Archway is an incentivized smart contract platform that rewards its developers for building decentralized apps on the network.
The Archway platform rewards developers who build on it with baked-in incentives and rewards.
The protocol provides developers across the blockchain industry with the tools to build and launch scalable cross-chain dApps quickly while they receive rewards for the value they contribute to the network.
The Archway blockchain is developed with the Cosmos SDK and enabled by the IBC protocol.
The platform is a layer 1 blockchain that aims to create a fair and accessible blockchain that allows developers to benefit from the value generated by the protocol on which they build. The platform also seeks to provide developers with the best development environment a crucial and determining factor to the success of any network.
Archway’s mission in the crypto space
Archway hopes to kickstart a surge in the development of a diverse array of applications by rewarding developers who build on the network.
The mission of Archway is to level the playing field for entrepreneurs and developers worldwide by ensuring that they have access to opportunities comparable to developers and entrepreneurs in first and second-world nations.
A key feature of Archway’s protocol is its reward system which focuses on rewarding developers based on the value and impact of their dapp, rather than based on their connections or access to Venture Capital funding.
This feature levels the playing field for entrepreneurs and developers in third-world countries who face significant barriers in raising capital.
Archway reward system is an improvement on early Web 3 and Web 2.0 platforms. Archway ensures that entrepreneurs and developers building on its protocol receive an actual stake in the growth and governance of the protocol itself, as all contributors are rewarded.
Archway’s Mechanism
Archway works by providing developers with a wide range of languages and choices. The Archway protocol supports the CosmWasm, Rust, and Wasm programming languages, these languages alone encompass more than 40 languages including Python, C++, Go, and, Java.
The Archway protocol also has two modules that function to ensure that the Value capture mechanism works. The rewards module and the tracking module.
The Archway protocol ensures that decentralized apps can capture the value they generate in three ways.
- Gas rebates: the Archway protocol divides the revenue generated from transaction fees between validators and dapp developers in the form of fee discounts.
- Inflation: The Archway Protocol follows the Cosmos hub model on inflation. Inflation in ARCH token supply will be between 7 and 20 percent, This number depends on how many tokens are actively staked on the network. Archway protocol will initially distribute 25% of this inflation to dapps (deflation) and 75% to validators.
- Premium: On Archway protocol, developers can set a custom (premium) fee for users to interact with their dapps. This premium commission is set by default by the protocol to 0 ARCH and can be changed at any time from the launch of the smart contract.
Other Features of Archway Protocol
The Archway team in addition to its protocol announced the launch of its wallet ArchX.
The wallet which is currently in its testing phase will launch on IOS and Android and will come with other features like the sending and receiving of tokens, staking, and interaction with all protocol’s Dapps.
$ARCH is the native token of the Archway Network and it is used for governance, fees, and staking.
Archway Airdrop
The Archway team in a bid to promote the decentralization of its native and governance token and also reward active members of the cosmos community. Archway decided to launch an airdrop campaign for its protocol.
At the time of the Airdrop campaign, the eligibility criteria for participants were quite stringent. They include
- Users Having more than 25 ATOMs in staking at any number of validators. Each speaker meeting this condition will receive ARCHs in a 1:1 ratio to the ATOMs held in staking at the time of the snapshot (29,412,980 total ARCHs);
- Users must have transferred through the Axelar bridge more than €5K in assets in a single transaction. For this transaction, each user will receive 400 ARCH (2,900,000 ARCH);
- Users must have created a smart contract on Terra Classic (400 ARCH per user and 2,566,400 total);
These were the eligibility requirements for users for Archway’s first airdrop. Other airdrop campaigns have followed since then.
Conclusion
Archway’s reward mechanism makes it a perfect platform for developers who want to create an economically sustainable, multi-chain, and secure project.
The focus on the value created by Dapps rather than the profile of developers helps bridge the gap and mitigate the advantage first and Second-world developers have over other third-world developers.
More airdrops by this project will help attract more users to it making it an important L1 network in the crypto ecosystem.
image credit: Archway official website