The Keep3rV1 (KP3R) network works as a fantastic “job search” network in the crypto world. It provides job postings for “keepers” who take up the assigned tasks and perform them. There is also a lucrative incentive mechanism involved for everyone involved in the transaction. In this post, we will look into it in some detail. Let’s get started.
Keep3rV1 (KP3R): All You Need To Know
How did Keep3rV1 (KP3R) come to be?
It had its small beginnings as a Twitter post by Keep3rV1 (KP3R) creator Andre Cronje. Thanks to the reputation gained in this space (Cronje’s first project, YFI, has gone from 0 USD to 300 USD in market capitalization in just 2 months and spawned the current DeFi wave), many have touched on Cronje’s purchase of the KP3R token as soon as it was listed on Uniswap. He said that everything turned into gold and thus it was “good”. Immediately after launch, KP3R prices soared at a rate of about $1 per minute.
What is Keep3rV1 (KP3R)?
Keep3rV1 (KP3R) is a decentralized platform designed to facilitate coordination between projects that need to source external development operations and those that can provide these necessary services. At its core, the project serves as a job board that facilitates interaction between job postings, such as decentralized finance protocols, and job practitioners known as Keepers. Tasks performed by Keepers range from sending and calling transactions on-chain to completing complex off-chain transactions. Keep3rV1 uses an ERC-20 token, KP3R, to provide governance and rewards to Keepers.
The project was first announced on October 22, 2020. It was launched on October 28, 2020 in beta mode on the Ethereum mainnet.
Who Are the Founders of Keep3rV1?
Andre Cronje, blockchain engineer and app developer who has recently come to prominence following the staggering growth of Keep3rV1 (KP3R), DeFi project Yearn. was founded by
Cronje previously served as head of innovation and technology at the Fusion Foundation, the organization behind the Fusion protocol, where he led decentralized applications, technology partnerships, and applications-related initiatives. He has also served as chief code reviewer and contributor at Crypto Briefing, as 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, Crypto Curve, and Lemniscap.
Despite the incredible growth of Yearn.finance and YFI, Cronje stated that his goal in launching new platforms is to empower developers, not speculators, by providing easy-to-use products and design templates (easy-to-use is also what drives algo affiliates).
What are “Keepers”?
Keepers are individuals or teams with technical knowledge who can undertake “jobs” such as flash liquidation, providing Uniquote price feeds, harvesting and Metawallet batch execution. These are simple manual tasks but can be somewhat tiresome as they have to be done regularly. For example, harvesting from yield farming is often something that needs to be done every day. These tasks are mostly done by the programmer, i.e. Cronje himself, but it takes time to do them.
What are “Jobs”?
In the Keep3rV1 network, anyone can add a specific job for someone to do. Jobs are smart contract calls that ask an external entity to perform an action in good faith with no ill intent or consequences. So they will register themselves as a “job” in the network and keep the relevant documents and business name, address, etc. will provide details such as
The keeper, i.e. the person or team will then register themselves so that they can do the job and fulfill the contract for the job. Keepers have the freedom to set up their own DevOps, infrastructures and create their own rules to get the job done. This entire process is done on-chain, and the advantage is that anyone can confirm that a particular task has been accomplished.
What is a KP3R Token?
KP3R is the native token for the Keep3rV1 network and having more KP3R means a higher “reputation” in the network. For example, suppose a job requires someone to harvest from a YFI contract. This task can affect the prices of different cryptocurrencies and cause people to stand out. In other words, the person who completes this task is asked to act in the interests of everyone and not be selfish.
This is where the KP3R token comes into play. Those who complete the tasks are rewarded with KP3R, the amount of which is determined by the ‘gas’ spent on the transaction plus a surcharge that varies depending on the complexity of the job. The more KP3R tokens there are, the higher the “reputation” in the space and as a result, higher level business can be undertaken. It is also worth noting that there is a mechanism to hack connected KP3Rs if a malicious contributor is detected.
