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‘Data Pipeline’ Protocol KYVE Raises $2.8M From Industry Insiders

‘Data Pipeline’ Protocol KYVE Raises $2.8M From Industry Insiders

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An ambitious new project from a pair of young founders is hoping to expand and decentralize data access for blockchains, and they just raised $2.8 million to do it.

KYVE – a stylized take on the second syllable of “archive” – has closed its second funding round led by Permanent Ventures and Hypersphere Ventures, and with contributions from Zee Prime and CMS Holdings. Arweave, Avalanche Foundation, Interchain Foundation, NEAR Foundation, Solana Foundation and others are also involved.

KYVE, which is currently in testnet, uses Arweave to store blockchain data whose veracity is verified by a network of node operators.

“The bigger picture is that KYVE is a tool for creating a fully decentralized data network, where everyone can access the data, get it in and query the data, and it’s all trustless,” mentioned KYVE co-founder Fabian Riewe in an interview with CoinDesk.

While information storage and entry won’t appear thrilling at first blush, Riewe described a use case the place new Solana nodes may question KYVE from a “valid point,” permitting for extra light-weight nodes that don’t have to have the blockchain’s full historical past. Running a Solana node carries a notably excessive {hardware} load, and this might decrease reminiscence necessities.

Read extra: Arweave 2.0 Gets File Storage Project One Step Closer to Its ‘Library of Alexandria’ Dreams

If the Solana Foundation had been to offer this service, it could create a single level of failure, however KYVE’s community provides a decentralized layer of safety.

This use case is already being examined out on Avalanche, per Riewe.

“We actually saw this happening on the Avalanche side,” mentioned Riewe. “We have a lot of Avalanche data, and what the nodes do is they prune their local database and just say, ‘Well, if I ever have to serve this data, I’ll just request through KYVE and serve it through there.’”

Data ‘pipeline’

Other use instances embrace worth oracles, cross-chain information, cross-chain bridges, storing (and altering, relying on monitored exterior occasions) NFT metadata and “translating” information between Ethereum Virtual Machine (EVM) and non-EVM chains permitting cross-blockchain occasions to set off.

When making an attempt to explain the enterprise mannequin, Riewe in contrast KYVE to an oil pipeline – however as a substitute of crude oil, Kyve transports information.

“KYVE is a pipeline, transporting the oil from one place to someplace else, and people do crazy stuff with the oil – they make plastic, they make diesel, petrol, they build amazing things with it,” he mentioned.

Growth plans

Per Reiwe, the staff has grown to eight folks, and the spherical centered on founders and potential integration companions, avoiding “capital-only” corporations and dealing carefully with buyers to make sure eventual product-market match.

While Riewe and his co-founder John Letey are simply 21 and 16, respectively, Riewe says the group of early customers and testers have been supportive and respectful because the venture works via rising pains and occasional information hiccups.

“They tell us all the time, ‘Hey, we’ve been in testnet before too, these things happen,’” he mentioned.

The staff presently has plans for a utility token that may permit customers to add information and pay validators for confirming information validity in addition to taking part within the venture’s decentralized governance course of. According to Riewe, the staff is concentrating on a token launch by the center of subsequent 12 months.

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