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Kava 9 mainnet upgrade is coming. What can Kava with IBC integration bring to users?

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The IBC integration of the Kava 9 main network will be a huge catalyst for the growth of the Kava platform.

On December 13, Ticky, marketing director of Kava China, a cross-chain DeFi platform, held an online exchange with users under the theme of "What Kava integrated WITH IBC can bring to users" and shared the advantages that IBC brings to Kava ecology. And views on cross-chain security issues.

Kava is a decentralized Layer 1 hub that supports cross-chain DeFi applications and services, dedicated to providing a barrier free, permanent financial services infrastructure for product applications and developers. Kava CDP lending platform based on Kava blockchain and HARD Protocol, a cross-chain currency market, combine to form a decentralized bank of digital assets, connecting users with Stablecoin, loans, interest-bearing accounts and other products. Enabling users to capture more usage scenarios and value with digital assets.

The following is a transcript of the online conversation

BlockBeats: Please introduce yourself briefly

Ticky:Hello everyone, MY name is Ticky and I am in charge of the marketing operation of Kava Labs in China. Kava is an overseas project headquartered in Silicon Valley, USA. Our team has been working on payment solutions for Ripple, Tendermint, Cosmos and other teams since 2017. In 2018, I started to focus on cross-chain DeFi.

I have been involved in the blockchain industry since the beginning of 2017. The first time was in BTCC, which can be said to have experienced a complete market bull and bear cycle. In 2019, I coincidentally made a research report on the DeFi industry, and learned about DeFi for the first time. At that time, DeFi was in a period of rapid change, and the volume and structure of the whole industry were developing rapidly. Kava's cross-chain idea at the time appealed to me, so I joined in.

BlockBeats: We know that Kava has already launched the main network. The main network is about to be updated recently, can you introduce to us what the latest upgrade is worth the attention of users and investors?

Ticky:Preparations for the Kava 9 mainnet upgrade are underway. One of the highlights of this mainnet upgrade is that Kava will officially enable IBC after the successful upgrade.

This will enable all IBC-enabled projects and communities to integrate their products with the Kava chain, thereby gaining access to multiple functional scenarios in the Kava cross-chain DeFi ecosystem and realizing more asset utilization opportunities.

In addition to the IBC integration, the mainnet upgrade covers a number of new features, including Kava Launchpad, the soon-to-deploy Infrastructure for the Ethereum bridge, Keplr wallet support, and some service improvements for developers and users, These functions will be well prepared for the Kava ecology to grow massively in 2022.

Before the official launch of Kava 9 main network, we held a test network activity to test the carrying capacity of the new main network. Welcome to participate in the test network incentive activity of Kava 9 which will be launched at 9:00 am, December 16th, Beijing time. Kava has a huge prize pool for community members in this "The Loan Wars" beta web event, with a total prize pool of $150,000.

At present, the enrollment is underway, the registration will be on December 15th by 9 o 'clock in the morning, can be in our Chinese twitter to understand the details of activities at https://twitter.com/KavaChinese/status/1462624897406955520

BlockBeats: The integration of IBC is particularly important. IBC is currently one of the most efficient cross-chains in the industry. What can the integration of IBC bring to Kava ecology?

Ticky:Kava is a blockchain built on the Cosmos SDK, so it can also quickly take advantage of IBC's composability to introduce DeFi to all Cosmos ecological projects.

Based on IBC integration, Kava is able to quickly scale to hundreds of new blockchain and its community of users. Therefore, the IBC integration of the Kava 9 main network will be a great catalyst for the growth of the Kava platform.

This will enable all ibC-enabled asset holders to seamlessly bring their assets to the Kava platform and reap revenue opportunities from Kava DeFi products. At the same time, existing Kava platform users will also receive a new set of available assets that they can use within the Kava ecosystem.

At present, Kava has several DeFi applications that are well developed, including the Kava Mint cross-chain lending platform, Kava Lend cross-chain money market and Kava Swap cross-chain liquidity Center, all of which will become DeFi platforms supporting these new assets.

As the main decentralized financial protocol supporting the Cosmos network, Kava has provided users with the opportunity to gain DeFi rewards using mainstream cryptocurrencies such as BTC, BNB, XRP, etc. The Kava team is working to build decentralized native cross-chain Bridges with Bitcoin and Ethereum and improve security measures in this area.

BlockBeats: In fact, there are many other cross-chain methods and mechanisms besides IBC. What do you think are the advantages of IBC in the cross-chain field?

Ticky:There is no denying IBC's advantage in the cross-chain field. In addition to ensuring the basic features of decentralization and scalability, IBC more effectively solves the problem of interconnectivity between blockchains. IBC is probably best known for its cross-chain interoperability, which enables cross-chain accounts to securely control accounts on another blockchain using IBC.

