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.
What is Keep Network
Keep Network is a blockchain-based platform that enables the creation of private and decentralized applications. It is designed to allow developers to build and deploy secure, privacy-preserving applications on top of public blockchain networks, such as Ethereum.
The Keep Network achieves this by utilizing a combination of several technologies, including secure multi-party computation (MPC), threshold signatures, and random beacon technology. These technologies work together to create a secure and trustless environment for decentralized applications, where sensitive data can be stored and processed without the need for a trusted third party.
Keep Network also includes a native token called KEEP, which is used to incentivize node operators and facilitate network governance. Node operators on the network provide computing resources and are responsible for maintaining the network’s security and availability.
Overall, Keep Network aims to address the challenges of privacy and security in blockchain-based applications and enable the development of decentralized applications that can handle sensitive data in a secure and decentralized manner.
The history of Keep Network
The Keep Network project was launched in 2017 by Matt Luongo, Corbin Pon, and Antonio Salazar Cardozo. The team behind Keep Network had previously worked on a project called Fold, a bitcoin cashback app, which was acquired by cryptocurrency exchange, Coinbase.
The idea behind Keep Network was to address the challenge of storing and processing sensitive data in a decentralized and trustless manner. The team recognized that while public blockchains, such as Ethereum, were great for decentralized applications, they were not designed to handle private or sensitive data. This led them to explore the concept of secure multi-party computation (MPC), which is a cryptographic technique that allows a group of participants to jointly compute a function while keeping their inputs private.
In 2018, the Keep Network project conducted an initial coin offering (ICO) and raised $7.7 million to fund the development of the platform. In the same year, the project launched its first product, tBTC, which is a trustless and decentralized way of using Bitcoin on the Ethereum network.
Since then, the Keep Network has continued to develop and expand its platform, launching several new products, including the Keep Random Beacon and Keep ECDSA. The network has also partnered with other blockchain projects, such as NuCypher, to enable the creation of more privacy-preserving and secure applications.
Today, the Keep Network is one of the leading projects in the field of decentralized privacy and security, and it continues to be developed and improved by its team of developers and contributors.
How Keep Network works
Keep Network is a decentralized platform that enables the creation of private and secure applications on top of public blockchain networks, such as Ethereum. The platform achieves this by utilizing a combination of several technologies, including secure multi-party computation (MPC), threshold signatures, and random beacon technology.
Here is a simplified overview of how Keep Network works:
- Data is encrypted and divided into “shares”: When a user wants to store sensitive data on the Keep Network, the data is encrypted and divided into multiple shares using a technique called secret sharing. Each share is then stored separately on the network.
- Shares are sent to “keepers”: The shares are sent to a group of nodes on the network called “keepers”. Keepers are responsible for storing and processing the shares.
- MPC is used to process the shares: When a user wants to access their data, the shares are retrieved from the keepers and sent to an MPC protocol. The MPC protocol enables the shares to be combined and processed in a way that keeps the data private and secure. The result of the computation is then sent back to the user.
- Threshold signatures are used to authorize transactions: When a user wants to authorize a transaction on the network, such as transferring funds or updating data, they use a threshold signature. Threshold signatures are a type of digital signature that requires multiple parties to sign off on a transaction. This helps to prevent unauthorized transactions and ensures that the network remains secure.
- Random beacon technology is used to ensure randomness: To ensure the security of the network, the Keep Network uses a random beacon technology called “Keeps”. Keeps generate random numbers that are used to ensure that the network remains secure and that there is no manipulation of data.
Overall, Keep Network provides a secure and decentralized way to store and process sensitive data on the blockchain. By combining various technologies, Keep Network enables the creation of privacy-preserving applications that can handle sensitive data in a secure and decentralized manner.
Can Keep Network be trusted
Keep Network is designed to be a trustless and decentralized platform, meaning that it does not rely on a single point of control or a trusted third party to function. Instead, it utilizes a network of nodes and cryptographic techniques to ensure the security and privacy of the network and the applications built on top of it.
The Keep Network protocol has been audited by several reputable blockchain security firms, including Trail of Bits, Certora, and Quantstamp. These audits have identified vulnerabilities and weaknesses in the protocol and have helped the team to address and fix them. The team has also conducted extensive testing and debugging of the platform to ensure that it is secure and reliable.
In addition, the Keep Network community is actively involved in the development and governance of the platform. The network has a decentralized governance model, where decisions are made by token holders, and proposals are voted on through a decentralized autonomous organization (DAO) structure.
Overall, while no system can be 100% secure, the combination of decentralized governance, independent audits, and ongoing development and testing make Keep Network a reliable and trustworthy platform for building private and decentralized applications on the blockchain.
Does Keep Network charge a fee
Yes, Keep Network charges fees for using the platform. These fees are used to incentivize and reward nodes on the network for their participation in securing and processing data on the network. The fees also help to fund the development and maintenance of the platform.
The fees on the Keep Network are paid using the KEEP token, which is the native token of the network. Users and developers who want to use the platform and its services need to pay fees in KEEP tokens.
The fees on the Keep Network include:
- Storage fees: These are fees paid to nodes on the network for storing data on the network. The fees are based on the amount of data stored and the duration of storage.
- Computation fees: These are fees paid to nodes on the network for processing data using MPC protocols. The fees are based on the complexity of the computation and the number of nodes involved.
- Transaction fees: These are fees paid to nodes on the network for processing transactions on the network. The fees are based on the gas price of the Ethereum network, which is used to pay for the computation and storage of data on the blockchain.
Overall, the fees on the Keep Network are designed to be competitive and affordable, while also providing a sufficient incentive for nodes to participate in the network. The fees are subject to change based on market conditions and network demand, but the Keep Network team is committed to maintaining a fair and sustainable fee structure for the benefit of the community.
How to use Keep Network step-by-step guide
Using the Keep Network can be done by developers who want to build decentralized and private applications on top of the network. Here is a general step-by-step guide on how to use Keep Network:
- Get familiar with Keep Network: Before using Keep Network, it’s important to understand how the platform works and what it can do. You can start by visiting the official Keep Network website, reading the documentation, and exploring the platform’s resources and tools.
- Install necessary software: To start building applications on Keep Network, you will need to install the necessary software and tools. This includes a development environment, such as Solidity or Web3.js, and the Keep Network client software.
- Create an application: Once you have the necessary tools and software installed, you can start building your decentralized application. You can use the Keep Network to store and process sensitive data, such as private keys, personal information, and other confidential data.
- Deploy your application: After you have created your application, you can deploy it on the Keep Network. This involves setting up and configuring the necessary smart contracts and interfaces that will enable your application to interact with the network.
- Test your application: Once your application is deployed on the Keep Network, you can test it to ensure that it is functioning correctly and securely. You can use testing frameworks and tools, such as Truffle and Ganache, to test your application in a sandbox environment.
- Launch your application: After you have tested your application and ensured that it is functioning correctly and securely, you can launch it to the public. You can use various deployment and distribution strategies, such as IPFS and Swarm, to make your application accessible to users.
Overall, building and using applications on the Keep Network requires technical knowledge and expertise in blockchain development. However, with the right tools, resources, and community support, developers can leverage the platform to create secure and privacy-preserving applications that can operate on the blockchain.