A Beginner’s Guide to KAVA

Kava is a decentralized Layer 1 (L1) blockchain. It’s built on the Cosmos network. Yet, it is an Ethereum Virtual Machine (EVM) compatible chain. Hence, it enjoys the interoperability features of Cosmos. At the same time, Kava is able to attract the developer base of Ethereum.

In this article, we take a look at what Kava is and what its use cases are. Then, we dive into how to stake its native token, $KAVA. Lastly, we’ll show you a simple guide on how to use its explorer, ATOMscan.

What Is Kava?

Kava is an EVM-compatible L1 blockchain on the Cosmos network. Think of it as a fusion between Ethereum and Cosmos. Kava has adopted the best features from each platform to make its blockchain successful.

Indeed, the term “multichain” is one that sticks with Kava. Its main features are:

  • Interoperability. It is able to connect with other blockchains on Cosmos through Inter-Blockchain Communication (IBC). Kava has also recently launched as an Ethereum co-chain. Hence, it can also connect to Ethereum’s decentralized applications (dApps) now.
  • EVM-Compatibility. It allows Solidity developers from Ethereum to port their code over easily. On top of that, these developers can use their existing skills to build dApps on Kava.
  • Speed. It uses the Tendermint consensus engine. Hence, Kava can process transactions faster.
  • Scalability. The network can also process up to 10,000 transactions per second (TPS). This makes it more scalable, as it can handle a larger number of users.

In a nutshell, you’ve got a great blockchain. Fast, scalable and interoperable. But, what can you use Kava for? Well, let’s find out in the next section!

Kava Use Cases

As a platform for dApps, you can use Kava for a ton of use cases.

Using dApps

Today, the network has got over 125 projects building dApps on it. Each dApp is created to help users like you and me. For instance, you can:

Simply put, you can use its blockchain for purposes similar to other L1 blockchains.

Minting $USDX

Apart from using dApps, you can use the network to mint stablecoins too! The stablecoin is $USDX. It can only be minted on the Kava network. By depositing collateral, you can mint $USDX to be used on the network.

Kava USDX
Source: https://app.kava.io/mint

For more details on $USDX minting, you can check out our previous analysis here.

Kava Earn

You can use the network to earn a healthy return too! Using farming strategies, simply deposit your crypto into the Earn program. These smart contract strategies will then help you to compound your earnings. You can check out the Earn program here.

Kava Earn
Source: https://app.kava.io/earn
Staking

Since Kava is a proof-of-stake chain, you can stake its $KAVA token to secure the network. While doing so, you can earn a sweet return as well. More information on how to stake in the next section!

How Do You Stake $KAVA?

Now, let’s run through the simplest way to stake your tokens.

  1. First, set up a Keplr wallet extension to store your tokens. You can store other Cosmos tokens here too! We prefer the Keplr wallet as it is non-custodial. This means that your tokens cannot be taken by an external party. Moreover, it has a great user interface as well.
  2. Next, select the “Kava” option as shown below. Once that’s done, send your tokens to your wallet address.

    Keplr Wallet
    Source: Keplr Wallet
  3. Once your tokens are in your wallet, it’s time to stake! Click on the “Stake” button as shown below. Choose an active validator with a high APR and low commission.

    Keplr Stake
    Source: Keplr Wallet

Ta-da! You’re now a staker on the network! You’ll soon be earning a healthy return, while securing the blockchain with your tokens.

How Do You Use Kava’s Explorer?

Now, it’s time to learn to navigate the Kava blockchain. To do this, you’d need to use ATOMScan. ATOMScan is to Kava what Etherscan is to Ethereum. It is an interface where you can view all transactions and interactions on the network.

To begin, you will need either a transaction hash or a wallet address. Paste this into the input field on ATOMScan. Next, you’d expect to see some data. But, what do you need to make of it?

Let’s say you’ve input a transaction hash. You will be able to review important data, such as:

  • Transaction Hash. Every transaction on the Kava blockchain features a unique identifier, which is known as the transaction hash.
  • Timestamp. The timestamp reveals when the transaction in question was initiated.
  • Status. This details if the transaction in question is successful, pending, or failed.
  • Block. This is the block number of your transaction. Do note there are multiple transactions within the same block.
ATOMScan Transaction Hash
Source: https://atomscan.com/kava/transactions/37A30A86EDDC068D83A08E731DEE882568A06166FAA15CB744E01323BADDDE18

Next, let’s see what data you get when you input an address. At a glance, you can view the entire history for said address’ activity. At a basic level, you can look at just the “Latest Transactions” tab. From here, you can view pertinent data for each transaction, such as:

  • Hash.
  • Type. For example, “transfer,” “vote,” “delegate,” and “multiple.”
  • Sender and Recipient Info.
  • Transaction Values.
  • Timestamp.
ATOMScan Address
Source: https://atomscan.com/kava/accounts/kava1du6h94k2j6zsqhrmuzhyxe3sy6lt95j2tafvpn

In addition, you can view other information of said address too! These include its token holdings, which delegate it stakes with, and so forth.

Conclusion

To conclude, we hope that you’ve learnt some basic knowledge on Kava. Now, what are you waiting for? Time to research some dApps, create a wallet, and start staking your tokens!

⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.