Keep Network

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Keep Network?

Keep Network (KEEP) is a privacy-focused infrastructure for public blockchains that enables private data utilization without compromising confidentiality. It uses off-chain containers called "keeps" to store and encrypt private data, ensuring true decentralization and security without compromise.

How is Keep Network used?

Keep Network (KEEP) is used to secure and run the network, particularly in its application tBTC, which is a tokenized version of Bitcoin that can be used on the Ethereum network. KEEP tokens are staked to form nodes, ensuring the security and stability of the network. The stakers are rewarded for their participation, incentivizing them to maintain the network.

How do I store Keep Network?

To store Keep Network (KEEP) tokens, you can follow these steps:

  1. Create a Ledger Wallet:

    • Create an Ethereum (ETH) wallet on your Ledger device. This will allow you to store KEEP tokens as they are ERC-20 tokens on the Ethereum network.
  2. Connect to MetaMask:

    • Connect your Ledger wallet to MetaMask. This will enable you to interact with smart contracts and manage your KEEP tokens.
  3. Add the Keep Network to MetaMask:

  • Use the Chainlist website to find and add the Keep Network to MetaMask. This will allow you to switch to the Keep Network and manage your KEEP tokens.
  1. Store KEEP Tokens:

    • Once you have added the Keep Network to MetaMask, you can store your KEEP tokens in your Ledger wallet. The Ledger wallet will store the tokens securely, and you can manage them through MetaMask.
  2. Keep Your Recovery Phrase Safe:

    • Always keep your 24-word recovery phrase safe and secure. Never share it with anyone, and only store it physically or on a secure device.

By following these steps, you can securely store your Keep Network (KEEP) tokens using your Ledger wallet and manage them through MetaMask.

How to buy Keep Network?

To buy Keep Network (KEEP) tokens, you can follow these steps:

  1. Choose a Centralized Exchange (CEX):

    • Select a reliable and trustworthy crypto exchange that supports Keep Network (KEEP) purchases. Consider the ease of use, fee structure, and supported payment methods when choosing a crypto exchange.
    • Popular exchanges that support KEEP include KuCoin, Kraken, and Gate.io.
  2. Create an Account:

    • Enter the required information and set a secure password.
    • Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
  3. Verify Your Identity:

  • Complete KYC verification, which may require varying information based on your nationality and region.
  • Users who pass KYC verification will have access to more features and services on the platform.
  1. Add a Payment Method:

    • Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.
  2. Buy Keep Network (KEEP):

    • You can buy Keep Network (KEEP) using fiat currency if supported by the exchange.
    • Alternatively, you can first purchase a popular cryptocurrency like USDT and then exchange it for Keep Network (KEEP).
  3. Use a Decentralized Exchange (DEX):

  • Another option is to use a DEX that supports the blockchain where your Keep Network resides.
  • Download and set up a crypto wallet like Trust Wallet, and connect it to the DEX.
  • Trade your Ethereum or other supported cryptocurrencies for Keep Network (KEEP).
  1. Use a Crypto Wallet:
    • You can also buy certain cryptocurrencies directly via a crypto wallet.
    • Select a reliable and reputable crypto wallet that supports Keep Network (KEEP).
    • Download the wallet application, create a new wallet address, and purchase the cryptocurrency using a supported payment method.

Remember to check the fees and ensure you are comfortable with the payment processors used by the wallet or exchange.

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History of Keep Network

The Keep Network (KEEP) was founded in 2017 by Matt Luongo and Corbin Pon, both experienced professionals in the cryptocurrency industry. They previously co-founded Fold, a Bitcoin rewards app, in 2014. The network was designed to address the issue of private data storage on public blockchains, providing a decentralized and secure solution for data encryption and management.

The Keep Network launched its mainnet on April 27, 2020, marking a significant milestone in its development. The network features off-chain containers called "keeps" that allow smart contracts to interact with private data without exposing it to the public blockchain. This is achieved through secure multi-party computation (sMPC) and a random beacon protocol.

In addition to its core functionality, the Keep Network has developed several applications and tools, including the Keep Random Beacon, tBTC (a decentralized Bitcoin bridge on Ethereum), the Keep Token Dashboard, and Keep Stats. The network's native token, KEEP, is used for staking and provides Sybil resistance, ensuring the network remains censorship-resistant and permissionless.

The Keep Network has undergone significant developments, including a merger with NuCypher to create The Threshold Network and a new token, T. This merger aimed to enhance decentralization and security by combining the strengths of both networks.

Today, the Keep Network continues to operate as a vital component of the Ethereum Dapp ecosystem, providing a decentralized and secure solution for private data management on public blockchains.

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How Keep Network works

The Keep Network is a decentralized protocol designed to ensure privacy and security for users and applications on public blockchains. It allows private data to be used on public protocols without compromising confidentiality. Here's how it works:

Off-Chain Containers: "Keeps"

The core innovation of Keep Network is the use of off-chain containers called "keeps." These keeps are decentralized and off-limits even to the Keep team, ensuring that private data remains private. Keeps are used to store and manage private data, such as private keys, without exposing it to the public blockchain.