What Makes Keep3rV1 Unique?
Keep3rV1 (KP3R) aims to reduce the maintenance faced by blockchain-based projects that use large numbers of smart contracts to power increasingly complex systems. These projects often require external participants to complete tasks, and Keep3rV1 is designed as a decentralized ecosystem for projects and developers to work together more efficiently.
The Keep3rV1 network is based on “Keepers” that provide smart contracts, bots or scripts that can execute transactions or trigger events. To use the platform, the project sends a smart contract that is reviewed and approved by a Keeper, which imports and locks the KP3R to the platform. Projects can set rules about what work Keepers can take, such as asking for a minimum amount of tied KP3R shares or a certain number of jobs already completed. Although a project may offer Ether (ETH) in exchange for KP3R equivalent credits, Keepers are rewarded with KP3R for completing work.
Cronje said that Keep3rV1 has the advantage of allowing the development of DApps that would otherwise not be possible, including MetaWallet, a smart contract wallet that requires no transaction or ‘gas’ fees, and Unihedge, a permanent loss reduction system.
How many KP3R tokens are in circulation?
Keep3rV1 has no predetermined token supply and the project has not gone through an initial token offering or token generation event. Instead, KP3R is minted when liquidity is provided to the platform through Uniswap. At the start of the project, Keep3rV1 reported $5.5 million worth of liquidity. Within the first day, it reached $9.8 million at a fee of $384,197.
The treasury of the project is guarded by the affiliated Keepers who are responsible for the management. Each non-KP3R transaction on the platform is charged at a rate of 0.3% distributed to the treasury. Keepers who complete jobs are rewarded with KP3R and can then be staked to participate in the management or receive dividends should the platform’s governance decide to create and distribute them.
Is the Keep3rV1 network secure?
Keep3rV1 is an Ethereum-based platform that uses KP3R, an ERC-20 management token. This means it relies on the Ethereum blockchain to validate any on-chain KP3R transactions. Ethereum uses a proof-of-work consensus algorithm where miners compete with each other to add new blocks to the blockchain and the majority of all nodes in the network must approve a record for it to be published.
Within the Keep3rV1 platform itself, the connected Keepers are responsible for managing, approving jobs and managing other Keepers. This includes resolving disputes and, if necessary, blacklisting bad contributors.
The project’s smart contracts were audited by PeckShield, a blockchain security company, at the end of October 2020, before they were released. The audit found that Keep3rV1 was “well designed and manufactured” and no critical security flaws were identified, but it also identified some moderate to high serious risks, which Croje now says have been registered and updated.
What are the advantages and disadvantages of collateralized KP3R?
The advantages of holding the KP3R collateral include:
- Higher guarantees increase the types of work Keepers are eligible to do,
- Only the secured KP3R grants voting rights in the management,
- The secured KP3R cannot be exploited. This is true if a job contains colonies.
The downside to keeping KP3R collateral is that you cannot immediately reimburse ETH for Keeper transactions. This means that Keepers must hold ETH for the number of days unsecured as stock. The solution to this is MetaKeep3r.
What is Chainlink’s partnership with Keep3rV1?
Keep3rV1 (KP3R) has leveraged Chainlink’s highly secure and fault-tolerant oracles to improve its services. Although the two have similar functions, they serve different target markets.
For example, Chainlink serves companies like Fortune 500 companies that need lots of data that is always online, secure and fault-tolerant. On the other hand, Keep3rV1 (KP3R) is developed for applications that have not yet made it into the Fortune 500. This means companies that are in the research and development phase. Therefore, the combination of the two protocols smoothes the transition to Chainlink when an application needs to increase its off-chain data.
Most importantly, collaboration ensures that Keepers who have already done a significant amount of work qualify to be part of Chainlink’s node operators that handle critical work. When Keepers upgrade to become Chainlink node operators, they will switch from using K3PR for payment and staking to using LINK.