Keep Network PriceKEEP

What is Keep Network (KEEP)?

Keep Network is a privacy layer for public blockchains, designed to build bridges between public networks and private data. It enables private information to be used on public protocols without sacrificing confidentiality. The project is a software initiative that incentivises a global network of computers to store private information that can be deployed on public blockchains. Keep is described in project materials as a privacy-focused, permissionless protocol for private data on public blockchains. Keep Network is the builder of tBTC, an early decentralised Bitcoin-to-Ethereum bridge. The network uses off-chain containers called "keeps" that allow smart contracts to manage and integrate private data on public protocols. KEEP is an ERC-20 token on Ethereum with a maximum supply of 1 billion tokens, created at mainnet launch. The project was founded in 2017, launched its mainnet on 27 April 2020, and has since moved toward the Threshold Network through a merger with NuCypher. Keep Network (KEEP) has migrated to the Threshold token (T) at a rate of 4.78 T per 1 KEEP; details are set out in Threshold's documentation.

Key Specifications & Tokenomics

• Name: Keep Network
• Ticker / Symbol: KEEP
• Blockchain / Platform: Ethereum (ERC-20 token)
• Contract Address: 0x85eee30c52b0b379b046fb0f85f4f3dc3009afec
• Category Tags: Smart Contract Platforms, Privacy Coins
• Asset Type: Token
• Mineable: No
• Consensus / Architecture: Keeps are operated by a permissionless group of nodes called keepers, who stake KEEP as collateral to be selected for work and earn fees for the service they provide.
• Max Supply: 1,000,000,000 KEEP
• Total Supply: 1,000,000,000 KEEP
• Circulating Supply: 965.21M KEEP (about 97% of total supply, per Crypto.com); CoinMarketCap self-reported circulating supply is 967.78M KEEP
• Token Distribution: 60% team, early investors and advisors; 20% sold to private investors; 20% sold to strategic partners
• Vesting: A four-year vesting period is in place for tokens held by the team
• Founding Year: 2017
• Mainnet Launch: 27 April 2020
• CoinMarketCap Listing Date: 13 May 2020
• Whitepaper: https://keep.network/whitepaper
• Block Explorer: https://etherscan.io/token/0x85eee30c52b0b379b046fb0f85f4f3dc3009afec
• Source Code: https://github.com/keep-network

Who created Keep Network?

Keep Network was founded in 2017 by Matt Luongo and Corbin Pon, both veterans of the cryptocurrency industry. Matt Luongo serves as Founder and was previously a co-founder of the decentralised Ethereum token exchange ForkDelta. He also co-founded Fold, a bitcoin shopping app, in 2014. Corbin Pon, also a Founder, is a Silicon Valley veteran who likewise co-founded Fold in 2014 alongside Luongo. The project is backed by several prominent venture capital firms, including Andressen Horowitz, Polychain Capital, Distributed Capital Partners, Draper Associates, Paradigm, Fenbushi Capital, and Fabric Ventures. Keep Network has also been associated with well-known names in the cryptocurrency space, including Aave, Uniswap and Compound Finance. Keep Network sold $20 million in tokens. Team information is published at keep.network/team.

How does Keep Network work?

Keep Network operates through a system of off-chain containers called "keeps." These keeps allow smart contracts to use private data without exposing that data to the public blockchain. The network is secured by a group of nodes called "keepers," who work collectively to keep information safe via keeps, which are a special type of smart contract on the Ethereum blockchain. Keeps are operated by a permissionless group of nodes called keepers, who stake KEEP as collateral to be selected for work and earn fees for the service they provide. The network stores data with the highest level of encryption, and audit reports for Keep and tBTC are listed on the project's CoinMarketCap page. tBTC launched as the first application built on Keep Network. It is a permissionless bridge between Bitcoin and Ethereum. tBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of Bitcoin, letting holders use their bitcoin on Ethereum. Using Keep Network private keys, a user's bitcoin is stored in keeps where it is protected from exposure to the public-facing Ethereum blockchain. Its second iteration, tBTC v2, is being built on Threshold, the network formed by the Keep and NuCypher merger; it is expected to require stakers to lock up KEEP only rather than both KEEP and ETH, alongside changes to its wallet-generation mechanism.