Random Beacon and Signers

To ensure the security and integrity of the network, Keep uses a random beacon mechanism to select signers for deposits on tBTC, a decentralized Bitcoin-Ethereum bridge. This randomness ensures that signers are not able to collude to steal funds or attack the network. The selection is weighted based on the amount a user has staked, and signers are not aware of their selection until the moment they are chosen.

tBTC and Bitcoin-Ethereum Bridge

tBTC is a decentralized bridge that allows users to tokenize their Bitcoin for use on the Ethereum network. Users deposit their Bitcoin in exchange for tBTC, an ERC-20 token that is fully backed at a ratio of 1:1. The keys to the Bitcoin in tBTC are stored in keeps, where they cannot be exposed to the public blockchain.

Staking and KEEP Token

The KEEP token is the native cryptocurrency of the Keep Network. Users can stake KEEP tokens to be randomly selected to earn fees by performing services on the network, such as encryption or data storage. KEEP stakers play a crucial role as tBTC signers, who stake both KEEP and ETH to perform their tasks.

Decentralized and Audited

The Keep Network is designed to be truly decentralized, with no single entity controlling the data. The network has been audited by top firms in the ecosystem, ensuring the highest level of security and encryption.

Applications and Use Cases

The Keep Network has various applications, including enabling decentralized finance (DeFi) services like lending, staking, and borrowing, as well as blockchain games. It solves the issue of Bitcoin custody by allowing users to deposit their Bitcoin in exchange for tBTC without exposing themselves to risk.

Overall, the Keep Network provides a privacy layer for sensitive data to be accessed by decentralized applications (DApps) without compromising data privacy. Its decentralized and audited design ensures the highest level of security and encryption, making it a reliable solution for users and applications on public blockchains.

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Keep Network's strengths

Keep Network (KEEP) has several strengths that contribute to its unique value proposition:

  1. True Decentralization: Keep Network is designed to be truly decentralized, ensuring that private data is stored and managed without exposing it to the public blockchain. This is achieved through the use of off-chain containers called "Keeps," which allow contracts to use private data without compromising confidentiality.

  2. Privacy-Focused Infrastructure: The network is specifically designed to enable the use of private data on public protocols without sacrificing confidentiality. This is crucial for maintaining the privacy and security of sensitive information.

  3. Security without Compromise: Keep Network stores data with the highest level of encryption and has been audited by top firms in the ecosystem. Additionally, the network has a bug bounty program to encourage ethical hackers to identify and report vulnerabilities, ensuring continuous improvement in security.

  1. Randomized Signer Selection: Keep Network uses a random method to select signers for its tBTC protocol, which helps maintain trustlessness and security. This random selection process ensures that no single entity has control over the data.

  2. Tokenized Bitcoin (tBTC): Keep Network's tBTC project allows users to tokenize their Bitcoin for use on the Ethereum network, providing a safe and permissionless bridge between the two blockchains. Each tBTC is fully backed by a corresponding Bitcoin, ensuring a 1:1 ratio.

  3. Sybil Resistance and Censorship Resistance: The KEEP token provides sybil resistance, which enables tBTC to be censorship-resistant and permissionless. This ensures that the network remains open and accessible to all users.

  1. Community and Partnerships: Keep Network has partnerships with over 40 organizations, including aggregators, exchanges, and custody providers. It is also financially backed by notable investors such as Draper Associates and Paradigm.

These strengths collectively contribute to Keep Network's ability to provide a secure, decentralized, and private infrastructure for public blockchains.

Keep Network's risks

Keep Network (KEEP) is considered a high-risk investment due to its price volatility and potential for manipulation. InvestorsObserver assigns KEEP a high risk score based on its proprietary scoring system, which evaluates the amount of money required to move the price over a 24-hour period, considering changes in volume and market capitalization. This scoring system indicates that KEEP is susceptible to price manipulation due to limited trading activity.

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Did Keep Network raise funds?

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Keep Network’s team

  • Matt Luongo: CEO of Thesis and the project lead for Keep Network. He is a serial entrepreneur and co-founder of the Bitcoin Fold.
  • Doug von Kohorn: Head of Product at Keep Network, previously CEO of Rhombus, a ConsenSys oracle company.
  • Corbin Pon: Co-founder of Keep Network and one of the co-founders of the crypto shopping DApp Fold.
  • Other Team Members: Beau Shinkle, Brian Mahoney, Dmitry Paremski, Eugene Wong, Jakub Nowakowski, Liz Shinn, Łukasz Zimnoch, Michal Smiarowski, Michalina Cienciala, Piotr Dyraga, Promethea Raschke, Rafal Czajkowski, Sasha Tanase, Tomasz Słaboń, Will Rhodes, Brayton Williams, John Packel, James Prestwich, Axel Blikstad, Joseph Urgo, and Luis Cuende.

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