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By supplying sybil resistance, the KEEP crypto token enables tBTC to be censorship and permissionless. Holders of KEEP cryptocurrencies can run tBTC similarly to how a complete node can. KEEP stakers, who stake both KEEP and ETH to fulfil their responsibilities, are even more crucial than tBTC signers. tBTC signers receive KEEP crypto tokens as payment for correctly performing their tasks. KEEP uses a “burn” approach to distribute profits around the network.
In relation to the Keep Network
The Keep Network, a platform that aims to link public and private blockchains, is powered by the Ethereum token KEEP. tBTC, the initial offering from Keep Network, is an Ethereum token that stands in for one Bitcoin. Without the need for centralised middlemen, users can deposit Bitcoin and redeem tokenized tBTC, which can then be used in the Ethereum ecosystem.
The Keep Network is a piece of software designed to encourage a global network of computers to store confidential information that can later be made available on public blockchains by means of smart contracts.
The operation of a large number of decentralised applications (dapps) that run on open blockchains like Ethereum necessitates the use of private data (including health records, credit scores, and financial data).
The Keep Network enables private data to be stored outside of the blockchain in “keeps,” which are containers that let smart contracts preserve and use stored data without exposing it to the public blockchain, to protect the privacy of individual users.
The Keep Network’s native cryptocurrency, KEEP tokens, and selection by the Keep Network are requirements for nodes to operate a keep. Due to their effective keep maintenance, these nodes are awarded KEEP.
The initial application of The Keep Network is tBTC, which serves as a link between Bitcoin and Ethereum. tBTC, an Ethereum token with the same BTC value that can be used to access various dapps on the Ethereum blockchain, is what Bitcoin owners receive after putting their BTC currency into a smart contract.
The KEEP token powers the Keep network. You must first get the token in order to join the network. The KEEP is a work token that enables the delegation of token collateral to carry out essential network tasks. The usefulness of the token is proportional to the amount delegated, taking into account the user’s dedication to the network. At first, the minimum bet will be high, but it will eventually decrease. The Keep ecosystem lacks behavioural characteristics and features an independent incentive architecture. This means that any app must receive permission from Keep members to be used within the ecosystem in accordance with the rules and regulations.
Work in the Keep network is described as a node’s availability and computation required to pick, pull, and read related data. In conclusion, the ecosystem ensures that users cannot misuse the Keep system by choosing to opt out or by decoding the private data in the protocol.
How are fresh tokens created in Keep (KEEP)?
The KEEP cryptocurrency is available on exchanges or as payment for lending money to a pool. In contrast to proof of stake, the Keep network does not stake for consensus (PoS). Instead, it uses staking for work selection, with Ethereum or another host chain serving as the source of consensus. As a result, by staking KEEP, one can benefit from participating in the KEEP ecosystem.
The ability to store secrets, or private information, outside of blockchain systems, is the Keep Network’s key feature.
By using smart contracts, which can provide data, encrypted files, or user identity verification to the application when certain conditions are met, keeps enabling blockchain-based applications to interact with secrets without fully disclosing their contents.
Using the random beacon protocol, a sophisticated cryptography method for trustless randomization, keep providers are computers or nodes that manage keeps and are given portions of a secret.
When a user wants to purchase a keep, they submit a request to the Keep Network, which splits and combines the users’ secrets, distributes shares of them to other keep providers, and gives users their keys back so they may access their keeps’ contents whenever they need to.
Providers of maintains are required to stake a set amount of KEEP that, in the event that they are dishonest or careless with the keeps, can be retrieved by the protocol. However, KEEP incentives encourage providers to offer services like encryption, processing, and storage.
2017 saw the founding of Keep Network by Matt Luongo and Corbin Pon. They helped co-found the bitcoin shopping app Fold in 2014.
In two rounds of private sales, Keep Network raised $20 million from investors, including renowned venture capital firm Andreessen Horowitz and famous cryptocurrency investors Polychain Capital, Fenbushi Capital, and Paradigm.
The nodes can be managed independently or by giving a staking service control over KEEP. The user’s dedication to the network determines the token’s usefulness. Those that have more “skin in the game” get more, in other words.
