Why KYVE?
KYVE enables data providers to seamlessly store data and reliably verify their data streams.
This service will be important moving forward because chains are producing huge amounts of data. Solana, for example, is expected to produce 4 petabytes of data per year. This is not currently economically viable to store. KYVE, leveraging Arweave, is the solution to this problem.
John mentioned three reasons why Arweave was so important in this regard:
(i) History - it is possible to store historical documents forever;
(ii) Developer experience - instead of learning Solidity or Rust, a developer can start with the basics of Javascript /Typescript and MPM install Arweave;
(iii) Low cost - it is inexpensive to push data into the Permaweb.
KYVE also provides additional benefits to chains with whom it works:
(i) Easy interfaces - straightforward UX makes the customer experience painless;
(ii) Efficient libraries - core libraries handle all contracts/tokens/voting/uploading of data to Arweave, so chains do not need to worry about the details; and
(iii) Ease of upload - KYVE already supports integration of any EVM chain, and is working on an update which would allow it to synch the Ethereum chain in one week.
"We are doing to data what the blockchain did to finance"
Before KYVE it would be necessary to trust an archival node or a public RPC endpoint to rely on data. What KYVE guarantees is data verified through multiple sources - fully validated and permanently stored.
Validation works by having one uploader node which pulls down data from a truth of source(s) and which uploads it to Arweave. This creates a vote in the staking smart contract, to which all validator nodes are listening, so that they can check those votes with the original source(s). If the data matches, it is approved; if the data does not match, there is a slashing mechanism in place.
The funding of pools is done with the $KYVE token. (Pools have an archival job and there are specific nodes for specific pools.) Eventually the $KYVE tokens trickle down to the nodes through rewards and incentive mechanisms.
To become a validator for KYVE only a strong internet connection is needed. This is because the payout mechanism is highly customisable to your needs. As such, there is an option of running a validator on mobile if you are only able to provide a lower amount of computation, but there is also a more attractive scheme for those providing more computation. In this way, becoming a validator with KYVE is very inclusive.
Get all of the details on how to get involved with KYVE:
Website: https://www.kyve.network/
Twitter: https://twitter.com/KYVENetwork
Discord: https://discord.gg/kyve
