Conquer people by aggravation? One article to learn about the new payment public chain Keeta

Author: Nianqing, ChainCatcher

Edited by: TB, ChainCatcher

Recently, the regulation of US stablecoin has ushered in important progress. The Senate Banking Committee passed the "Guiding and Establishing US Stablecoin National Innovation Act" (hereinafter referred to as "GENIUS Act") with a vote of 18:6. Embracing compliance has become the general trend of large-scale adoption of stablecoins.

Although most stablecoins are issued on Layer1 such as Ethereum, Tron, BSC, etc., these public chains themselves do not have compliance mechanisms, which may discourage some traditional financial institutions. Currently, some public chains focused on payments, such as Stellar, have built-in account control and anchoring mechanisms to support KYC. As supervision becomes stricter, more public chains with built-in KYC/AML mechanisms may appear to meet global compliance needs.

Recently, Keeta, a public chain focusing on RWA and stablecoin payment, conducted TGE on the Base network. At present, few people have paid attention to this project in China, but it is highly popular overseas. In early March, many people Fud was a fraud project stolen by Twitter because the project party chose to issue coins in a rough manner without marketing preparation. Afterwards, the project party began to publish white papers and engage in marketing. The team and founder Ty Schenk worked very hard to start Space and answer questions on the push. Fud's voice only suppressed a little.

On March 17, Keeta's token KTA rose sharply, with a single-day increase of more than 50%. Since its launch on March 6, KTA has risen by more than 2,500%. Currently, its TVL exceeds 70 million US dollars, and the number of coin addresses is about 6,500. Keeta's operation is "quiet TGE and then amazed everyone."

First of all, what is Keeta?

Keeta is the next generation of DAG (Directed Acyclic Graph) commissioned proof of stake (dPoS) blockchain system, enabling instant, compliant and low-price cross-border payments to eliminate TradFi bottlenecks. According to its white paper, Keeta's goal is to achieve two core competitiveness, namely "extremely fast" and "comply with regulatory requirements."

How fast is “extremely fast”?

Keeta promises to support processing up to 10 million transactions (TPS) per second and achieve transaction settlement speeds of 400 milliseconds. This high throughput and low latency design makes it suitable for large-scale payment and asset transaction scenarios.

10 million TPS is really an exaggerated number. Generally, new high-performance chains dare only promise 100,000 (the community commented that this data is the same as reading science fiction novels).

According to Keeta's white paper, Keeta's high performance guarantees are mainly due to: (1) no memory pool; (2) client-guided verification skips queues; (3) two-stage voting ensures speed/security; (4) cloud servers (such as Google Cloud or AWS).

An obvious disadvantage of this underlying technology is that it relies heavily on centralized cloud server providers. In addition, 10 million TPS may not be tested in real application environments (even if you brag, you can't verify it).

Built-in compliance mechanism

Keeta officially claims to be "the first blockchain network that fully complies with traditional financial regulations", improving efficiency through automated compliance screening, and ensuring that all transactions comply with local laws through built-in anti-money laundering (AML), bank confidentiality law (BSA) and Know-Customer (KYC) protocols.

Token issuers can determine any rules, such as whitelisting individuals, enforcing transaction restrictions, or requiring specific authentication, which will be supported by the network. In addition, token issuers have full control over the governance of their stablecoins, such as adjusting token policies, implementing new rules, and even adjusting identity requirements. Ensure full flexibility.

In order to support requirements such as authentication, Keeta's on-chain certificates can achieve instant verification without a third party. Trusted KYC providers on the network can provide certificates to verify a specific attribute of an individual, such as age or location. A single certificate can be used to instantly verify individual identity between multiple parties.

Additionally, to support cross-network flows of fiat-backed stablecoins, the Keeta network’s anchoring system can connect traditional payment channels such as ACH, SEPA, and SWIFT without sacrificing security or compliance. Other blockchain networks can also be connected as anchoring systems, thereby enabling atomic exchange between stablecoins and native assets of anchoring networks.

Team and financing

In 2023, Keeta raised $17 million in seed funding with $75 million in FDV, and former Google CEO Eric Schmidt was also involved in the round. According to some early reports, Keeta first served directly to businesses, namely toB business, and was initially offered in the United States, Canada, Mexico, Brazil, the United Kingdom and the European Union. But unlike SWIFT, Keeta aims to serve a wider user base that pays less than $1 million.

Keeta’s co-founder and CEO Ty Schenk has been a software engineer since he was a teenager, and before he founded Keeta, his main work was related to crypto payments.

Keeta's CTO Roy Keene is Nano's former chief developer, who chose to leave and create new projects because he wanted to change Nano's incentives and institutional adoption.

Keeta Token Economics

The figure shows that Keeta's total token supply is 1 billion, and the token allocation is divided into four main parts:

• Community/ecosystem reserve: 50%
• Team: 20%
• Early investors: 20%
• Foundation reserve: 10%

Each part of the token has a specific lock and vesting plan, as follows:

• Community/Ecosystem Reserve: 75% Unlock TGE (token generation event), locked positions for 6 months, 48 ​​months attribution, unlocked monthly.
• Team: Lock positions for 9 months, 36 months of ownership, unlocked monthly.
• Early investors: lock positions for 6 months, 24 months of ownership, unlocked monthly.
• Foundation reserves: 3 months of locking positions, 48 ​​months of ownership, unlocked monthly.

In addition, the uses of community/ecosystem reserves include: pledge rewards, community growth plans, liquidity provision

Keeta 's KTA's initial price on the Base DEX Aerodrome is about $0.0076, which should be calculated based on the previous round of valuation of $75 million. Currently, 400 million tokens are in circulation, with a fully diluted valuation of US$168 million.

Project planning and roadmap

According to the roadmap, Keeta Network testnet will be released at the end of this month and comes with a web wallet and a block browser. The mainnet will be launched in June, and more test network features will be launched within the months before the mainnet is released. For example, digital identity anchor, web wallet certificate support, block browser certificate support, native mobile wallet, etc.

Why does an L1 choose TGE on L2 Base?

This is the biggest controversy facing Keeta at the moment. Some community questions that the Keeta team clearly has its own Layer1, but it still has to choose TGE on Base, which is a bit unnecessary. After all, after the main network is online, it has to anchor the assets from Base back to its own chain. It seems that there is no need to make such a fuss.

The team has responded to relevant questions on many occasions. They said that fair launch is due to the importance of community construction and hopes that the community can participate in the construction and growth of the project earlier. In addition, compared with Keeta, which does not have any user base, Base has a larger communication base and traffic, and the Gsa fee is cheaper than the Ethereum main network. The KTA token will remain on Base until the mainnet is launched and the team will take advantage of the new anchoring feature, which will become Keeta Native tokens on L1.

(This article only introduces early projects and is not used as investment advice.)