What are the benefits of using KYVE?
Before introducing the benefits of KYVE, let us first understand what is KYVE .
KYVE Network is on a mission to make access to reliable data easier via its decentralized tooling, ultimately solving Web3’s main data infrastructure roadblocks and hack risks.
So far, KYVE has gained major support, raising ~$13M across three funding rounds, currently backed by top blockchains such as Arweave, Avalanche, Solana, Interchain, and NEAR, as well as top VCs, including Hypersphere Ventures, Coinbase Ventures, Distributed Global, Mechanism Capital, CMS Holdings, IOSG Ventures.
So what are the benefits of using KYVE?
First,KYVE Network has it’s own coin* called $KYVE.$KYVE is an essential part of the KYVE blockchain, being the key to keeping it running properly. $KYVE is not only used for securing the blockchain network through Proof of Stake*, but also for incentivizing its participants to behave correctly within its data lake when fetching, validating, and storing data. This means, the more KYVE is used, the more $KYVE gains value, which in turn, motivates KYVE network participants to continue working, creating an infinite positive value loop!
Second, KYVE takes on the tedious role of fetching, validating, and storing the required data, making it more accessible to all and eliminating the problem of overstorage, ultimately simplifying the task of indexers and providing them with truly valid and up-to-date data in a healthy, Secure blockchain network!
Finally, KYVE stores its data in Arweave, KYVE provides an immutable or permanent storage solution. So using KYVE can save you from worrying about data tampering.