What makes Keep Network unique and valuable?

Keep Network addresses the issue of data privacy on public blockchains, potentially paving the way for the development of fully decentralised applications. It is described in project materials as a privacy-focused, permissionless protocol for private data on public blockchains, offering developers the use of off-chain containers that allow smart contracts to manage and integrate private data on public protocols without sacrificing confidentiality. The project's flagship application, tBTC, is an early decentralised Bitcoin to Ethereum bridge, unlocking Bitcoin on DeFi so users can put their Bitcoin to work without CeFi. tBTC is built on top of the Threshold Network, a merger of Keep Network and NuCypher. This merger of protocols' functions and communities, rather than of their companies, represents a network first for Ethereum. The Keep network's emphasis on encryption, decentralisation, and audited security gives it a distinct position among privacy-focused blockchain infrastructure providers.

What is Keep Network used for?

KEEP is the native token of the Keep Network and serves as the network's work token, required to participate in the network. It is the ERC-20 governance token for Keep Network. KEEP tokens are used to pay fees to keepers and to incentivise users to participate in the network. They are required to interact with keep contracts and can be staked by keepers to earn rewards. KEEP is also used as collateral in the tBTC system. In addition, KEEP holders can participate in governance by reading and voting on community proposals. Following the merger with NuCypher, KEEP and NU tokens can be upgraded to the new T token, which represents the next stage of the network's token economy.

KEEP is the network's work token and carries a slashing model that underpins its sybil resistance. Holders can stake KEEP to secure the network and tBTC, run the random beacon and ECDSA nodes, and earn fees for work performed; stakers who wish to act as tBTC signers also bond ETH.

How Is the Keep Network ecosystem developing?

The Keep Network ecosystem is centred on tBTC, the first decentralised Bitcoin to Ethereum bridge and one of the first applications to launch on the network. tBTC is built on top of the Threshold Network, which resulted from a merger of Keep Network and NuCypher. The governance forum has hosted proposals including the Keep and NuCypher Hard Merge in March 2021, the T6 Token Proposal in May 2021, and a proposal to migrate the KEEP/ETH Pool 2 in June 2021. In April 2021, Keep Network unveiled v2 specs for the tBTC protocol. The ecosystem also includes the Legacy Keep Dashboard referenced on the official site and the T token that results from the KEEP and NU token upgrade. Keep is listed on exchanges including Uniswap and Balancer, as well as mainstream exchanges, and KEEP markets include pairs such as KEEP/USD, KEEP/ETH, and TBTC/KEEP.

How to mine Keep Network?

KEEP is not a mineable asset. Instead of proof-of-work mining, Keep Network relies on a permissionless group of nodes called keepers, who stake KEEP as collateral to be selected for work, run the random beacon and ECDSA nodes, and earn fees for the service they provide. KEEP is also used as collateral in the tBTC system. Because KEEP is an ERC-20 token on Ethereum, it cannot be mined through proof-of-work mining. Participants who wish to support the network should instead look into staking and running keeper nodes, and should review the latest governance proposals for changes to staking requirements.

How to keep your Keep Network Coin safe?

KEEP, as an ERC-20 token on Ethereum, can be held in any self-custodial wallet that supports Ethereum-based assets, such as MetaMask. Users can buy, sell, swap, stake, and use KEEP through such wallets. KEEP can be purchased on MetaMask using a debit card, credit card, bank transfer, Apple Pay, Google Pay, PayPal and other regional payment options. For general safety, always verify the official KEEP contract address before interacting with any token, store private keys and seed phrases offline, avoid sharing wallet credentials, and be cautious of unsolicited requests or links. Because KEEP tokens can be migrated to the new T token, holders should follow official governance announcements when considering any upgrade.

KEEP, like other crypto assets, carries risk. Its price can be volatile, and regulatory policy in different jurisdictions may affect how it can be held or used. Technical risks also apply, including smart contract vulnerabilities and the security assumptions of the networks KEEP depends on. These points are matters of uncertainty rather than predictions, and holders should assess them against their own circumstances.