For example, IBC uses the same efficient multi-chain network account management strategy as Ethereum and other EVM-compatible blockchains. It uses the same set of addresses and public and private keys, but IBC does a secondary processing of the address format on each chain to distinguish between different chains. When a user creates a cross-chain account using IBC on the Kava chain (starting with "Kava"), a different blockchain address is generated based on that address (for example, "Cosmos" on Cosmos). The user can then securely relay the transaction to a cross-chain account and submit it to the target blockchain.

IBC is also used not only for cross-chain asset transfer, but also for atomic transactions, multi-chain smart contracts (with or without interconnecting virtual machines), and sharding of data and code in various forms, all of which are sore points in the blockchain world.

BlockBeats: As well as asset diversity, IBC also brings competition. For example, how does Kava Swap compete with other DEX, such as OSMO, for traffic?

Ticky:As the third DeFi application in Kava's ecological development, Kava Swap, Kava Mint and Kava Lend have strong synergies. Together, the three constitute an integrated Kava cross-chain DeFi platform, rather than just a DEX.

Therefore, Kava Swap can well undertake the liquidity needs of the overflow of other protocols in the Kava ecosystem. For example, after lending assets in Kava Mint and Kava Lend, users can add liquidity to Kava Swap and get further SWP rewards.

What Kava has created is an integrated DeFi ecosystem. In addition to the DeFi protocol built by Kava team, users will have other and richer demands. Therefore, we believe IBC will bring more win-win results. Kava's initial goal in integrating IBC was to further improve the efficiency and value-added of finance with Cosmos Ecology and more blockchains.

BlockBeats: How will the IBC supported assets be determined? Will the coin holders vote?

Ticky:Kava is a truly decentralized platform where Kava /HARD/SWP holders have governance rights over their respective applications. In the past few months, Kava Governance has taken many steps to advance the interests of the community, such as establishing the SAFU Fund and improving the stability of the USDX. Future IBC-supported assets will also be identified through on-chain governance of the various protocols of the Kava platform.

At present, the Kava Web App has launched the related governance interface, Kava /HARD/SWP Token holders can governance through app.kava. IO /vote. We are also calling on the community to actively participate in the community governance vote. Vote tutorial https://twitter.com/KavaChinese/status/1448212474784743426 for reference

BlockBeats: Can you tell us about Kava and Ethereum bridge? How will Kava ensure cross-chain security?

Ticky:The Kava 9 mainnet will implement changes to the core infrastructure required to activate the cross-chain bridge between Kava and the Ethereum network.

Once the Ethereum bridge is officially completed, we will allow users to deposit USDC and ETH assets directly from trading platforms such as Binance and Coinbase into Kava for revenue, which will further boost Kava's growth.

In addition, after Kava delivers Kava's cross-chain bridge to Ethereum, the same bridge technology will be applied to BSC based on the same EVM architecture as Ethereum, so cross-chain will no longer be a challenge. So once we connect ethereum users, we will be able to open access to BSC users as well.

As for cross-chain security, Kava's on-chain security has been tested for more than two years. Before each application goes online, Kava will undergo a rigorous internal and external audit process, and the corresponding test network results and audit reports will be disclosed to the community. We have conducted 5 historical audits in collaboration with Certik, a professional audit team in the industry, and these reports are available on their official website.

The most unique aspect of Kava's security is that in addition to these upfront safeguards, Kava has also established a SAFU fund of up to $10 million through community governance, so that users who have lost money due to unforeseen bugs, vulnerabilities, hacks, liquidation failures, or other technical issues, You can get compensation.

In addition, Kava also tries its best to improve the safety of the product in terms of public testing, specific security protection and application specifications.

BlockBeats: I heard Kava will support EVM? Is it true? When is it expected?

Ticky:Yes, it is an inevitable trend for Kava to support EVM. Although IBC can achieve reliable and secure cross-chain communication, EVM compatible chain is still the familiar and preferred operating environment for most users, and also a direction for the development of high-performance public chain. In our recent cooperation with Celer and Nervos, There is a plan for integration through compatibility with EVM and their cross-chain Bridges. The specific time needs to wait for the product line in 2022, which is expected to be in the second half of next year.

BlockBeats: What's next for Kava?

Ticky:Recently, we are mainly preparing for the upgrade of Kava 9 main network, conducting several rounds of test network testing, internal and external audit and other security processes. After the integration of IBC, we will continue to focus on the development of DeFi ecology. We have recently announced ecological integration cooperation with Cosmostation, Certik, Akash, Hummingbot, Celer, Nervos and other projects. In the near future, we will continue to expand the scope of ecological integration. In addition to introducing more assets into Kava blockchain, It will also further expand the scale, product performance and asset liquidity of the Kava platform, as well as further integrate more blockchains and their protocols through the development of multiple cross-chain Bridges, jointly accelerate the development of decentralized finance and provide a range of high-quality DeFi services.