Keep Network (KEEP) Cryptocurrency Market Data and Information

What is Keep Network (KEEP)?

Keep Network (KEEP) is a decentralized protocol that focuses on bridging the gap between public blockchains and private data. In essence, Keep Network provides off-chain containers, known as “keeps,” designed to securely store and manage private data. These keeps enable smart contracts to leverage the full potential of blockchain technology without compromising the privacy and security of sensitive information. This is crucial because many applications that could benefit from blockchain technology require a level of privacy that isn’t inherently provided by public, transparent ledgers. Keep Network aims to provide the infrastructure to enable these privacy-focused applications to thrive. The KEEP token itself serves as the network’s utility token, incentivizing network participants to operate and maintain the keeps infrastructure.

How Does Keep Network (KEEP) work?

Keep Network operates by providing an off-chain, encrypted storage solution that works in tandem with public blockchains. The core concept revolves around “keeps,” which are essentially secure, decentralized vaults for private data. When data needs to be stored privately, it’s encrypted and placed within a keep. This keep is then managed by a randomly selected group of Keep Network participants, known as signers. These signers are responsible for maintaining the availability and integrity of the data within the keep. The signers leverage Secure Multi-Party Computation (sMPC) to generate, store, encrypt, and transmit data among themselves without ever exposing the underlying data to any single party. This sMPC ensures that the data remains private even while being processed. Smart contracts on the main blockchain can then interact with these keeps through the Keep Network, enabling them to access and utilize private data without compromising its confidentiality. Keep Network uses economic incentives, through the KEEP token, to ensure that signers act honestly and reliably. Bad actors are penalized, while those who perform their duties correctly are rewarded, fostering a secure and trustworthy network.

Keep Network (KEEP) Key Features and Technology

Keep Network distinguishes itself through several key features and innovative technologies that address the challenge of privacy on public blockchains:

• Off-Chain Storage: Keeps provide secure storage for private data outside of the main blockchain, preventing exposure to the public ledger.
• Secure Multi-Party Computation (sMPC): sMPC allows for data to be processed and managed by multiple parties without any single party gaining access to the underlying sensitive information.
• Random Beacon: A truly random number generation process ensures impartial selection of signers, promoting fairness and preventing collusion.
• TBTC Integration: Keep Network’s primary application is within the tBTC project, which enables trustless and permissionless bridging of Bitcoin to the Ethereum network. This allows Bitcoin holders to participate in the Ethereum DeFi ecosystem.
• Stake-weighted network: Participants stake KEEP tokens to secure a bond on their activities, increasing the difficulty of attacking the network.
• Decentralized Governance: The Keep Network is designed to be governed by its community, allowing token holders to participate in the decision-making process.

These features work together to create a robust and secure platform for managing private data within the context of public blockchains.

What is Keep Network (KEEP) used for?

The primary application of Keep Network lies in enhancing privacy and security within blockchain applications. It achieves this through the utilization of its off-chain keeps for the secure storage and computation of sensitive data. The most prominent use case of Keep Network is the tBTC project. tBTC leverages Keep Network’s technology to provide a trustless and permissionless bridge between Bitcoin and Ethereum. This bridge enables Bitcoin holders to participate in the decentralized finance (DeFi) ecosystem on Ethereum by securely wrapping their Bitcoin as an ERC-20 token. The keeps ensure the secure custody of the Bitcoin, preventing unauthorized access or theft. By integrating Bitcoin with Ethereum, tBTC allows Bitcoin holders to utilize their assets in smart contracts, DeFi platforms, and other Ethereum-based applications, expanding the utility of Bitcoin and fostering greater interoperability between different blockchain ecosystems. Beyond tBTC, Keep Network can be applied to other use cases where privacy is paramount, such as secure data storage for healthcare records, supply chain management, and voting systems.

How Do You Buy Keep Network (KEEP)?

Acquiring Keep Network (KEEP) involves several steps. First, you’ll need to find a cryptocurrency exchange that lists KEEP. Some popular exchanges that have listed KEEP include Coinbase, Binance, KuCoin, and Kraken, but availability can change so it is important to do your own research to confirm. Once you’ve chosen an exchange, you’ll need to create an account and complete the necessary verification steps, which typically involve providing personal information and proof of identity. After your account is verified, you’ll need to deposit funds into your exchange account. Most exchanges accept deposits in fiat currencies like USD or EUR, as well as other cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). Once your funds are deposited, you can then proceed to purchase KEEP. This usually involves navigating to the exchange’s trading interface, searching for the KEEP trading pair (e.g., KEEP/USD or KEEP/BTC), and placing a buy order. You can choose to place a market order, which will execute your order immediately at the current market price, or a limit order, which allows you to specify the price at which you’re willing to buy KEEP. Once your order is filled, the KEEP tokens will be added to your exchange wallet.

How Do You Store Keep Network (KEEP)?

Storing Keep Network (KEEP) securely is crucial to protect your investment. You have several options for storing KEEP, each with its own advantages and disadvantages. Exchange wallets offer convenience, but they are generally considered less secure as you don’t control the private keys. Hot wallets are software wallets that are connected to the internet, offering ease of access but also making them more vulnerable to hacking. Examples include MetaMask, Trust Wallet, and MyEtherWallet. These are often browser extensions or mobile apps. Hardware wallets are physical devices that store your private keys offline, providing the highest level of security. Popular hardware wallets that support KEEP include Ledger and Trezor. Paper wallets are another offline storage method, where you generate your private keys and store them on a piece of paper. While very secure, they are prone to physical damage and require careful handling. The best storage option for you will depend on your individual needs and risk tolerance. If you prioritize security and are storing a significant amount of KEEP, a hardware wallet is the recommended choice. If you need easy access to your KEEP for trading or other purposes, a hot wallet may be more suitable, but you should take extra precautions to secure your device and private keys.

Future Outlook and Analysis for Keep Network (KEEP)

The future outlook for Keep Network is closely tied to the continued growth and adoption of decentralized finance (DeFi) and the increasing demand for privacy solutions on public blockchains. As more applications migrate to blockchain technology, the need for secure and private data management will become increasingly important. Keep Network’s focus on providing off-chain containers for private data positions it well to capitalize on this trend. The success of tBTC, which is a major application of Keep Network, is also a key factor in its future prospects. If tBTC continues to gain traction as a trustless and permissionless bridge between Bitcoin and Ethereum, it will further validate the value proposition of Keep Network. However, Keep Network also faces challenges, including competition from other privacy-focused protocols and the need to maintain a secure and reliable network. The long-term success of Keep Network will depend on its ability to innovate, adapt to changing market conditions, and continue to provide a valuable service to the blockchain community. The project merged with NuCypher to form Threshold Network (T) which is likely to change the future outlook.

References

• CoinGecko: https://www.coingecko.com
• CoinDesk: https://www.coindesk.com