There are three revenue streams listed on the Keep dashboard. Earning, staking rewards, and liquidity rewards are the three different categories of incentives. The amount of ETH earned as compensation for joining the KEEP staking delegation is known as earning. As a result, earnings increase as more ETH is bonded. On the other hand, staking incentives increase as more KEEPs are staked. A third source of revenue is produced in addition to earning and staking by offering liquidity to particular pools outside the Ethereum DeFi region.
Developers wishing to create blockchain-based applications that need access to private data may find the Keep Network appealing.
Customers who want to securely store sensitive information may be interested in Keep Network’s services as a consequence.
Investors may decide to include KEEP in their portfolio if they believe that smart contracts will be able to access data storage in the future for use in safe, private calculations on blockchains.
Users who want to use their Bitcoin holdings to access Ethereum’s decentralised finance (DeFi) features might be interested in KEEP.
The core of the project is the ability to store sensitive data, like a private key, in decentralised, off-chain containers called “Keeps” that are also restricted to Keep team members. By implementing a threshold elliptical curve digital signature method (ECDSA), which has been audited and is utilised by well-known cryptocurrency wallets and exchanges, keeps enabling contracts to store and use private data without disclosing it to the public blockchain.
A safe and unrestricted bridge between Bitcoin and Ethereum was developed by Keep and is called tBTC. The only fully audited and insured decentralised Bitcoin solution on Ethereum is the tBTC project.
Users exchange their bitcoins for tBTC, an ERC-20 token with a 1:1 full backing ratio. Keeps, where they are hidden from the public blockchain, is where the keys to bitcoin in tBTC are stored.
The random beacon on Keep Network is a method for choosing signers for tBTC deposits. To determine how much tBTC signers are minting and who the depositor is, all parties would need to cooperate because selection is random (though weighted based on the amount a user has staked). If signing groups don’t sign using a secret key, they can’t function.
The idea is that until the signers are selected at random by the beacon, nobody will know who they will be, not even the signers themselves. This randomization stops signers from banding together to commit fraud or launch network attacks.
The ability to maintain the security of sensitive data is what gives the cryptocurrency KEEP its value.
Notably, KEEP is the only cryptocurrency that may be used to carry out essential network functions and is built into the network.
Users who want to start acting as providers, for instance, must first buy and stake KEEP tokens in a smart contract. These tokens can be redeemed if the users behave honestly and provide services of a high enough calibre.
stake KEEP tokens in a smart contract, which are redeemable if they behave honestly and provide services of a high enough calibre.
Users who stake KEEP can be randomly selected by the network to operate keeps, but they must stake more KEEP for each additional keep they help run after being selected. Providers receive more KEEP tokens for effectively completing their tasks.
Users can use either KEEP tokens or ETH, the native currency of Ethereum, to store data on maintains.
As with many other cryptocurrencies, KEEP tokens have a finite supply, which means that there will only ever be 1 billion tokens produced.
In 2017, Matt Luongo and Corbin Pon established the Keep network. Thesis, Keep’s crypto venture production studio, is led by Luongo. The product is under the direction of entrepreneur Doug von Kohorn, who has been doing business for over ten years.
The network was introduced by the Keep team on September 28. Published on November 27, 2018, the whitepaper. One of the network’s investment companies is Coinbase Ventures.
The KEEP cryptocurrency is available on exchanges or as payment for lending money to a pool. In contrast to proof of stake, the Keep network does not stake for consensus (PoS). Instead, it uses staking for work selection, with Ethereum or another host chain serving as the source of consensus. As a result, by staking KEEP, one can benefit from participating in the KEEP ecosystem. The nodes can be managed independently or by giving a staking service control over KEEP. The user’s dedication to the network determines the token’s usefulness. Those who have more “skin in the game” gain more, in other words.
The Keep dashboard has three revenue streams and procedures. They are receiving income as well as staking and liquidity benefits. When ETH is linked with the KEEP staking delegation, it is earned as a reward. As a result, when more ETH is bonded, more is earned. Staking incentives, on the other hand, are obtained by staking more KEEPs. The third category of income is generated in addition to earning and staking by lending liquidity to specific pools outside the Ethereum DeFi area.