What is Keep3rV1 (KP3R)?
Keep3rV1 —— A Decentralized Keeper Network for Job-matching
- Keep3rV1 is a decentralized job-matching platform for connecting external DevOps with projects that need help for completing various tasks.
- The project has two key components:
- Keepers: Bots, scripts, other contracts, or Externally Owned Accounts (EOAs) that trigger events including submitting signed transactions on behalf of a third party, calling a transaction at a specific time, etc.
- Jobs: Smart contracts that request external entities to perform specific actions. Jobs can be created directly via governance voting or by adding liquidity.
- KP3R is the native utility token of the network and it is used for
- Paying Keepers for executing tasks;
- Receiving accrued fees from non-KP3R payments;
- Participating in protocol governance to manage the treasury fund.
- KP3R is minted by providing liquidity in Uniswap for accepted pairs (currently KP3R-ETH). Token holders can vote to include pairs such as KP3R-SNX, KP3R-AAVE, KP3R-YFI, etc.
Keep3rV1 Key Metrics
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 has two key components:
A Keeper is the term used to refer to an external person and/or team that executes a job. This can be as simplistic as calling a transaction, or as complex as requiring extensive off-chain logic. The scope of Keep3r network is not to manage these jobs themselves, but to allow contracts to register as jobs for keepers, and keepers to register themselves as available to perform jobs. It is up to the individual keeper to set up their devops and infrastructure and create their own rules based on what transactions they deem profitable.
A Job is the term used to refer to a smart contract that wishes an external entity to perform an action. They would like the action to be performed in "good will" and not have a malicious result. For this reason they register as a job, and keepers can then execute on their contract.
KP3R is the native token for the Keep3rV1 Network and having more KP3R represents a higher “reputation” in the Network. It is used for:
- Paying Keepers for executing tasks;
- lReceiving accrued fees from non-KP3R payments;
- lParticipating in protocol governance to manage the treasury fund.
Keep3rV1 Project Team
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.
Keep3rV1 Project Highlight
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.
Click to learn about the other project of Andre Cronje: Yearn Finance.