What is Keep Network (KEEP)?

What Is Keep Network (KEEP)?

Keep is a way to store and protect your private data on the public blockchain. This incentivized network features off-chain containers called keeps, which allow for completely permissionless data encryption. Thanks to Keep, developers can now build fully decentralized apps without having to worry about public access to their data. To learn more about Keep and its capabilities, visit their website. And for a firsthand look at how it works, be sure to check out tBTC.

Who are the Founders of Keep Network?

Matt Luongo and Corbin Pon, both crypto industry veterans and founders of the Bitcoin rewards app Fold, established the Keep Network in 2017. Notably, Polychain, Andreessen Horowitz, Draper Associates, Paradigm, Fenbushi, A.Capital, Collaborative Fund, and ParaFi were among the early supporting stakers of the Keep Network. More than 20 staff members, including engineers with extensive knowledge in discrete mathematics and cryptography, and business leaders from ConsenSys's founding days, are currently employed by the Keep project.

What Makes Keep Unique?

When it comes to decentralized applications and decentralized finance projects, it's crucial that the team doesn't have access to users' private data. The Keep Network addresses this issue by utilizing off-chain containers called keeps, which enable developers to interact with private data transparently and audibly, without compromising security.

The first app built on the Keep Network, tBTC, is designed to be censorship-resistant, thanks to the use of keeps to store data. Each tBTC token is fully backed by at least 1 BTC held in reserve. Additionally, the use of Keep's random beacon ensures that signers are selected in a trustless manner, meaning users can convert tBTC to BTC and vice versa without requiring an intermediary to sign off.

What is the KEEP Token?

The Keep Network is powered by the Ethereum token known as KEEP, which enables seamless bridging between public blockchains and private data. One of the earliest offerings by Keep Network is tBTC, an Ethereum token that represents a single Bitcoin.

What is KEEP used for?

You can utilize KEEP for various purposes such as securing the Keep Network and tBTC through staking, running the random beacon and ECDSA nodes on the network, running tBTC like a full node and earning fees by providing work on the network. Additionally, you can benefit from various KEEP applications and tools such as Keep Random Beacon, tBTC, Keep Token Dashboard, Keep Stats and All the Keeps which provide high-level summaries and an interface to manage and stake your KEEP, monitor all tBTC deposits on the Keep network and more.