Home
News
- 1 Keep allows users to deposit their BTC in exchange for tBTC.
- 2 KEEP is also used to secure the network along with tBTC, and it serves as the governance token for the network.
The Keep Network aims to address the issue of public blockchains, which are decentralized and available to anyone. While this approach democratizes information, it can compromise the confidentiality of sensitive data.
What is Keep Network and How it Works
Keep Network is a proof-of-stake protocol that allows private storage and transfer of data through “keeps.” This solves the issue of Bitcoin custody and enables access to DeFi services without risking Bitcoin with a custodian. The grand vision of cryptocurrency is a system without middlemen, and Keep provides a solution to this issue.
Matt Luongo and Corbin Pon, who are veterans in the crypto industry, founded Keep Network back in 2017. On April 27th, 2020, the network launched its mainnet with the creation of 1 Billion KEEP tokens. These tokens are a fixed supply asset, suggesting that the total number of KEEP tokens in circulation may not exceed 1 Billion.
Keep allows users to deposit their BTC in exchange for tBTC, an ERC20 token that is fully compatible with DApps built on Ethereum. The keys to the Bitcoin in tBTC are stored in keeps, where they can’t be exposed to the public blockchain.
Keep uses a random method called the “Random Beacon” to assign keeps to signers who manage data containers. The randomness ensures that dishonest signers cannot collude to steal funds or decode the information in the keeps.
tBTC is the first-ever fully decentralized bridge between Bitcoin and Ethereum, and it currently ranks as the 36th largest DeFi app in terms of total value locked ($21 Million), according to DeFi Pulse.
KEEP, the Native Token
The Keep Network’s native token is KEEP, valued at $0.17 with a circulating supply of 793 Million coins and a market capitalization of $141 Million.
KEEP is used to store private information safely on keeps. It is used by Keep operators who acquire and stake KEEP tokens to ensure that they act honestly and provide services of sufficient quality, and DApp developers who build blockchain-based apps that require access to private user information.
KEEP is also used to secure the network along with tBTC, and it serves as the governance token for the network.
The investment case for Keep Network is driven by several factors, including use case, unknown institutional investors, and audit certifications. Keep Network has received audit certificates from some blockchain security auditing firms, like Consensys, Trail and Bits, and Sergi Delgado.
Technology firms that enhance data privacy and security are likely to grow big as the world’s data increases exponentially.
Summary
Keep’s technology allows users to deposit their Bitcoin in exchange for tBTC. This solves the problem of Bitcoin custody and enables users to access DeFi services without converting their Bitcoin into tokens. Keep Network has received audit certificates from several blockchain security auditing firms.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
