You wouldn’t build your house on shaky ground. Why build your project on shaky data?
KYVE Networkis revolutionizing customized access to on- and off-chain data by providing fast and easy tooling for decentralized data validation, immutability, and retrieval. With these tools, developers, validators, data engineers, and others can easily and reliably access the trustless data they need to continue building the future of Web3.
TL;DR
Today’s Web3 Data Roadblocks
There are two major issues in today’s data space that create roadblocks and hazards for developers, node runners, data engineers, and Web3 scalability as a whole. Those issues being: 1. easy and reliable data access, and 2. data validity. Let’s explain…
The growth of Web3 has resulted in the creation of vast amounts of data, which makes accessing specific data increasingly difficult, particularly when the pieces are interdependent. Additionally, maintaining a complete copy of a blockchain, for example, what is required for archival nodes, is not incentivized and is not attractive due to growing data storage costs. This has resulted in nodes relying more on more centralized solutions, such as the Solana Foundation, which introduces the risk of single point of failure or data validity and reliability. Other solutions can also be quite costly.
On top of this, the time it takes to search through all of the data can also be a significant roadblock in development or node participation, sometimes requiring weeks to get a piece of historical data needed. Then, after all of this effort in accessing and retrieving a certain piece of data needed, you might not even be 100% sure that it’s fully correct or up to date. This brings us to issue number two: data validity.
For example, when projects source off-chain data, oracles are their go-to tool as they provide an easy access point to deterministic Web2 data. However, no matter if an oracle claims that they verify the data or not, there is an underlying issue that remains: Lack of trustlessness. Suppose a project automatically implements incorrect data provided by an oracle without double-checking. In that case, it can become highly vulnerable to attacks, losses, improper pricing, and/or data process discrepancies as it opens itself up to an attack vector from one source.
So, how can we weed through all the data and check if it’s accurate in a trustless way? Bring in true decentralization. Decentralization is the key pillar of Web3, distributing power, trust, and actions among stakeholders and network participants. However, to determine if a piece of data is valid, developers need to create custom validation methods per data set, and managing these different runtimes and ensuring all data sets are appropriately sourced and validated can be challenging.
To ease the overall experience in accessing and working with data, a decentralized data-sourcing solution with built-in validation and access tooling is required, much like KYVE!
KYVE’s Solution
At the core ofKYVE Networklies its innovative decentralized data validation and transfer protocol, a powerhouse driving the network’s efficiency and reliability. This protocol is a cornerstone in ensuring decentralized data validation, immutability, and seamless retrieval.
KYVE is its own Layer 1 blockchain and sits in between any data source and data availability or storage layers, such as Arweave or Celestia, guaranteeing an enhanced and customizable experience from start to finish.
The KYVE BlockchainKYVE is its ownDPoS Layer 1 blockchainwith two distinct layers: the Consensus Layer, and the Protocol Layer, each with its own validator infrastructure.
The KYVE Network Stack:
KYVE TodayAfter two years of intense development, KYVE mainnet officially went live at 14:03:14 UTC on March 14th, enabling the consensus layer and a strong network to open the doors for easy access to truly trustless data via KYVE. With this, developers, data engineers, node runners, and more are that much closer to an easy, reliable solution for sourcing trustless data.
KYVE’s Journey to Mainnet
From a small bounty project bridging Polkadot data to Arweave, to an EVM-Based smart contract, then officially launching as its own Layer 1 Cosmos-based chain, KYVE went from being a simple solution to an entire network built toward changing the data world for the better.
Along its journey toward mainnet launch, KYVE hit many key milestones, expanding its reach and capabilities along the way…
From Korellia to Kaon to KYVEKYVE’s first testnet, Korellia, was used for an incentivized testnet in order to best put KYVE’s features and functionalities to the test. This incentivized testnet was a huge success, with over43,000 active usersfunding, and delegating in pools, and/or participating in KYVE’s governance.
From this, we were able to collect a plethora of community learnings and suggestions on how to enhance KYVE, releasing multiple upgrades and, eventually, a testnet v2 dubbed Kaon.Kaonis our “mainnet testnet,” meaning it’s our official staging environment before taking new features and data pools to the KYVE mainnet.
On March 14th,KYVE mainnet went live, enabling the consensus layer and a strong network to open the doors to easy access to truly trustless data via KYVE. Currently, there are 100 chain validators running smoothly on the chain.
Ecosystem: Partnering with the Top L1sAt its start, KYVE was already partnered with Polkadot and Arweave and quickly gained support from NEAR, Cosmos, Avalanche, and Solana.
As our testnet grew throughout 2021 and 2022, we brought on ten new partnerships and collaborations with projects such as Injective, Evmos, Axelar, Umee, Sei Network, Archway, and more. You can find these testnet data pool integrations on theKorellia web app. We look forward to bringing these solutions onto mainnet!
Raising $13MThroughout these two years, KYVE held three funding rounds, providing a total of ~$13M raised. Thefirst roundwas led by Permanent Ventures and comprised notable investors, including Hypersphere Ventures, 4SV, Compute Ventures, Arweave, Avalanche Foundation, Interchain Foundation, NEAR Foundation, and others.
Thesecond roundwas led by Permanent Ventures and Hypersphere Ventures, as well as outstanding crypto funds and networks such as Volt Capital, Mechanism Capital, Coinbase Ventures, Distributed Global, 4SV, Compute Ventures, Zee Prime, CMS Holding, Ternary Capital, Mina Foundation, and more. Finally, thethird roundtotaled $9M, led by key players such as Distributed Global, Wicklow Capital, IOSG Ventures, Anagram, Cerulean Ventures, Huobi Incubator, and MEXC.
Introducing The KYVE FoundationShortly after mainnet launch, theKYVE Foundationwas officially established. The KYVE Foundation was brought in to further support the growth of KYVE Network’s technology and trustless ecosystem. Promoting the full and gradual decentralization of KYVE Network and its technology, further empowering today’s builders with the necessary resources and trustless data to bring forward the innovative platforms and applications of tomorrow.
More About KYVE
KYVE Networkis revolutionizing customized access to on- and off-chain data by providing fast and easy tooling for decentralized data validation, immutability, and retrieval. Its data lake archives and validates data in a decentralized way, making trustless data easily accessible via solutions like KYVE’s Data Pipeline.
The network is powered by decentralized uploaders and validators funded by $KYVE tokens and aims to operate as a DAO following our mainnet launch. This past year KYVE has gained significant support, currently backed by top VCs, including Hypersphere Ventures, Coinbase Ventures, Distributed Global, Mechanism Capital, CMS Holdings, IOSG Ventures, and blockchains such as Arweave, Avalanche, Solana, Interchain, and NEAR.
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