Bonding in DeFi: Introduction of the Keep3r network to perform jobs
By Inkarias - 2020-12-03
In the year of decentralized finance, many players and new solutions have emerged on the market to offer a new way of managing funds and benefiting fully from them. Unlike the traditional banking system, funds are not inactive and do not sit in a bank account without real interest and can be tapped into the network to receive substantial passive income. Among the different solutions that we have already mentioned, bonding has taken a full place in the crypto world, offering both financial independence for the management of funds but also a system of work within the network against rewards. Among the projects using this system, we present today the Keeper3r Network project, which was not easy to launch after the affair surrounding the previous project launched by developer Andre Cronje, Eminence or EMN (a crypto collectible card game powered by NFTs). As a reminder, Andre Cronje is also the creator of the vision and project that started the craze for yield farming: Yearn Finance itself.
To set the context for the problem that unfolded Eminence, the protocol wasn’t yet launched but had met with tremendous success. The project, although launched in a discreet way within the network and the crypto world, had been very quickly noticed and shared in a few days thanks to messages on Twitter, attracting both supporters but also hackers in search of a target. In total, the project had about 15 million DAI deposited by the community despite having neither a user interface nor a security audit certification to protect investors from a breach. The worst happened some time later and an attacker managed to steal the entire 15 million dollars amount deposited in the protocol pools, ruining all chances to run or manage EMN with the confidence of crypto investors. Despite this complicated start, Keep3r Network is still recognized today and has an associated marketcap of 47,076,724 dollars.
KP3R Network: An employment platform based on smart contracts
To define the Keep3r Network project in a simple way, we could compare it to a large employment platform based on smart contracts, putting in contact technical service providers (offer) with entities that need their skills (demand) , in a way similar to what we already do know in the modern world from our daily work. On the other hand, the technical aspects behind this vision, although more difficult to grasp and understand, are a gold mine for any investor or worker wishing to make full use of their assets to generate interesting and frequent income.
With Keep3r, the emphasis is on network security and reliability to ensure the best possible experience and stability for investors. However, before explaining in some detail how the KP3R network works, it is important to remember that stand-alone contracts and associated codes, despite multiple technical security audits are not 100% infallible and run the risk of be exploited. As developer Andre Cronje clarified:
These contracts have been audited and reviewed, that does not mean that bugs can’t/won’t be present. When interacting with these contracts never interact with funds that you are not willing to lose.
As we mentioned above, innovation can bring its share of advantages but also certain flaws that can compromise the future of a project. We start from the starting postulate that the more complex a smart contract system becomes, the more it needs to be maintained. Indeed, this « maintenance » requires an external entity to submit a transaction to trigger a response/reply to work and run smoothly. This is the principle that also applies to the Keep3r network with its system of keepers and jobs. With this concept, the network is designed as a decentralized coordination ecosystem for projects that aim to find keepers who will help in their maintenance over time for daily operations.
Keepers are an important part of the whole ecosystem and requires investors with technical knowledge who will be able to take care of the maintenance of networks by accomplishing often tedious tasks. Simply put, a job is an action to be performed on a given protocol/network. However in order to have an optimal network and a fast system, each job is endowed with specific characteristics which will allow to find the Keeper who has the necessary skills for this specific task. Individuals who complete tasks are rewarded in the native currency KP3R. Reward corresponding to the gas spent during the transaction with an additional bonus, the amount of which depends on the complexity of the job. This complexity can vary depending on the keeper’s reputation in the network. The more KP3R tokens the Keeper has, the higher his "reputation" in the ecosystem and the more qualified he will be able to perform. While this system might be complicated to understand for some investors without the technical knowledge, this functioning guarantees that a job will always be carried out by a competent Keeper.
Governance rights by bonding KP3R token
Owning KP3R and performing jobs can open rights for the governance system. However, accessibility to it remains "reserved" or limited to bonded keepers who can thus delegate voting rights for themselves or an external party / other.
As the official project documentation specifies (https://docs.keep3r.network/):
KPR governance by design has a low overhead, it is not meant to be protocol intensive. The focus is simply on reviewing and approving jobs, and if absolutely required mitigate disputes or blacklist keepers. The core function of governance is to approve and include jobs, when liquidity is provided for a job, a proposal is automatically created to include them for review. Bonded keepers will review the contracts and decide if they should be included. It is important that jobs code defensively, assume keepers will only include your job to maximize their returns, as such maximum payment thresholds have been implemented.
Short-Term Price Action (December 2)
KP3R currency is currently sitting at 265 dollars each after a surge of 20% during the last hours with an actual marketcap of 47,076,724 dollars. From a TA perspective, we can expect a drop in the coming days if the formation of a cup & handle pattern is confirmed.
Token Name: Keep3r Network / Keep3rV1
Token Symbol: KP3R
Total Supply: 200,911 KP3R
Smart-Contract Address: 0x1ceb5cb57c4d4e2b2433641b95dd330a33185a44
Marketcap: 47,076,724 dollars
KP3R is available on various exchanges including Uniswap and Binance. The entire list of exchanges supporting the project via a trading pair can be found at https://www.coingecko.com/pi%C3%A8ces/keep3rv1#markets