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How To Use the Keep3r Network – Altcoin Projects

How To Use the Keep3r Network

Andre Cronje has recently announced the Keep3r network through a Medium article. The project is still in the beta phase but has gained significant attention in the blockchain ecosystem, which can easily be seen as the price of the KP3R token raised drastically within a few hours of its launch.

The Keep3r Network provides a decentralized keeper platform for projects that need external teams to carry out jobs. The network allows contracts to be registered as jobs and then the Keepers register themselves to perform jobs. The platform also supports an incentive mechanism for all the parties involved. The Keeper is allowed to set up their DevOps and infrastructure and create their own rules.

One important thing to note that the Keep3r Network will not manage these jobs themselves; rather, these jobs will be completely managed by the Keepers.

Platform Objects

The Keep3r Network is mainly comprised of two objects:

Keepers are the external persons/teams who register into the system to take up jobs. The Keepers are required to have technical knowledge about the job so that they can execute the job contract successfully. They are allowed to set up their infrastructure and rules to complete the job. The job can range from a simple calling a transaction or as complex as requiring extensive off-chain logic.

Keepers receive a reward whenever they execute a function. The reward can be in ETH, tokens, or the system’s native token – KPR. The maximum amount of KPR receivable is:

gasUsed + premium (configured by governance).

Jobs are the smart contract that performs the activity in the Keep3r network. These jobs are executed by the Keepers who are registered in the system.

Some jobs are associated with financial risk. In such cases, it can be executed by only those Keepers who satisfy the financial bond criteria. This bond is registered in KPR.

Jobs also require these following security measures:

  • Keeper bonded stake
  • Keeper jobs completed
  • Keeper age
  • Keeper token stake (for example SNX > 100)

The Keep3r Network is planning to include the following jobs upon launch:

  • Flash liquidations
  • Uniquote price feeds
  • Yearn harvests
  • Metawallet batch executions
Working Guide

Visit the Keep3r Network page.

The application landing page looks like this.

keep3R Network

Important: Note that the project is in the beta phase. Take the utmost care while connecting your wallet.

Connect Wallet

To access the platform, users are required to connect to the MetaMask wallet.

keep3R Network

Joining as a Keeper

You can register as a Keeper by creating a Bond.

keep3R Network

Click on Bond and enter the amount of KP3R tokens as a bond. You can give zero value if you wish. Click on Bond.

A transaction is triggered. Once successful, the wallet shows like this.

keep3R Network

There is a bonding period of three days. After that, a user can become a Keeper and can execute the listed job on the platform.

The profile activated after a bonding period of three days.

keep3R Network

Click on Activate Bond and a transaction is triggered.

keep3R Network

Your keeper profile is activated now.

Performing Jobs

You can see the list of available jobs from the right-hand side of the panel.

By clicking on a job, you can check more details and other relevant documentation about a particular job.

You can also see the job credits associated with the job that will be rewarded to the keepers.

keep3R Network

Important: Note that the current front end is only dedicated to Keepers and not to the jobs. Hence, users can see only code if they try to explore the existing jobs. See below.

keep3R Network

Register Job

Jobs can be registered in two ways:

Jobs can be registered through the job interface. Click on Add and fill in the required details. But this method is quite complex and requires a lot of information to be filled.

keep3R Network

Through Governance Portal

Click on New Proposal and add the Title and description. After that, the Keeper needs to fill the contract action, i.e., contract address and contract ABI.

keep3R Network

Registering the job via the governance portal is easy. It only requires you to add the job contract address on the proposal. Submit the proposal, and if the proposal passes, it is done.

Keep3r Rewards

Projects submit their contracts to the Keep3r Network. These contracts are reviewed by a bonded Keeper, and once approved, the Keepers start fulfilling the required work.

There are 3 options to reward Keepers:

  • Directly pay Keepers in ETH (OPEX)
  • Directly pay Keepers in a token (OPEX)
  • Indirectly pay Keepers by providing liquidity (CAPEX)
Governance

The Governance subsection for the Keep3r Network is supported by yearn.finance governance forums.

The platform only allows bonded Keepers to participate in governance activity. Bonded Keepers can either participate directly or delegate their voting rights to other Keepers.

Governance is designed to carry out the following functions:

  • Adding liquidity pools accepted for job credit
  • Approving / Revoking Jobs
  • Disputing / Slashing / Resolving / Revoking Keepers
  • Set KPR reward premium
Job Credits

Each job comes with a credit, and the credit amount can easily be seen from the job interface which is used to reward keepers.

To receive credits, you need to provide KPR-WETH liquidity in Uniswap, and in return, you will receive the number of credits equal to the number of KPR tokens that you have provided in the liquidity pool.

Keepers can remove their liquidity at any time whenever they no longer want to execute the job.

Removing a Keeper

If a Keeper no longer wanted to be associated with the platform, he can deactivate the profile by clicking on Unbond.

After a waiting period of 14 days (UNBOND days), they can proceed with withdrawing the bonded assets.

Managing Keepers

Keepers are managed through the governance system. The governance system helps in resolving the following issues:

  • Lodging disputes
  • Slashing
  • Revoking access
  • Resolving disputes
A Few Important Applications
MetaKeep3r

MetaKeep3r was released on October 31, 2020.

It is only restricted to bonded Keepers with a minimum bond of 100 KP3R.

It provides ETH compensation as a trade for bonded KP3R. It keeps the bonded KP3R and, in return, provides ETH as compensation for gas spent. It is also the first job that uses the Keeper filter for job execution.

OpenZeppelin | defender 

The platform also announced that Keep3r network Keepers can use OpenZeppelin.

OpenZeppelin is an application that will help in automating a job. Keepers can set up jobs similar to crontab that will run at a predefined frequency. This will help them in automating jobs that are required to run periodically.

You can check this link for further details on how to register on OpenZeppelin and set up Relayer and Autotask.

MetaWallet: a gasless wallet

MetaWallet is a smart contract-based simple wallet that allows you to transfer ETH, send tokens, approve contracts, or execute arbitrary contract call data to other contracts exactly similar to a normal wallet. But instead of submitting an individual transaction to the network, the transaction is queued in the Keep3r Network and the Keepers submit it in batches on your behalf. This strategy aims to reduce the gas cost and network congestion up to a certain extent.

The MetaWallet also allows you to set a second owner. Both owners will have full rights and can work with the same wallet benefits.

Keep3r Network Update
Updated the UI
  • Include additional bonding details
  • Expand job details to include contract names and integration documentation
Pending Keep3r Features
  • Bond any token
  • View detailed work details
  • Weekly work timesheets & audits
Pending Governance Features
  • View treasury
  • Assign and approve funds
  • Job management
  • Keeper management
Conclusion

The Keep3r Network is an innovative project that aims to create a decentralized freelance crypto job listing platform. It focuses on creating a common space for crypto projects who are looking for technically versed resources. This is kind of a new concept which will help projects in finding skilled resources in the future. The platform is not yet launched, but the users’ expectations are quite high. We are looking forward to what more features and benefits it will bring with its launch.

 

Resources: Andre Cronje Medium page, Keep3r website

 

 

 


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