What is KEEP token
KEEP is an Ethereum-based cryptocurrency and the native token of the Keep Network, a privacy layer for Ethereum that aims to enable private and secure data storage and transfer on public blockchains. KEEP tokens are used to incentivize and reward network participants who help secure the Keep Network and keep it running smoothly.
Specifically, KEEP tokens are used in two ways within the Keep Network:
- Staking: KEEP holders can stake their tokens to become validators, who are responsible for validating transactions and maintaining the network. Validators earn rewards in the form of KEEP tokens for their services.
- Governance: KEEP token holders can participate in the governance of the Keep Network by voting on proposals related to network upgrades, fee structures, and other important decisions.
The history of KEEP token
The Keep Network was founded in 2017 by Matt Luongo, and the Keep token (KEEP) was launched in early 2018. The project began as a collaboration between NuCypher, a decentralized key management platform, and the Republic Protocol, a decentralized dark pool exchange.
Initially, the Keep Network was designed to address the privacy and scalability challenges of the Ethereum blockchain by creating a network of off-chain containers, known as “keeps,” which could hold and manage private data and assets. The Keep Network launched its mainnet in early 2021, after several years of development and testing.
In addition to staking and governance, KEEP tokens are used for liquidity provision and collateralization within the Keep Network’s tBTC project, which allows Bitcoin to be used on the Ethereum blockchain in a trust-minimized way. KEEP tokens are also used for network fees and as collateral for the network’s tBTC and ETH-backed stablecoins.
Overall, the Keep Network and the KEEP token represent a significant effort to enable more private and secure use cases on public blockchains, and have gained attention from investors and developers in the Ethereum ecosystem.
How KEEP token works
KEEP is an ERC-20 token, which means it runs on the Ethereum blockchain and can be stored in any wallet that supports ERC-20 tokens. The token is used to incentivize and reward participants in the Keep Network, which is a decentralized network that enables private data storage and transfer on public blockchains.
The two main functions of the KEEP token within the Keep Network are:
- Staking: Keep Network participants can stake their KEEP tokens to become validators. Validators are responsible for securing the network and validating transactions. They earn rewards in the form of KEEP tokens for their services. Validators are required to maintain a minimum amount of KEEP tokens as collateral to ensure that they have a stake in the network and are incentivized to act in its best interest.
- Governance: KEEP token holders have the ability to participate in the governance of the Keep Network. They can propose and vote on changes to the network’s parameters, such as the fee structure, block rewards, and other important decisions. This allows the community to have a say in the direction and evolution of the network.
In addition to staking and governance, the KEEP token is also used as collateral within the Keep Network’s tBTC project, which allows Bitcoin to be used on the Ethereum blockchain in a trust-minimized way. KEEP tokens are also used for network fees and as collateral for the network’s stablecoins.
Overall, the KEEP token plays an important role in incentivizing and rewarding participants in the Keep Network and ensuring that the network is secure, decentralized, and governed by its community.
Can KEEP token be trusted
As with any cryptocurrency or blockchain project, the trustworthiness of the Keep Network and its native token, KEEP, depends on a number of factors, including the project’s security, decentralization, and adoption.
In terms of security, the Keep Network has implemented a number of measures to protect its users and their data, including multi-party computation (MPC) and threshold signatures. These technologies help to ensure that private data remains secure and that transactions on the network are validated in a trust-minimized way.
The Keep Network is also designed to be decentralized, with a large number of validators and token holders participating in the network’s governance and security. This decentralization helps to prevent any single entity or group from controlling the network and ensures that it remains resistant to censorship and attack.
In terms of adoption, the Keep Network has seen growing interest from developers and users in the Ethereum ecosystem. The tBTC project, which uses KEEP tokens as collateral, has already gained significant traction and is being used by a number of DeFi projects to bring Bitcoin liquidity to the Ethereum blockchain.
That being said, as with any cryptocurrency investment, there are always risks involved, including market volatility, regulatory uncertainty, and technical risks associated with new and innovative projects. It is important to conduct your own research and carefully evaluate the risks before investing in any cryptocurrency, including KEEP.
How to get KEEP token
KEEP tokens can be purchased on a number of cryptocurrency exchanges, including Binance, KuCoin, Uniswap, and others. To acquire KEEP tokens, you will need to follow these general steps:
- Create an account on a cryptocurrency exchange that supports KEEP trading. Some exchanges may require you to complete a Know Your Customer (KYC) process before you can start trading.
- Deposit funds into your exchange account. This can usually be done by sending cryptocurrency from your personal wallet or by using a bank transfer or credit/debit card.
- Locate the KEEP trading pair on the exchange. This will usually be denoted as KEEP/ETH or KEEP/USDT, depending on the exchange.
- Place an order to buy KEEP tokens. This can be done by specifying the amount of KEEP you wish to purchase and the price at which you are willing to buy it. Alternatively, you can use the market order feature to buy KEEP at the current market price.
- Once your order has been filled, your KEEP tokens will be deposited into your exchange wallet. You can then withdraw them to a personal wallet if you prefer.
It is important to note that the price of KEEP and other cryptocurrencies can be volatile, and prices can fluctuate rapidly. As such, it is important to carefully consider the risks before investing in any cryptocurrency, and to only invest funds that you can afford to lose.