KIRAKIPs 71-87: Collaborative Custody
Congratulations on making it this far. This is the tenth article in a series about KIRA Improvement Proposals (KIPs) 71-87. The first four sets covered staking incentives, network governance, staking economics, and INTERX. This is the first article of the fifth set, focusing on KIRA’s essential infrastructure. Despite significant innovations in the blockchain space, user experience has often been a lower priority. As KIRA approaches mainnet, it’s clear that improving user experience is crucia...
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The only constant in the broader crypto ecosystem is change - a realm of cyclical fluctuations where finding balance and staying true to one's principles can be challenging. As the sands of time shift, as old narratives and promises fade, axioms become evident and a new era of crypto starts to unfold. We are constantly in pursuit of the principles that endure through these changes. It has been quite some time since KIRA began its voyage through the interchain paradigm of the blockchain u...
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Trustless computing infrastructure that enables AI and resource-intensive applications to thrive. Powered by $KEX.
KIRAKIPs 71-87: Collaborative Custody
Congratulations on making it this far. This is the tenth article in a series about KIRA Improvement Proposals (KIPs) 71-87. The first four sets covered staking incentives, network governance, staking economics, and INTERX. This is the first article of the fifth set, focusing on KIRA’s essential infrastructure. Despite significant innovations in the blockchain space, user experience has often been a lower priority. As KIRA approaches mainnet, it’s clear that improving user experience is crucia...
KIRARedefining KIRA: The journey starts with a single step
The only constant in the broader crypto ecosystem is change - a realm of cyclical fluctuations where finding balance and staying true to one's principles can be challenging. As the sands of time shift, as old narratives and promises fade, axioms become evident and a new era of crypto starts to unfold. We are constantly in pursuit of the principles that endure through these changes. It has been quite some time since KIRA began its voyage through the interchain paradigm of the blockchain u...
KIRAFinal Token Distribution
The first and most important duty of a parent is to nurture their child towards independence. Similarly, the time has arrived for the KIRA project to embark on the next stage of its maturity. In our preceding articles, we outlined a fresh trajectory for the project and revealed the launch of "ChaosNet", a fully featured network that allows anyone to explore and assess the scale and direction of KIRA. Ensuring a fair distribution of its native staking token is crucial for the project's lo...
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This is the third of a series of articles aimed at unpacking the contents of KIRA Improvement Proposals 71-87. The first set of these articles will cover Group 1 of these KIPs, detailing the economic incentive structure for staked consensus nodes on KIRA.
This article covers the Staking Module. The Staking Module defines the primary incentive structure for consensus nodes participating in block production. By rewarding honest, active nodes, and punishing dishonest nodes, the Staking Module ensures long-term maintenance of network operations on KIRA.
Overview
To ensure that validators (consensus nodes) perform their network responsibilities, KIRA implements an incentive framework where validators must stake economic assets to vouch for their honesty: honest validators are rewarded for running their nodes and dishonest validators are punished via slashing of their staked assets.
Rewards Distribution
Two main types of rewards exist: block rewards (from KEX inflation) and fee rewards (from execution fees).
Consensus staking on KIRA allows for any governance-whitelisted collateral to be staked. Global KEX issuance is defined as a network property, with a default rate of 18% per year. Block rewards are awarded to stakers based on their portion of the global value staked across all validators, with the reward weights for each asset being defined by the Token Rates Registrar.
All KIRA staked assets are automatically issued 1:1 liquid (re)staking derivatives. These derivatives are redeemable at any point after the staker’s unstaking period has elapsed (set to 1 month by default) following their request to unstake, and automatically track the value of their underlying collateral. This ensures full liquidity for the derivatives without any dependency on third-party protocols.
Fee rewards are distributed equally amongst all active consensus nodes, agnostic of their staked value. This ensures that staked value does not become centralized within a smaller subset of nodes. 50% of the fee rewards are given to node operators with the other 50% being given to their delegators.
Slashing
In KIRA there is only one slashing condition: double-signing (producing multiple blocks at the same height). However, there circumstances under which slashing should not occur even if double-signing takes place, for example if the misbehavior of the validator is not intentional and can't impact the network operations. Slashing actions are only allowed to take place, if and only if multiple validators double-sign at the same time or within the same time window. Slashing is governance-assisted, meaning that the amount that should be slashed must be determined by governance and evaluated on case-by-case basis to prevent cases where software bugs could result in loss of the delegator assets.
For more specific details on the governance process for slashing proposals, refer to KIP 75.
How This Benefits KIRA Participants
Staking incentives are essential to bootstrapping and sustaining long-term maintenance of network operations on KIRA. These economic rewards ensure that consensus nodes remain active and behave in line with KIRA Code of Conduct.
Stay tuned for the next set of articles, this time on KIRA governance.
Follow KIRA on our social platforms to stay in the loop with what we’re building:
WEB | X | GITHUB | TELEGRAM | DISCORD
This is the third of a series of articles aimed at unpacking the contents of KIRA Improvement Proposals 71-87. The first set of these articles will cover Group 1 of these KIPs, detailing the economic incentive structure for staked consensus nodes on KIRA.
This article covers the Staking Module. The Staking Module defines the primary incentive structure for consensus nodes participating in block production. By rewarding honest, active nodes, and punishing dishonest nodes, the Staking Module ensures long-term maintenance of network operations on KIRA.
Overview
To ensure that validators (consensus nodes) perform their network responsibilities, KIRA implements an incentive framework where validators must stake economic assets to vouch for their honesty: honest validators are rewarded for running their nodes and dishonest validators are punished via slashing of their staked assets.
Rewards Distribution
Two main types of rewards exist: block rewards (from KEX inflation) and fee rewards (from execution fees).
Consensus staking on KIRA allows for any governance-whitelisted collateral to be staked. Global KEX issuance is defined as a network property, with a default rate of 18% per year. Block rewards are awarded to stakers based on their portion of the global value staked across all validators, with the reward weights for each asset being defined by the Token Rates Registrar.
All KIRA staked assets are automatically issued 1:1 liquid (re)staking derivatives. These derivatives are redeemable at any point after the staker’s unstaking period has elapsed (set to 1 month by default) following their request to unstake, and automatically track the value of their underlying collateral. This ensures full liquidity for the derivatives without any dependency on third-party protocols.
Fee rewards are distributed equally amongst all active consensus nodes, agnostic of their staked value. This ensures that staked value does not become centralized within a smaller subset of nodes. 50% of the fee rewards are given to node operators with the other 50% being given to their delegators.
Slashing
In KIRA there is only one slashing condition: double-signing (producing multiple blocks at the same height). However, there circumstances under which slashing should not occur even if double-signing takes place, for example if the misbehavior of the validator is not intentional and can't impact the network operations. Slashing actions are only allowed to take place, if and only if multiple validators double-sign at the same time or within the same time window. Slashing is governance-assisted, meaning that the amount that should be slashed must be determined by governance and evaluated on case-by-case basis to prevent cases where software bugs could result in loss of the delegator assets.
For more specific details on the governance process for slashing proposals, refer to KIP 75.
How This Benefits KIRA Participants
Staking incentives are essential to bootstrapping and sustaining long-term maintenance of network operations on KIRA. These economic rewards ensure that consensus nodes remain active and behave in line with KIRA Code of Conduct.
Stay tuned for the next set of articles, this time on KIRA governance.
Follow KIRA on our social platforms to stay in the loop with what we’re building:
WEB | X | GITHUB | TELEGRAM | DISCORD
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