In this post, there will be described a few key features of Kira Network - perspective project from the DeFi space.
Overview
Kira Network proposes the way for the existing holders of stakes in the major networks like Ethereum, Polkadot, and Cosmos to be able to use their tokens while they are locked. It is achieved via Kira Interchain Exchange Protocol - built decentralized exchange platform. By staking tokens from it, users get the equal amount (1-to-1 peg) of minted tokens which can be utilized inside Kira's DEX. If for some reason the user would like to unstake the funds, minted tokens will be redeemed.
What is Kira Interchain Exchange Protocol?
Kira Interchain Exchange Protocol (IXP) is sharded DEX which serves as a platform for users to access the staking on the other blockchains, connected by the bridges (Ethereum, Polkadot, Cosmos), and the network for dapps using the KEX token.
What is the underlying consensus of Kira?
Kira uses the Multi Bonded Proof of Stake consensus protocol, which was proposed by the team. It improves the general POS by a number of factors:
- all validators have the same voice-power, the stake doesn't determine it.
- entering and leaving the validator seat is permissioned by the governance.
- protocol designed in such a way that the slashing is a rare event
Native token KEX
The main role of the native token KEX is to serve as a native staking asset of the system. All the tokens staked from the DEX are valued in KEX tokens. Also, KEX tokens are required for the governance, they give their holders the voting power. Additionally, KEX provides the lowest possible network and exchange fees when they are paid in KEX.
Decentralised offerings
One of the additional features of Kira Network is a proposed new way to initiate the token generation events, like ICO or IEO, and its called Initial Validators Offering. The features of this approach are as follows:
- automatic token distribution
- staking foreign assets
- issued tokens could instantly access the market
Generally, the project is quite inventive, the main motivation of the project is to solve the existing issues in POS-sphere. Moreover, the technologies proposed by the team are quite new (MBPOS, IXP), so the project is worth to follow.
