The Keep Network is a piece of software that aims to incentivize a global network of computers to keep private data that may then be released on public blockchains via smart contracts.
Many decentralized applications (dapps) that run on public blockchains, such as Ethereum, require the use of private data (such as medical records, credit ratings, and financial information) to function.
To safeguard individual users’ privacy, the Keep Network allows private data to be stored outside of the blockchain in “keeps,” which are containers that allow smart contracts to maintain and use stored data without exposing it to the public blockchain.
To run a keep, nodes must stake KEEP tokens, the Keep Network’s native cryptocurrency, and be chosen by the Keep Network. These nodes receive KEEP for successfully maintaining their keeps.
The Keep Network’s first application is tBTC, which acts as a bridge between Bitcoin and Ethereum. Bitcoin owners put their BTC cash into a smart contract and receive tBTC, an Ethereum token with the same BTC value that can be used to access multiple dapps on the Ethereum blockchain.
The KEEP token powers the Keep network. To join the network, you must first obtain the token. The KEEP is a work token that grants the privilege to execute vital network operations by delegating token collateral. The token’s utility is proportionate to the amount delegated, taking the user’s commitment to the network into consideration. The minimum stake will be big at first, but will gradually drop. The Keep ecosystem is not behavioural and has an autonomous incentive architecture. This means that Keep members must authorise any app for use in the ecosystem based on the standards and conditions.
Work is defined as a node’s availability and computation necessary to pick, pull, and read associated data in the Keep network. To summarise, the ecosystem assures that the Keep system cannot be abused by users opting out or decoding the private data in the protocol.
In Keep (KEEP), how are new tokens created?
The KEEP token can be obtained through exchanges or as a reward for providing liquidity to a pool. The Keep network does not stake for consensus in the same way that proof of stake does (PoS). Instead, it employs staking for work selection, with consensus provided by a host chain such as Ethereum. As a result, rewards are gained by staking KEEP in order to engage in the KEEP ecosystem.
How Does the Keep Network Function?
The primary feature of the Keep Network is its capacity to store confidential data, known as secrets, outside of blockchain systems in keeps.
Keeps enabling blockchain-based applications to interact with secrets without entirely exposing their contents through the use of smart contracts, which can provide data, encrypted files, or verification of a user’s identity to the application when certain criteria are met.
Keep providers are computers or nodes that maintain keeps and are assigned portions of a secret using the random beacon protocol, an advanced cryptography approach for trustless randomization.
When a user wants to buy a keep, they make a request to the Keep Network, which divides and mixes their secrets, sends shares of them to other keep providers, and returns keys to the users so that they may access the content of their keeps when needed.
Keep providers must stake a specific amount of KEEP that can be recovered by the protocol if they are untrustworthy or neglectful with the keeps. However, providers are incentivized through KEEP incentives to supply services such as encryption, processing, and storage.
Who Invented the Keep Network?
Keep Network was launched in 2017 by Matt Luongo and Corbin Pon. In 2014, they co-founded Fold, a bitcoin shopping app.
Keep Network sold $20 million in KEEP tokens to investors including recognized venture capital company Andreessen Horowitz and notable cryptocurrency investors Polychain Capital, Fenbushi Capital, and Paradigm in two rounds of private sales.
The nodes can be run by themselves or by delegating KEEP to a staking service. The utility of the token is determined by the user’s commitment to the network. In other words, those with more “skin in the game” benefit more.
In the Keep dashboard, there are three revenue streams. There are three types of incentives: earning, staking rewards, and liquidity rewards. Earning is the amount of ETH obtained as a reward for being bonded with the KEEP staking delegation. As a result, when more ETH is bonded, more is earned. Staking incentives, on the other hand, are received as more KEEPs are staked. Aside from earning and staking, a third type of money is generated by providing liquidity to select pools outside of the Ethereum DeFi area.
Why is KEEP valuable?
The value of the KEEP cryptocurrency is derived from its ability to maintain the security of private data.
Notably, KEEP is embedded into the network and is the only cryptocurrency that may be used to perform critical network activities.
Users who want to become providers, for example, must first acquire and stake KEEP tokens in a smart contract, which can be returned if they act honestly and deliver sufficient quality services.
