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 incentivizes a global network of computers to store private information that can be deployed on public blockchains. Its stated goal is to function as Ethereum's first private computer. Keep Network is the builder of tBTC, an early decentralized 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. Keep Network was founded in 2017 and launched its mainnet on April 27, 2020; CoinMarketCap lists its token launch date as August 2, 2017 and its CMC listing date as May 13, 2020. The project has since moved toward the Threshold Network through a merger with NuCypher.

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: Keepers stake KEEP to run the random beacon and ECDSA nodes that secure the network and tBTC; KEEP also serves as collateral, and misbehaving keepers can be slashed
• Max Supply: 1,000,000,000 KEEP
• Total Supply: 1,000,000,000 KEEP
• Circulating Supply: 0 KEEP per CoinMarketCap's current registry data, reflecting the migration to T; historical figures cited by third parties include 965.21M 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
• Launch / Founding Year: 2017
• Mainnet Launch Date: April 27th, 2020

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 decentralized 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 been associated with notable projects in the crypto space, including Aave, Uniswap and Compound Finance, according to its own materials. Keep Network raised funds through a token sale; the project's materials cite $20 million in tokens sold, without specifying the round or date. Additional team information is available on the official team page (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. Keepers stake KEEP to run the random beacon and ECDSA nodes that secure the network and tBTC; KEEP also serves as collateral, and misbehaving keepers can be slashed. The network stores data with the highest level of encryption. Audit records for Keep and tBTC are listed on CoinMarketCap's Audits section; readers should consult the linked reports directly. One of the first applications to launch on the Keep Network is tBTC, a permissionless bridge between Bitcoin and Ethereum. tBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of Bitcoin. 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. The second iteration, tBTC v2, is expected to require stakers to only lock up KEEP rather than both KEEP and ETH, alongside introducing 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 decentralized applications. Keep describes itself as a truly decentralized privacy protocol, 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 decentralized 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, decentralization, 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 incentivize 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 has migrated to T at a rate of 4.78 T per 1 KEEP, per the official migration notice.

How Is the Keep Network ecosystem developing?

The Keep Network ecosystem is centered on tBTC, the first decentralized 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 (March 8, 2021), the T6 Token Proposal (May 11, 2021) and a proposal to migrate the KEEP/ETH Pool 2 (June 5, 2021). On April 12, 2021, Keep Network unveiled v2 specifications 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 has historically traded on decentralized and centralized venues; check current listings on CoinMarketCap before trading. 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 traditional mining, the Keep Network relies on a group of nodes called "keepers" to secure the network. Keepers stake KEEP tokens to participate and earn rewards, and KEEP is required to interact with keep contracts. Keepers stake KEEP to run the random beacon and ECDSA nodes that secure the network and tBTC; KEEP also serves as collateral, and misbehaving keepers can be slashed. KEEP is also used as collateral in the tBTC system, and tBTC v2 is expected to require stakers to only lock up KEEP rather than both KEEP and ETH. 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?

Since KEEP is an ERC-20 token on Ethereum, it can be held in self-custodial wallets that support Ethereum-based assets. One option is MetaMask, a self-custodial wallet with millions of monthly active users whose code is open source, independently audited, and backed by a bug bounty program. Its built-in security features include Blockaid-powered alerts for malicious requests and Smart Transactions for MEV protection. 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 or PayPal, depending on region. 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.

Risks and uncertainties

KEEP, like other crypto assets, is subject to price volatility, and its value can rise or fall sharply. Regulatory policy toward crypto assets varies by jurisdiction and may change, which can affect access, trading and the status of the token. Technical risks include smart contract vulnerabilities, bugs in the migration to T, and the security of staking and bridge infrastructure. The points above are not exhaustive, and readers should form their own view rather than treat any statement here as fact.