Keep3rV1 KP3R
About
What Is Keep3rV1 (KP3R)?
Keep3rV1 is a decentralized platform designed to facilitate the coordination between projects that need to source outside development operations and those who can provide those required services. Essentially, the project serves as a job board that facilitates the interaction between job posters, such as decentralized finance protocols, and job executors, known as Keepers. The tasks performed by Keepers range from submitting and calling transactions on-chain to completing complex operations off-chain. Keep3rV1 uses an ERC-20 token, KP3R, for governance and to provide rewards to Keepers.
The project was first announced on Oct. 22, 2020. It launched on the Ethereum mainnet in beta mode on Oct. 28, 2020.
Who Are the Founders of Keep3rV1?
Keep3rV1 was founded by Andre Cronje, a blockchain engineer and application developer who recently rose to prominence following the launch of DeFi project yearn.finance and the explosive growth of its governance token, YFI, which saw a 1,300-times increase in value during its first two months of existence in 2020.
Cronje previously served as head of innovation and technology at the Fusion Foundation, the organization behind the Fusion protocol, where he led initiatives related to decentralized applications, technology partnerships and implementations. He also worked as chief code reviewer and a contributor at Crypto Briefing, head of technology at fintech firm Freedom, and head of technology at Shoprite Group, in addition to serving in blockchain technology development roles for BitDiem, Cryptocurve and Lemniscap.
Despite the incredible growth of yearn.finance and YFI, Cronje has stated that his goal in launching new platforms is to empower developers, not speculators, by providing them with easy-to-use products and design templates.
What Makes Keep3rV1 Unique?
Keep3rV1 seeks to reduce the upkeep faced by blockchain-based projects that utilize large numbers of smart contracts to power increasingly complex systems. These projects often require external actors to complete tasks, and Keep3rV1 is designed to be a decentralized ecosystem for projects and developers to more efficiently work together.
The network relies on Keepers, who provide smart contracts, bots or scripts that are able to execute transactions or trigger events. To use the platform, a project submits a smart contract that is reviewed and approved by a bonded Keeper — one that has received and locked KP3R in the platform. Projects can set rules regarding which Keepers may take a job, such as requiring a minimum bonded stake of KP3R or a certain number of already completed jobs. Keepers are rewarded in KP3R for completing jobs, although a project may submit Ether (ETH) in exchange for KP3R-equivalent credits.
Cronje has said that Keep3rV1 has the added benefit of allowing for the development of DApps that would otherwise not be possible, including MetaWallet — a smart-contract wallet that does not require transactions or gas fees — and Unihedge — an impermanent loss mitigation system.
How Many Keep3rV1 (KP3R) Coins Are There in Circulation?
Keep3rV1 has no predetermined token supply, and the project did not undergo an initial coin offering or token generation event. Rather, KP3R is minted when liquidity is provided to the platform via Uniswap. At the project's launch, Keep3rV1 had a reported $5.5 million worth of liquidity. Within the first day, it had already reached $9.8 million, with $384,197 in fees generated.
The project's treasury is maintained by bonded Keepers, who are responsible for governance. Each non-KP3R transaction on the platform is charged a 0.3% fee, which is distributed to the treasury. Keepers who complete jobs are rewarded with KP3R, which can then be staked in order to participate in governance or receive dividends, should the platform's governance decide to generate and distribute them.
How Is the Keep3rV1 Network Secured?
Keep3rV1 is an Ethereum-based platform that utilizes KP3R, an ERC-20 governance token. This means that it relies on the Ethereum blockchain to validate any on-chain KP3R transactions. Ethereum uses a proof-of-work consensus algorithm in which miners compete among each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be posted.
Within the Keep3rV1 platform itself, bonded Keepers are responsible for managing and approving jobs and for managing Keepers — including settling disputes and blacklisting bad actors, if necessary.
The project's smart contracts were audited at the end of October 2020 by PeckShield, a blockchain security company, before it went live. The audit found that Keep3rV1 was "well-designed and engineered" and uncovered no critical security flaws, but it did identify some potential medium- to high-severity risks, which Croje stated have been logged and updated.
Where Can You Buy Keep3rV1 (KP3R)?
KP3R is primarily exchanged on Uniswap (V2), where it can be traded against WETH (WETH) and USD Coin (USDC). It is also available for purchase on Bilaxy, Binance and MXC.COM, where it can be traded on spot markets against Ether, Binance Coin (BNB) and Tether (USDT), respectively.
Are you interested in buying KP3R or other cryptocurrencies such as Bitcoin (BTC)? CoinMarketCap has a simple, step-by-step guide to teach you all about crypto and how to buy your first coins.
AI Analysis
What is the Keep3rV1 (KP3R) cryptocurrency good for? What are its main use cases?