Staking KEEP allows users to be chosen at random by the network to operate keeps, and once chosen, they must deposit more KEEP for each new keep they assist in operating. If providers do their tasks successfully, they are rewarded with more KEEP tokens.
Users who want to store data on maintains can do so using either KEEP tokens or ETH, Ethereum’s native coin.
KEEP tokens, like many other cryptocurrencies, have a limited supply, which means that according to the software’s restrictions, there will only ever be 1 billion tokens.
Why Should You Make Use of KEEP?
The Keep Network may appeal to developers looking to build blockchain-based applications that require access to private data.
As a result, consumers that want to securely keep confidential information may be interested in Keep Network’s services.
Investors who trust in the future of data storage to be accessed by smart contracts for secure, private calculations on blockchains may choose to add KEEP to their portfolio.
Users may be interested in KEEP if they want to leverage their Bitcoin holdings to gain access to Ethereum’s decentralized finance (DeFi) features.
Keep Network was created as a privacy solution.
The capacity to hold secret information — such as a private key — in small off-chain containers called “Keeps” that are both decentralized and off-limits to Keep team members is at the heart of the project. Keeps enabling contracts to manage and use private data without exposing it to the public blockchain by utilizing a threshold elliptical curve digital signature method (ECDSA), which has been audited and is used by prominent crypto wallets and exchanges.
Keep created tBTC, a secure and permissionless bridge between Bitcoin and Ethereum. The tBTC project is the only fully audited and insured decentralized Bitcoin solution on Ethereum.
Users swap their BTC for tBTC, an ERC-20 token that is fully backed at a 1:1 ratio. The keys to bitcoin in tBTC are kept in Keeps, where they are not visible to the public blockchain.
Keep Selects Signers on tBTC Using a Random Method
Keep Network’s random beacon is a way for selecting signers for tBTC deposits. Because selection is random (but weighted based on the amount a user has staked), all parties would need to work together to figure out how much tBTC signers are minting and who the depositor is. Signing groups cannot function unless they sign from a key that no one knows.
The notion is that no one knows who the signers will be — not even the signers themselves — until they are chosen at random by the beacon. This randomization prevents signers from collaborating to steal cash or attack the network.
KEEP Crypto Token Advantages
The KEEP crypto token provides sybil resistance, allowing tBTC to be censorship and permissionless. KEEP crypto holders can operate tBTC in the same way that a full node can. KEEP stakers are even more important than tBTC signers, who stake both KEEP and ETH to complete their obligations. When tBTC signers carry out their duties correctly, they are compensated with KEEP crypto tokens. KEEP offers dividends on the network using a “burn” model.
Concerning the Keep Network
KEEP is an Ethereum currency that powers the Keep Network, a platform that intends to connect public and private blockchains. Keep Network’s first product, tBTC, is an Ethereum token that represents one Bitcoin. Users can deposit Bitcoin and redeem tokenized tBTC, which can subsequently be used in the Ethereum ecosystem without the need for centralized intermediaries.
What Is the Keep (KEEP) History?
Matt Luongo and Corbin Pon founded the Keep network in 2017. Luongo is the CEO of Keep’s crypto venture production studio, Thesis. Doug von Kohorn, who has been an entrepreneur for over a decade, is in charge of the product.
On September 28, 2017, the Keep team launched the network. The whitepaper was published on November 27, 2018. Coinbase Ventures is one of the network’s investment firms.
In Keep (KEEP), how are new tokens created?
The KEEP token can be obtained through exchanges or as a reward for providing liquidity to a pool. The Keep network does not stake for consensus in the same way that proof of stake does (PoS). Instead, it employs staking for work selection, with consensus provided by a host chain such as Ethereum. As a result, rewards are gained by staking KEEP in order to engage in the KEEP ecosystem. The nodes can be run by themselves or by delegating KEEP to a staking service. The utility of the token is determined by the user’s commitment to the network. In other words, those with more “skin in the game” benefit more.
There are three streams of revenue mechanisms in the Keep dashboard. They are earning, staking rewards, and liquidity rewards. Earning is the ETH received as a reward when it is bonded with the KEEP staking delegation. As a result, more is earned when more ETH is bonded. On the other hand, staking rewards are earned when more KEEPs are staked. Apart from earning and staking, the third category of revenue is earned by providing liquidity to certain pools outside the Ethereum DeFi space.
