokens are used to fund a pool. The mechanism guarantees that players act in accordance with the pools’ aims by staking and slicing $KYVE, penalizing disobedience, and rewarding legitimate entries.
KYVE Now and What Lies Ahead?
Top VCs like Hypersphere Ventures, Coinbase Ventures, Mechanism Capital, CMS Holdings, and blockchains such as Arweave, Avalanche, Solana, Interchain, and NEAR are now backing KYVE.
Since its inception in early 2021, KYVE has already linked its protocol with over 12 other blockchains, as well as published its alpha testnet and web app, which presently has over 180 nodes built by community members. The KYVE Explorer was also moved forward to go along with it.
KYVE has made significant progress in stabilizing its testnet, not only by enhancing the app’s UI and UX but also by creating its own layer 1 after experiencing scaling limitations with EVM.
The team has attended blockchain conferences all around the world to spread the word about KYVE, as well as participating in AMAs, podcasts, Twitter Spaces, and more. In addition, KYVE has developed its own Ambassador Program, which allows devoted users to help their staff improve the user experience by sharing news about KYVE abroad in exchange for unique perks.
The exciting journey to mainnet has begun, with their successful testnet and an incentivized testnet on the cards. In the next months, KYVE expects to achieve even more. Let’s look at their revised roadmap, which is broken into three key portions, to see how 2022 will play out for KYVE.
Product Improvement
KYVE’s mission is to create the Web 3.0 ecosystem’s most efficient decentralized infrastructure. They appear to prioritize the product and are dedicated to constantly enhancing their technology and customer experience. With that in mind, their main goal is to collect as much data and input from their users as possible while continuing to protect and enhance their testnet. They will soon unveil their incentivized testnet for everyone to engage in, allowing for more suggestions and enhancements to the ecosystem’s current condition.
New collaborations
KYVE has partnered with a lot of prominent blockchains, including Cosmos, Polkadot, Solana, Near Protocol, and others. Their objective is to keep integrating additional Layer 1s and Layer 2s into the blockchain ecosystem, expanding their solution and boosting everyone’s capacity to scale.
Project Outreach
KYVE’s top aim for the coming months is to build a robust community of open-source technology and decentralization supporters, blockchain developers, and Web 3.0 enthusiasts. To do so, they’ll work with their key stakeholders to co-create marketing plans like hackathons, bounty programs, and other community-building activities.
If you want to learn more, please visit the official resources:
https://www.kyve.network
https://kyve.medium.com
https://twitter.com/KYVENetwork
My wallet: kyve1r5gvlzt03a0a9rks3s57cppmfqx2lzjr5pw5cv
