KYVE. New horizons for Web 3.0
The KYVE blockchain project is a network of pools created to store data streams or create snapshots of existing data. It is protected by its own blockchain built on the COSMOS blockchain. Allows developers and applications to store and retrieve any amount of data, based on the principle of decentralization and transparency. Thanks to the KYVE ecosystem, you can launch your project with KYVE
Once upon a time, a company of ambitious guys created KYVE — a system that allows projects to standardize, verify and permanently store any data stream. Now, halfway to our mission on the mainnet, we are very excited to launch our incentivized testnet open to all, helping to build the advanced KYVE blockchain. And this is impossible without a community that believes in the possibilities of the crypto industry. We, in turn, strive to create a product that is needed, liked and used by our users.
Structurally, there is a chain layer (POS based) and a protocol layer that sits on top of the chain layer and provides the actual use case for KYVE. Each function and unit of logic is implemented directly in the circuit nodes. KYVE is a network through which discrete items of information arrive; they are standardized, combined, stored permanently and checked. The network is powered by decentralized loaders and validators. Validators will vote on whether the designated archiver is doing their job correctly. These nodes are in pools, each dedicated to archiving a particular stream of data
The emerging trend of a new cryptocurrency
The security unit of the project as a whole is the $KYVE cryptocurrency. It is used at the protocol level for funding, staking and outsourcing, incentivizing participants to behave accordingly.
The storage pool requires $KYVE funding and can be provided by anyone. Funding is paid to protocol nodes active in the pool. If the pool runs out of funds, it stops. This is an important part of the KYVE token economy. The goal of KYVE is to create a decentralized data field that will be used by as many users/projects as possible. When users create a business case based on KYVE data, they are highly motivated to see the pool continue to produce data. Whenever the pool runs out of tokens, it buys a few more tokens and replenishes the pool’s funding. The more users and/or projects that do this, the more they share the cost, making things easier and reducing the risk of the pool running out of funding
Goals of the ambitious project
The direction of activity of expanding the Web-network from this project in the cryptosphere is marked as “Corelia”. The Korellia Mission was created with users in mind, offering a unique interface and exploration journey that everyone can easily take part in. The platform allows you to clearly track your rewards and submitted tasks, spice up your team environment, and more. To guide you along the way, there’s a personal dashboard, a featured leaderboard that highlights super users, multiple $KYVE token faucets, and the motherboard, a unique task tracking page that displays the team’s overall mission progress.
The Korellia motherboard symbolizes the overall progress made by users during the incentive testnet, which is very important in the early stages of development. It tracks the points scored by each team in accordance with the set objectives, with each milestone achieved unlocking KYVE dollar rewards for users (the amount will also sway based on leaderboard rankings). To get the maximum amount of KYVE dollar rewards, it’s best to work as a team to make sure every team reaches all the milestones on the motherboard
Article prepared by: Evgeniy Ivanov
My Keplr Wallet: kyve1f2ezfecqvpxaux8cjh3cfensd9xm2622tuyuh4