The word Bitcoin Ecosystem represents a group of technological elements that can interact with each other to create a system that performs a particular function. The Bitcoin Ecosystem encompasses multiple governing structures, and the ecosystem includes data ownership, individual participation, funding, and sharing of information, to mention a few.
Technology startups leverage the ecosystem to access decentralization, transparency, immutability, flexibility, and accountability. The three types of a blockchain-based ecosystem are Single Party-led, Joint Venture Ecosystem, and Regulatory Blockchain Ecosystem.
KYVE is a protocol that operates as a Decentralized Autonomous Organization, also known as DAO. Decentralized archives power KYVE and its validators are funded by the native token of the KYVE platform, which is $KYVE.
A group of Venture Capitalists backs the operations of KYVE. They are Coinbase Ventures, Hypersphere Ventures, Mechanism Capital, and CMS Holdings. Blockchains that back the functions of KYVE are Solana, Arweave, Avalanche, Interchain, and NEAR.
Stacks works as an ecosystem with a collection of several independent developers, entities, and members of the community. All of them are working in collaboration to build the internet entirely owned by its users.
The native currency of Stacks, STX, is responsible for fueling the networking activity and execution of the contract of the Stacks ecosystem. Holders of STX can earn Bitcoin rewards by locking or staking their digital holdings.
KYVE x Stacks
KYVE has successfully integrated Stacks to mark its entry into the Bitcoin Ecosystem. Through this integration, KYVE will not have to rely on anyone to draw data from the blockchain. The KYVE network will archive data on the Bitcoin Network, making it easier for KYVE to access the data efficiently.
Until now, developers of Decentralized Applications have been accessing only a single API end-point, taking a lot of time and affecting overall efficiency. The challenge was to streamline the process, and the integration of KYVE with Stacks does exactly that in the ecosystem.
The type of data archived by Stacks ranges from historical stake transactions to Bitcoin hashes.
John Letey, a Co-Founder of KYVE, expressed the excitement on behalf of the entire team while acknowledging that it was their first-ever venture into the Bitcoin ecosystem. John Letty said that Bitcoin had always been viewed as a digital gold but integrating Stacks allows the partner to do more with Bitcoin.
Kenny Rogers, a developer advocate of the Stacks Foundation, stated that post the integration process, Stacks could add another option for the developers of Decentralized Apps to access & host data from the chain to increase the decentralization of the Stacks ecosystem.
KYVE announced the news through its official blog post, where it highlighted that using a single API was indeed causing trouble to developers and was affecting their productivity.