Keep Network

With the advent of public blockchains like Ethereum, a significant issue has arisen – the requirement for private data to enable various decentralized applications to operate. Private data might include health records, financial records, credit scores, etc. The Keep Network comes in as a solution, enabling the storage of private information off the blockchain in containers, referred to as “keeps.”

What is Keep Network?

The Keep Network is software developed to incentivize a global network of computers to store and manage private information, which can then be deployed on public blockchains through smart contracts. This private data stored in “keeps” can be accessed without exposing it to the public blockchain.

Controlled by nodes, the operation of a keep is contingent on these nodes staking the KEEP tokens, the network’s native cryptocurrency. If a node successfully maintains a keep, it earns KEEP tokens as a reward. The first application built on the Keep network is tBTC - a bridge between Bitcoin and Ethereum, allowing Bitcoin holders to access various decentralized applications on Ethereum blockchain.

Who is Behind Keep Network?

Matt Luongo and Corbin Pon, known for their work with the Bitcoin shopping app "Fold," co-founded the Keep Network in 2017. A private round of funding was accomplished with major participants including Andreessen Horowitz, Polychain Capital, Paradigm, and Fenbushi Capital, raising $20 million through the sales of KEEP tokens.

How Does Keep Network Work?

The heart of Keep Network is its ability to store private data, termed 'secrets' in Keeps. The network employs these encrypted containers to interface with smart contracts without revealing all their content, protecting the data within from exposure to the public blockchain.

Nodes, termed 'Keep providers', maintain Keeps and are allocated fractions of the secrets using an advanced cryptography technique for trustless randomization known as the random beacon protocol.

To acquire a keep, users issue a request to the Keep Network. The network then divides and randomizes the users' secrets and sends shares to different Keep providers. Users can then access the content of their keeps with the returned keys.

Keep Providers must stake KEEP tokens, which could be retrieved by the protocol if a provider proves unreliable. These providers are awarded with KEEP for their services, which can include encryption, computation, and storage.

What Makes KEEP Valuable?

The value of KEEP tokens is inherent in their ability to ensure the safe storage of private data. It serves as the backbone of the network operations, and as the only cryptocurrency acceptable for key network operations. For example, a user aiming to become a provider must first acquire and stake KEEP tokens in a smart contract, which are retrievable provided they offer quality services.

Providers are selected randomly by the network to operate keeps. Once selected, they must stake more KEEP for each new keep they operate. They are then compensated with additional KEEP tokens if the tasks are properly performed.

It's also worth noting that other than KEEP, the network also accepts ETH (Ethereum’s native cryptocurrency) as payment for storing data. The supply of KEEP is limited to a predefined 1 billion tokens as per the software’s rules.

What Makes the Keep Network Appealing?

The appealing aspects of the Keep Network lie in its potential for developers wanting to create blockchain-based apps that demand access to private data.

Investors taking a keen interest in the future of secure, private, data storage using smart contracts on blockchains could also add KEEP to their portfolio.

Users wanting to experiment with their Bitcoin holdings for exposure to Ethereum’s decentralized finance (DeFi) tools could be interested in the Keep Network.

In Summary

In conclusion, Keep Network is offering a much-needed solution in the world of public blockchains – providing a safe and private storage space for confidential data. By enabling private data storage that can be securely accessed by smart contracts for computations on blockchains, Keep Network is leading the charge in blockchain privacy.

Keep Network shows potential in transforming the realm of blockchain technology, ensuring privacy, and upgrading the functionality and use cases of public blockchain and smart contracts, making it a point of interest for developers, investors alike.

Keep Network Price Analysis

As of November 24 2024 Keep Network has a marketcap of $73M. This is {{percentagefromath}} from its all time high of $6.10. In terms of its tokenomics, there's a total supply of 1B with 55% currently outstanding. Keep in mind Keep Network has a fully diluted value of $132M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.