Keep3rV1 (KP3R) is a decentralized finance (DeFi) project designed to facilitate the coordination of decentralized services primarily through a community of "keepers." It acts as a job marketplace connecting individuals or protocols that require services with those who can provide them, often termed "keepers." Here are the main use cases for KP3R:
Decentralized Job Marketplace: KP3R enables protocols and users to post jobs that require off-chain services. Keepers can then claim these jobs, completing the required tasks and getting compensated in KP3R tokens.
Task Automation: KP3R facilitates the automation of certain tasks, which is essential in the DeFi ecosystem. For example, keepers can manage liquidity, facilitate trades, or engage in arbitrage on behalf of protocols or individuals.
Incentivization: Individuals that participate as keepers are rewarded with KP3R tokens for completing jobs. This incentivizes decentralized participation and helps maintain the ecosystem's efficiency.
Governance: Holders of KP3R tokens might have governance rights, allowing them to participate in decision-making processes related to the protocol or its development. This model aligns with many DeFi projects aiming to create a community-driven governance structure.
Liquidity Provision: KP3R can also be involved in liquidity provision within DeFi platforms, allowing users to earn additional rewards and fees through their participation.
Security and Sybil Resistance: The protocol includes mechanisms to ensure that keepers are accountable and prevent Sybil attacks, where a single entity creates multiple identities to gain an unfair advantage in claiming jobs.
Overall, Keep3rV1 aims to create a decentralized and efficient way for protocols to access off-chain services, contributing to the broader DeFi infrastructure.
What blockchain does Keep3rV1 use? Is it its own blockchain or built on top of another?
Keep3rV1 is built on the Ethereum blockchain. It is a decentralized job marketplace for decentralized services, and it operates as a layer on top of Ethereum, utilizing its smart contract functionality rather than being its own independent blockchain.
Is Keep3rV1 programmable? Does it support smart contracts or decentralized applications?
Yes, Keep3rV1 is programmable and supports smart contracts and decentralized applications (dApps). Keep3rV1 is a decentralized job marketplace built on Ethereum that enables the coordination between external jobs and decentralized services. It allows developers to create and deploy smart contracts to utilize its infrastructure for decentralized job execution.
Keep3rV1 facilitates the creation of jobs that can be performed by decentralized agents (also known as "keepers"), which are often automated scripts or smart contracts that perform specific tasks on the blockchain. This programmable nature allows developers to leverage Keep3rV1 for various use cases within the DeFi and broader blockchain ecosystems.
If you're looking to integrate Keep3rV1 into a project or develop on top of it, you will need to work with its smart contract interfaces and adhere to the guidelines put forth in its documentation.
How fast are Keep3rV1 transactions? What is the typical confirmation time and throughput (transactions per second)?
Keep3rV1 is built on the Ethereum blockchain, so its transaction speed and confirmation times depend primarily on the Ethereum network itself. As of my last update in October 2023, Ethereum's mainnet operates with a typical block time of around 12-15 seconds. However, transaction confirmation times can vary based on network congestion and gas fees paid by users.
Confirmation Time: On average, a transaction on Ethereum can be confirmed in about 15 seconds, but during times of high congestion, it may take longer. Keep3rV1 transactions would follow this typical behavior unless specifically structured to utilize layer 2 solutions.
Throughput (Transactions per Second): Ethereum's throughput is limited to roughly 30 transactions per second (TPS) under its current proof-of-work (PoW) system. With the transition to Ethereum 2.0 and layer 2 scaling solutions, such as rollups, this could improve significantly, enabling higher TPS.
To summarize, Keep3rV1 transaction speeds align with Ethereum's characteristics, with typical confirmation times around 15 seconds and a throughput limit of around 30 TPS for standard transactions on the main network. However, these metrics can be significantly improved with layer 2 solutions and future network upgrades. Always check the current state of the Ethereum network for the most accurate and up-to-date performance data.
How much data can I store on the Keep3rV1 blockchain? Does it support on-chain data storage?
Keep3rV1, which is part of the Keep3r Network, is primarily designed for decentralized job dispatching and not primarily for on-chain data storage. The Ethereum blockchain, on which Keep3rV1 operates, does support storing data on-chain; however, it is generally not optimized for large data storage due to cost and scalability concerns.
Storing data directly on the Ethereum network can become expensive, as it requires a significant amount of gas fees proportional to the amount of data being stored. While you can store data in smart contracts or other Ethereum functionalities, it is recommended to store only essential data and utilize decentralized storage solutions like IPFS (InterPlanetary File System) for larger datasets or files.
If you have specific requirements or amounts of data you are considering, it would be advisable to look into the associated costs and whether alternative storage mechanisms might suit your needs better.
Contact Us About Keep3rV1
Are you a representative of the Keep3rV1 project? Send us a message.