Keep Network Review

Keep Network

What is Keep Network

Keep Network is a privacy-oriented infrastructure for blockchains built on Ethereum, enabling private data to be safely used on public protocols. Keep Network aims to solve the problem of public blockchains namely their data vulnerability to external risks. The network makes use of containers named Keeps that store private data outside the blockchain allowing smart contracts to interact with the data without compromising transparency and transaction auditability.

The first application that has been built on the Keep network was tBTC, a Bitcoin bridge on Ethereum, where users can deposit their BTC in exchange for tBTC a Bitcoin-backed ERC-20 token that can be utilized on Ethereum-based dApps. 

How does Keep Network work 

The core concept of the Keep Network is storing confidential data, or Secrets, outside the blockchain systems in keeps, which are decentralized and not accessible by Keep team members. Keeps are off-chain containers housing up to 1MB of encrypted data protected through multi-party computation (sMPC).  

Keep is a Proof-of-Stake network, consisting of Keep providers that have to stake the native KEEP tokens. Keep providers are the economic entities of the network, their role is to provide encryption, computation, and storage services in exchange for rewards.  

Keep providers are selected randomly and given a portion of private data through Keep’s core application, the Random Beacon. Random Beacon is an advanced cryptography technique for trustless randomization. More detailed information can be found in the project’s documentation. This randomization prevents keep providers from collaborating to attack the network. Beacon also ensures that an individual signer cannot decode and tamper with the information stored in their network. 

Once chosen as a Keep provider, users have to stake 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 wish to store data on keeps can pay for this service using either KEEP tokens or ETH. In such a manner 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.

Users can also earn additional rewards by depositing the KEEP tokens into the network's Coverage Pool, a pool of capital that serves as an external aid to maintain the 1:1 peg between tBTC and BTC deposits. The Coverage Pool sells KEEP to buy BTC and cover the peg. As long as KEEP tokens are kept in this pool, they earn rewards that are autocompounded.

How to use the Keep network

Keep network can be used for developing custodial wallets, marketplaces for digital goods, encrypted blockchain usage, decentralized signing solutions, etc. Developers wishing to build applications on Keep Network can find a detailed guide here.

Keep Network Staking

If users want to take part in managing the Keep network ecosystem by staking their KEEP tokens, they first need to decide whether they want to stake themselves or with a staking provider. If the user lacks the technical expertise, a staking provider can be a more convenient solution in exchange for a nominal fee. A list of staking providers supported by the network can be found here. The user may also suggest its own staking provider contacting the network. 

Users will also need to have some KEEP tokens in their wallets, which can be purchased on the open market or by providing liquidity to one of the three pools available on Uniswap. Keep network wallet support includes Tally, Metamask, Ledger, Trezor, and WalletConnect.

For staking, users need to navigate to the Keep token dashboard. The Keep dashboard is a home base to stake KEEP, manage stakings, review token grants, check on rewards, and more.

Staking requires the minimum amount of KEEP tokens to be staked, which is currently 10k KEEPs. Once the wallet is connected, the user will see its token balance which is divided into total granted tokens (tokens distributed during the Stakedrop events) and total wallet tokens (liquid tokens). Users may stake from both balances by clicking the ‘Stake’ button. A step-by-step staking guide can be found here. A guide for setting up a Random beacon can be found here

Work across the network is distributed to KEEP stakers, in proportion to their staked amount, by a Random beacon. Misbehaving stakers have their KEEP slashed and are removed from the network.

The KEEP token

KEEP is the Keep network’s ERC-20 native token, with a total supply of 1,000,000,000 tokens. KEEP powers the network ecosystem and supports all apps built on the network. KEEP receives fees for all the activity that takes place on the apps it supports. 

The KEEP token has been distributed as follows: 40% for the project and its founders, 25% for staking rewards and airdrops, and 35% for investors.

KEEP is designed so that the more apps there are on the network, the more opportunities there are to earn with the token. This should lead to more people delegating KEEP to participate in these apps, creating more value for the entire ecosystem.

How to buy KEEP token

Keep Network KEEP token can either be earned through staking and providing liquidity to third-party protocols or purchased on such decentralized exchanges as Balancer or Uniswap.

Keep Network KEEP token can be purchased on centralized exchanges like Kraken.

Disclaimer

It is up to you where to buy the KEEP token. It is worth taking into account that decentralized exchanges allow you to do this anonymously, you do not need to pass KYC procedures to use them, on the other hand, the cost of transactions may be higher than on centralized exchanges, while there is a risk of your funds being held by the exchange.

Disclaimer

To understand if Keep network is a good investment and try to make a KEEP token price prediction, you need to do your own research on the project.

All the data for research is available on the project page on our website: check out the technical features of the project in this review, try to use the app, see if the information about the team is available and the team is open for communication, and using the project dashboard and the KEEP token price chart, assess the project usage rates as well as the token price movement and the number of its holders.

Is KEEP Network safe

KEEP network prides itself on being protected from Sybil attacks and dishonest behavior thanks to its staking mechanism and Random beacon tool. A Sybil attack is a security threat on an online system where one person tries to overake the network through creation of multiple accounts, nodes, or computers. 

The Keep network’s team consists of an experienced group of software engineers, strategists, and operators, with a Thesis crypto venture production studio being behind the network. Keep Network was founded in 2017 by Matt Luongo and Corbin Pon, who previously started Fold, a bitcoin shopping app. They both continue to lead the network as part of the Thesis. Matt Luongo claims to be a serial entrepreneur and started his crypto-journey in 2014. He is currently the CEO of Thesis and Keep Network.

Corbin Pon has been engaged in software development and entrepreneurship for more than ten years. Previous to his blockchain work, Corbin co-founded an expert network search engine company, and worked in Defense, with a focus on geospatial intelligence products.

Keep Network was audited by Consesys in February 2020, Trail of Bits in June 2020  and Sergi Delgado in May 2020 

Ecosystem & Partners 

In 2018, Keep Network raised over $20 million worth of investments from Andreessen Horowitz, Draper Associates, Polychain Capital, and other funds during its first private token sale. In April 2020, Thesis (Keep Network’s developer) raised $7.7 million in KEEP token sale event led by Paradigm Capital with the participation of Collaborative Fund, Fenbushi Capital, and others. 

What’s next

The network plans to merge the network with NuCypher Protocol, forming an extended network in a 50/50 on-chain collaboration between both communities which will transform the platforms into a Threshold Network and enhance decentralization through the introduction of a DAO.

Links

https://staking.keep.network/ 

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