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KYVE Network
About KYVE Network
KYVE Network offers a decentralized platform for data validation and retrieval, enhancing the reliability of data in the Web3 space. Its native coin, $KYVE, facilitates various functions like network security, data security, and governance. The network was founded by Fabian Riewe and John Letey, who initially worked on a project for bridging Polkadot data to Arweave, leading to the development of KYVE.
KYVE Network is a platform revolutionizing data reliability in the Web3 space. It offers tooling for data validation, immutability, and retrieval, ensuring trustless data for scalable Web3 applications while eliminating data risks and roadblocks. The network's core components, the KYVE Data Lake and Data Pipeline, enable secure storage, validation, and querying of both on and off-chain valid data. KYVE employs a network of uploaders to fetch deterministic on- or off-chain data, making it trustless and easily accessible. This data is validated in a decentralized manner through a validator network and a voting consensus mechanism. Moreover, KYVE offers a data syncing tool called KSYNC, which allows node runners to rapidly sync with any historical height of a chain that has been archived and validated by KYVE, providing a trustless data source for joining networks and analyzing chain data.
KYVE's native coin, $KYVE, plays a crucial role in the blockchain's functionality. It is used for decentralization, ensuring chain and protocol security, and network incentivization. On the chain level, $KYVE facilitates network security through Proof of Stake by being used for delegating and staking. On the protocol level, it provides security for uploaded data through funding and delegating. Additionally, $KYVE is instrumental in governance, allowing stakeholders to submit and vote on proposals, influencing the evolution and growth of KYVE. The KYVE chain operates on a Proof of Stake consensus mechanism, incentivizing positive behaviour from node runners. The network's economic structure is designed to maximize stability by introducing inflation to incentivize node runners during periods of low activity, balanced by fee burning when there is high network activity. Protocol node runners must stake $KYVE tokens to participate, and they receive compensation for uploading valid data. This system is backed by pool funding, which is paid out for each data bundle produced, creating a network utility that drives the protocol level.