Keep Network: An Overview of the Privacy-Focused Infrastructure
Keep Network serves as a platform for storing encrypted private data on a public blockchain. The system comprises off-chain data containers known as “keeps”. This groundbreaking infrastructure opens the door for developers to design fully private dApps and smart contracts.
Aiming at the blossoming DeFi market, Keep Network strives to solve the dilemma of preserving data privacy in DLT networks. It achieves this through off-chain data containers, private smart contracts, a cross-chain bridge that connects the two most widely-used blockchains, and the native KEEP token.
The Keep Network infrastructure provides the tools for creating private smart contracts, encrypting data, and storing it securely. This approach allows for the use of personal data when interacting with various dApps, significantly lowering the risk of data breaches.
The potential of the Keep Network could pique the interest of various sectors and industries. For instance, insurance or finance sectors could employ it for credit scoring and credit risk assessments. The healthcare sector could use it to manage patient medical records. Digital markets, such as IoT, NFT, and others, could also benefit from this network. Its high level of confidentiality enables businesses and individuals to safely share and store personal or commercial data on the blockchain, without fear of their data being exposed or compromised.
Secure smart contracts can store confidential data, and encrypted files, or perform identity verification under certain conditions. All of this is carried out securely by utilizing state-of-the-art cryptographic technologies, including ECDSA.
Creators and Team of the Project
Matt Luongo and Corbin Pon, both recognized figures in the crypto industry, founded Keep Network in 2017. They had earlier created the Fold app, a platform for earning Bitcoin rewards. Alongside his duties at Keep Network, Matt Luongo also serves as the CEO at Thesis, a venture company.
The Keep Network team is made up of over 20 individuals. It includes engineers with extensive experience in discrete mathematics and cryptography, as well as professionals who have previously honed their skills at ConsenSys, a company known for creating blockchains and related software.
Keep Network co-founder Matt Luongo. Source: keep.network
The Keep Token
KEEP serves as the native token of the Keep Network. It is used to maintain dApps within the network, deploy nodes, and incentivize users through rewards like airdrops and bounties.
Users who wish to set up a node within the Keep Network are required to stake a predetermined amount of KEEP tokens as collateral. Node owners earn rewards in KEEP tokens by storing data from confidential smart contracts and verifying cross-chain swap transactions. If any fraudulent activity is detected during transaction handling, the staked tokens may be seized as a penalty, and the node will be removed from the network.
Currently, there are about 1 billion KEEP tokens in circulation. All of these were minted during the Keep Network's mainnet launch on April 27, 2020. There are no plans for further minting, ensuring a constant token supply. This strategy aims to promote an increase in the value of the asset. Interestingly, since its inception, the KEEP token has shown relatively low volatility on the exchange market, with no sharp ups and downs. Such stability is somewhat uncommon in the realm of cryptocurrency assets.
With a market capitalization exceeding $123 million, the KEEP token holds the 241st position in Coinmarketcap's ranking.
The token can be purchased and traded on various exchanges such as Kraken, Gate.io, Paribu, DigiFinex, and the decentralized exchange Uniswap.
Keep Network's Evolution
In 2021, the Keep Network team decided to evolve the project, resulting in a merger with NuCypher to form the Threshold Network.
Threshold offers its users sovereignty in a public blockchain. It provides access to a comprehensive suite of cryptographic tools, ensuring full control over their digital assets for the users.
The Keep Network team within the Threshold Network has developed tBTC — a cross-chain bridge facilitating BTC transfer to the Ethereum network. At present, this is the only solution of its kind on the market. Users can convert their BTC safely and conveniently to engage with DeFi services. In layman's terms, tBTC allows users to tokenize their bitcoins for usage in the Ethereum network, backed by collateral of the equivalent amount of the original asset.
Each tBTC token is completely backed by BTC held in reserve at a 1:1 ratio. The tBTC bridge accepts asset exchange, enabling users to convert tBTC to BTC and vice versa swiftly and without intermediaries.
The three main pillars of the Keep Network. Source: keep.network
Final Words
We are looking at another project that champions data confidentiality on the blockchain. In addition to this, Keep Network simplifies cross-chain trading between the two largest blockchain platforms and allows the use of tokenized bitcoin in the Ethereum ecosystem.
Taking into account its successful audits conducted by several renowned companies, the interest shown by top investment and venture funds in this project, and its launch of a unique service in the market, Keep Network seems to hold significant potential for future success.
The Keep Network project secures investments from renowned venture companies. Source: keep.network
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