Archway — smart contract platform that rewards developers
Archway is a smart contract platform that rewards developers for creating the next generation of dApps. Archway provides an easy way for developers to create and run scalable cross-chain dApps and they are rewarded for the contributions they make to the overall network. The protocol is designed for flexible smart contract development and easy deployment in Cosmos, allowing dApps to reach as many users and assets as possible.
What does Archway aims to do?
Archway has many goals but the primary one is to create a variety of diverse and sustainable applications by empowering and encouraging developers through rewards that were mentioned earlier.
Today, people have all sorts of information right at their fingertips, but the Internet has not fully opened up access to capital and value. Businesses and developers all over the world can not access the same tools as their colleges in more developed regions. That is where Archway comes into play. Archway rewards developers based on the value and impact of their dApp, rather than their ties to capital.
With Archway, dApps can earn a portion of transaction fees and inflationary rewards in exchange for their contributions to the network. This reward model is similar to how validators are paid for node performance in a Proof-of-Stake blockchain.
All in all, with Archway, developers get three potential sources of income:
1. Gas fees reward. When the network launches, the gas fees will be split equally, with 50% going to dApp developers and 50% to validators.
2. Share of inflationary rewards.
3. Smart contract fees.
Besides that, Archway allows every dApp developer and their community to customize the management and distribution of rewards. When a contract is created, the dApp creator specifies an owner address to which all fees and rewards are automatically sent. Ownership can later be transferred to a new address if needed.
Governance, as the process by which network users and token holders can influence the future of the project, is very important for every network. Like many other projects, Archway’s governance is done through the use of the native token. This governance model helps maintain and sustain Archway’s decentralized community while ensuring fair and transparent participation. All token owners can propose changes to the protocol and vote on proposals. Proposals that reach a consensus threshold, whether it is a specific feature or even a change to the control system itself, are accepted.
Testnet is almost here!
Recently, the developers announced that Torii, Archway’s incentivized testnet, will be launched on April 11th. It will be the final stage of testing before the mainnet goes online, and the main goal here is to see how the network performs under stress, so the developers can find and fix any potential errors before launch.
Torii will be open to all users, so if you are interested in the project, it is a perfect time!
The model created by Archway can counter some of the early financial difficulties that dApp developers face. Rewards that development teams will get can serve as temporary income that.