What Is Keep Network?
Keep Network is a software solution designed to incentivize a global network of computers to store private data, allowing it to be deployed on public blockchains via smart contracts. The Network’s native cryptocurrency is the KEEP token, staked by nodes that maintain data containers known as “keeps.”
Background
Keep Network was established by Matt Luongo and Corbin Pon in 2017.
How It Works
The Keep Network stores private data, termed “secrets,” off-chain in keeps. Using smart contracts keeps allowing blockchain applications to interact with secrets without fully exposing them. Nodes, or “keep providers,” hold fractions of a secret and are assigned these using a trustless randomization technique known as the random beacon protocol. Users can purchase a keep, divide, and mix their secrets, sending shares to different keep providers. The users receive keys to access their keeps as needed. Keep providers must stake a certain amount of KEEP tokens, creating an incentive to maintain the integrity of the keeps.
Key Takeaways
- Keep Network is a software solution incentivizing a global network of computers to store private data, which can be deployed on public blockchains via smart contracts.
- The Network was established by Matt Luongo and Corbin Pon in 2017 and has raised $20 million through private sales of its native cryptocurrency, the KEEP token.
- Investors in Keep Network include Andreessen Horowitz, Polychain Capital, Fenbushi Capital, and Paradigm.
- The first application built on Keep Network is tBTC, which facilitates using Bitcoin on the Ethereum blockchain.
- Keep Network stores private data off-chain in data containers known as “keeps” and uses a random beacon protocol to assign fractions of a secret to different keep providers.
