KYVE

Established in March 2021, KYVE is a Web3 data lake solution and protocol enabling data providers to standardize, validate, and store blockchain data streams. By utilizing permanent data storage solutions such as Arweave, the protocol’s Cosmos SDK chain develops backups and ensures the availability of these resources over time. KYVE operates as a decentralized autonomous organization (DAO) and is powered by decentralized archivers and validators funded by $KYVE tokens.

The protocol allows data providers to standardize, validate, and permanently store data streams. By utilizing Arweave, the solution ensures the scalability and immutability of these resources, and by utilizing Moonbeam smart contracts, the protocol is EVM compatible. It is backed by venture capital firms, including Hypersphere Ventures, Coinbase Ventures, Mechanism Capital, CMS Holdings, and blockchains like Arweave, Avalanche, Solana, Interchain, and NEAR.

KYVE provides a solution in a decentralized archival framework, compacting configurable data streams into readily retrievable reminders. Utilizing Arweave to develop permanent backups, the protocol ensures the longevity of the data. Invalid data can result from bad transmission and storage processes or interception by malicious actors. Errors that may have happened at previous junctions in a data element’s lifecycle are handled by the platform's built-in and configurable validation step.

KYVE’s architecture possesses two main components. The first is an autonomous governance system handling contract breaches. Governance functionality is facilitated by way of staking and slashing $KYVE, incentivizing participants to behave in accordance with the network’s objectives. The second component is a computational layer allowing participants to operate customizable nodes. In exchange for $KYVE, nodes do various tasks, and taking a cue from KYVE logic, the nodes validate, standardize, as well as archive data streams.

Pools can be made by anyone. They can be configured to collect data from different places and can orchestrate daily operations amongst network participants. Every pool takes the form of a DAO powered by SmartWeave, the Arweave smart contracting language.

Node operators are similar to pool participants and are organized into getting data streams, operating computations on them, then writing results to Arweave. When specific criteria are met, pools distribute $KYVE tokens to certain uploaders and validators. There are about sixteen pools on KYVE, such as famous chains like Bitcoin, Solana, Avalanche, Solana, and Celo.

This protocol provides permanent and decentralized storage. In contrast, the centralized web can be erased, and there are problems like hard drive failure, including offline services and information shortage since Web 2.0 systems were not made to leverage data’s replicability. Arweave protocol was developed at base to facilitate rates of data replication across a distributed network of participating resources, including an endowment structure for ensuring the cause in perpetuity.

KYVE’s native token is $KYVE, and it is an important part of the blockchain. On a chain level, it is used for staking and delegating and securing the network via proof of stake. $KYVE is also utilized on the protocol level for funding, staking/including delegating, and incentivizing participants.

• Governance: With $KYVE, users are able to participate in the blockchain's governance, vote for which pools can be made, control the treasury, including how the $KYVE is utilized, make proposals for the improvement of the protocol, and others.
• Funding: Storage pools need to be funded in $KYVE and can be offered by anyone. The funding is paid out to the protocol nodes that are active in the pool, and it is what allows the users to access the data. It stops once a pool runs out of funds and is a vital aspect of KYVE’s token economics.
• Staking: Storage pools need protocol nodes that upload and validate data. In order to ensure that nodes can upload correct data, and correctly validate, the protocol nodes need to stake $KYVE. Nodes are then rewarded with $KYVE according to their staking amount.
• Delegation: To help secure the network, a user can delegate to a node since delegation is a type of staking that does not need a user to operate their own node. Delegation in support of protocol nodes lets users generate rewards. With KYVE, users can delegate to protocol and chain nodes to assess different ways of earning rewards for their tokens.

Kyve Network | Mission Korellia

In July 2021, KYVE announced an expansion to Avalanche. The integration will allow developers to be able to access and query on-chain data. At the time of the announcement, the integration was on testnet, and it launched on the mainnet months later. The integration allows the Avalanche developer community to use KYVE’s layer of storage and store its data.

In March 2022, Ternoa announced a partnership with KYVE. Ternoa is an interoperable layer 1 blockchain offering data storage solutions via the utilization of augmented NFTs. As a result of the partnership, the Ternoa Blockchain will benefit from the platform's technology with Arweave to have a chain data-backup solution.

In 2022, KYVE integrated with Injective to offer storage and access for decentralized, on-chain Injective Protocol data. In three months of Injective's mainnet launch, it produced about 8.5 million blocks and processed about 40 million transactions. KYVE will index the data for Injective and allow developers creating on Injective Protocol to use its data storage solution to access data.

John Letey, cofounder of KYVE said:

“We’re thrilled to welcome Injective into the KYVE Network and look forward to working with the broader community to build the cross-chain future. Injective is revolutionizing the way in which traders access markets and manage their digital assets. Our data storage solutions can allow Injective to further decentralize its data and make it more accessible for the masses.”

Since June 2021, the platform has been integrated with about five chains, including Arweave, Avalanche, Cosmos, Polkadot, and Solana.

The team's plans for Quarter 1, 2022 included the following:

• PoC Governance
• Improve network stability
• Improve slashing mechanisms
• Continued Integrations with Layer 1s and Layer 2s