Kreivo means creativity and it’s also the name of the parachain the Virto team deployed in Kusama as the winner of auction 102 a couple of months ago.
We will use this parachain to test and integrate the tools focused on UX/DevX that we have developed for the past 3 years and any future developments, as well as integrating real-world applications that partners in Latin America are excited to turn into Web3 businesses with social impact.
Kreivo is not a new thing, it just took a while to find the right conditions to showcase this bet for a different kind of parachain, one that is kick-started by the community and behaves as a common good not having a token and using KSM as it’s native asset while remaining sovereign and self-sustainable.
We have been preparing the ground for some years now, with the help of grants and then earlier this year when the Virto team received 6 months support for a “trial fund” to prove itself as a capable ecosystem agent that can bring innovative solutions to the common problems that affect us. But tools need to be used! with Kreivo we have the playground to experiment and put together the many pieces of our puzzle we’ve been building.
We are creating a robust and sustainable payments & community management infrastructure for cooperatives(commercial communities) whose users transact with real-life products and services. A standout feature is the ability to lock a small contribution from each payment in the region where the transaction occurred to incentivize the creation of local communities. It is our long term mission to use this technology to fight inequality(specially in Latam).
The Virto team is joining as one more commercial community to provide the infrastructure services of the underlying protocol in a simple manner. Anyone looking to establish Web3 cooperative will see a simple subscription based Solution as a Service platform that is a smash of Discord, Stripe and Wix.
Notice how I don’t use the term DAO? it’s important for us and the projects we want to attract to exclude blockchain jargon or any related complexity to our communities and their end users, the team has experience building products that use blockchain technology that is completely hidden away from the end user.
Kreivo is a great platform to bridge real-world businesses, such as decentralized on&off-ramps, Infrastructure as a Service, freelancing or sharing economy platforms among others.
Creating infrastructure without usage is pointless, that’s why together with a few partners we have been prototyping for a while the first communities that will launch on Kreivo besides Virto:
- Cubo: Makes investment in a diversified portfolio of real state easy with the CUBO token. The team was selected in the PolkadotRelayers program and is currently launching a pilot program to deploy affordable tiny houses in a touristic hotspot near Medellin Colombia.
- SwapCash: A localbitcoins-like platform to trade local currency in a decentralized way with the simplicity of Uniswap.
- Bloque: “Insta-stores” allow users to import their catalog of products from social media platforms to start selling in few clicks while receiving payments in local currency(powered by SwapCash).
Kreivo’s inner workings and initial functionality revolve around 2+1 key components:
- Communities pallet: We created a general purpose “DAO factory”/multi-collective pallet that allows local and commercial communities to establish their digital infrastructure and make decisions autonomously. Kreivo serves as their shared back-end, empowering them to conduct their operations, including payment processing.
- Payments pallet and fee collection system: Kreivo’s payments module ensures secure reversible transactions and dispute resolution. It also includes a configurable fee collection system that allows communities charge their fees or for the protocol to implement the local contributions or other impactful initiatives.
Governance: Kreivo adopts a “ranked collective” approach for protocol level decision-making, every community joins said collective and is able to actively participate in the governance of the system. This unique approach ensures inclusivity, prevents power concentration, and aligns with Kreivo’s mission of promoting a user-driven, accessible platform.
The Virto team is committed to being a valuable asset to the Kusama community, offering our technical expertise as a Rust+Substrate devshop to support various projects and initiatives within the ecosystem. The team’s experience in building products that seamlessly integrate blockchain technology with user-friendly interfaces sets us apart. We understand the importance of simplifying Web3 technology for communities and end-users, making it accessible and free from unnecessary complexity.
Next Steps: The Virto team is excited to continue building in Kusama where we have established our home and hope the community sees value in supporting our next set of endeavors. We wouldn’t be able to realize the vision of Virto and Kreivo elsewhere.
Despite market challenges this year and having downsized the team we managed to extend its runway to cover an entire year of development while delivering things than initially planned, we’ve remained transparent about budgeting keeping funds on-chain(probably the only team) and staking unused funds to secure the network.
It’s our goal to make Kreivo self-sustainable as soon as possible and we are working on it but you’ll probably hear from us in Kusama’s OpenGov at least once more.
Join us!: If you have a community that is looking to conduct an economic activity, we invite you all to reach out so we can set up your community in Kreivo, we are offering the first 15 communities free infrastructure for a year which includes our own flavor of a dedicated Matrix server(what Element connects to) for encrypted chats and “light contracts” integrated with the parachain and our own Matrix client created from scratch to integrate simple payments and governance.