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Keep Network (KEEP) Research

Keep Network (KEEP) Research Details

Keep Network (KEEP) Keep Network

INTRODUCTION

The Keep Network is a privacy layer for blockchains that enables users and applications to securely store data. It has off-chain containers for private data termed "keeps." The network randomly gives keeps to a group of participants called "signers" who assist in storing and managing these data containers. Keep's primary application, the Random Beacon, provides this source of randomness and seeks to ensure that an individual signer cannot interpret the information stored in the network. Each participant stakes KEEP tokens to function as a signer in exchange for a service fee.


HISTORY AND FOUNDERS

Keep Network was established in 2017 by Matt Luongo and Corbin Pon, who had previously founded the bitcoin shopping application Fold. While working on Fold, the two discovered that Ethereum needed better tools for privacy. Thus, Matt and Corbin decided to create a new data layer that enables blockchain-based applications to store and access confidential data.

The Keep Network includes off-chain containers for private data known as keeps, which allow smart contracts to interact with this data while maintaining transparency and transaction auditability.

Among the early backers of the Keep Network are Polychain, Andreessen Horowitz, Draper Associates, Paradigm, Fenbushi, A. Capital, Collaborative Fund, and ParaFi.


REASON TO BUILD THE PROJECT

Privacy: Keep Network seeks to address a variety of problems that crypto investors are now facing. The network's main goal is privacy. Users get complete privacy and top-quality encryption. Furthermore, the network's decentralized design eliminates the possibility of a single point of failure.

Transparency: The sudden rise of DeFi platforms has led to an increase in fraud as well. It is advised that you only invest in open-source projects to minimize losses. These projects enable the community to view each transaction and protocol function. This way, you can be certain that nothing fishy is going on behind the scenes.

The Keep developers have demonstrated a commitment to transparency. The developers made the entire thing open-source.


BASE OF PROJECT

  • Random Beacon Node: Random Beacon is a decentralized random selection tool for choosing signers from a pool in a way that is both secure and decentralized. This beacon is in the form of a BLS Threshold Relay and cannot be modified or gamed. It is a reliable source of randomization for the trustless group election process.

  • Signers: Network participants who assist in the storage and management of off-chain containers (Keeps).

  • Keeps: An off-chain container for private data that enables smart contacts to manage and utilize private data without exposing it to the public blockchain.

USE CASE

KEEP is the native utility token of Keep Network and is used for the following purposes:

  • Governance: KEEP token holders have voting rights on network governance issues.

  • Staking: Users can stake KEEP tokens on the platform dashboard or through a staking service provider in order to function as a Keep Provider.

  • Network participation: Users can operate nodes to assist in network maintenance and earn network incentives.

MAJOR NEWS AND EVENTS

DATE

NEWS/EVENTS

IMPACT

27/02/2022

Binance has finished the NuCypher (NU) and Keep Network (KEEP) token merge

+26% Increase

11/03/2021

Keep and NuCypher's Decentralized Partnership

+51% Increase

28/04/2020

Keep and tBTC Launches are backed by over 40 Industry Partners

+30% Increase


CONCLUSION

The developers behind the Keep Network made a wise decision when they decided to place a strong emphasis on privacy and security. Recent trends have seen a sharp rise in the number of incidents of data being hacked. These attacks have resulted in lost revenue of billions of dollars for both individuals and businesses. The market now offers a viable decentralized option. As a result of this, over the next few months, we might anticipate hearing more from the Keep Network.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.