KYVE is a decentralized archiving and caching solution that allows modern blockchains and decentralized applications (dApps) to store and serve data reliably.
The blockchain industry has seen many changes over the years, some groundbreaking solutions have been implemented. The expert predicted that the progress speed will start to decrease, but we constantly see new and interesting projects that provide unexpected but effective solutions. Today, we talk about one such project.
KYVE Network is an archiving solution that allows decentralized applications and various blockchain protocols to store and share their data in a fully decentralized way. The newly created network has just undergone a major upgrade, including system changes and rebranding.
With KYVE’s decentralized archiving system, users get a single solution for all their blockchain data needs. The platform can standardize, validate and permanently store any data stream. Data providers can easily store and validate their data streams by setting up their own archiving pool. Each pool is a decentralized, autonomous organization running on SmartWeave, Arweave’s smart contract language.
Loaders and validators ensure the validity of the data within each pool. Loaders extract data from the source and can perform computational work before storing it in Arweave. Validators determine the integrity of the data and have the ability to vote to reduce the loader share if conditions are not met.
Once the data is saved, it can be easily retrieved using the KYVE interface or accessed directly in Arweave. KYVE validation and Arweave immutability combine to guarantee data integrity for years to come.
KYVE offers a solution in its decentralized archival framework. The framework compacts any configurable data stream into readily retrievable pieces. Leveraging Arweave to create permanent backups, KYVE ensures the longevity of this data over time. 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 the interception by malicious actors. With this in mind, any errors that may have occurred at previous junctions along a data element’s lifecycle are caught and handled by KYVE’s built-in and fully configurable validation step.
The pool is funded by KYVE tokens. By placing and reducing KYVE tokens, the system ensures that participants behave in accordance with pool goals, penalizing bad behavior and rewarding valid applications. Users will be able to use this token to upload data and pay validators to validate data. It will also provide access to a decentralized project management protocol. The team plans to launch its token by mid-2022.
What it can do
The use of KYVE is related to cross-chain interoperability through bridges, data storage, and oracles. It can also store NFT metadata and translate data between an Ethereum virtual machine, EVM for short, and non-EVM chains. Earlier, KYVE partnered with Moonbeam Network to increase its scalability and liquidity with Ethereum virtual machine contracts.
In addition, the team plans to iterate to improve the protocol, boost the test network, and attract more team members.
KYVE reached its first milestone when the alpha test network was successfully launched. Thus, the road to mainnet has begun, and more will be achieved in the coming months. But what exactly the team is planning?
The main goal is to gather as much data and feedback from users as possible and continue working until the test network is stable and scalable. The goal with this is to create the most efficient decentralized of the Web 3.0 ecosystems. Developers strive to continually improve the technology and user experience.
The project has successfully partnered with major blockchains such as Cosmos, Polkadot, and Solana, just to name a few. In the future, they will continue to integrate more Tiers 1 and 2 across the blockchain ecosystem.
Having a strong community of open source and decentralized technology advocates, blockchain developers and people passionate about the Web 3.0 space is the top priority in the coming months. To achieve this goal, KYVE works with its partners to co-create marketing initiatives such as hackathons, awards, and other activities that will strengthen the community.
In recent years, decentralized systems enabled by technologies like blockchain have experienced tremendous growth, a movement known more generally as Web 3.0. There are now countless blockchain protocols, each extending specific capabilities. It is useful to recognize that no one chain solves everything. The potential created by protocol composability is therefore enormous. Interconnecting protocols, composing one source with another, give way to healthy and resourceful ecosystems.
Without adequate standardization, however, interoperability suffers. Across blockchains, for example, no formal standards exist to describe how data should be stored. Addressing this, KYVE automatically pipes upstream sources through a simple standardization step. By doing so, KYVE can generalize the process of data retrieval and offer a query interface for users to pull from.
More about KYVE👉 https://www.kyve.network/
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