What is Keep Network?
The Keep Network (KEEP) is a decentralized protocol that aims to bring privacy to the blockchain. Its primary function is to allow private data to be used on public protocols without sacrificing confidentiality. By using secure multi-party computation (sMPC), the Keep Network provides a way for users to securely store personal data like credit scores, health records, and other sensitive information on the Ethereum blockchain.
Founded in 2017 by Matt Luongo and Corbin Pon, the Keep Network was initially created to provide a decentralized gift card exchange through the Fold app. However, as the team began to realize the need for secure storage of private data on the blockchain, they pivoted to create the Keep Network.
The Keep Network's ecosystem is powered by the KEEP token, which is required to become a member of the network. The KEEP token is a work token that grants users the right to perform critical functions in the network by delegating collateral of the token. The utility of the token is proportional to the amount delegated, taking into account the user's commitment to the network. This means that those who have more "skin in the game" will earn greater rewards.
There are three streams of revenue mechanisms in the Keep Network ecosystem: earning, staking rewards, and liquidity rewards. Earning is the ETH received as a reward when it is bonded with the KEEP staking delegation. Staking rewards are earned when more KEEPs are staked, and the third category of revenue is earned by providing liquidity to certain pools outside the Ethereum DeFi space.
The Keep Network's off-chain container for personal data enables the usage of private data without exposing contracts to the public blockchain. This maintains confidentiality in the Keep solution, making it a genuinely decentralized protocol. The Keep Network solves the mismatch between the transparency of public blockchains and autonomous smart contracts for private data.
The Keep Network has an autonomous incentive design that ensures the system cannot be exploited by opting out or decoding the private data in the protocol by the users. Keep members must approve any app for work in the ecosystem depending on the parameters and requirements. Work is the availability and computation of a node required to select, pull, and read associated data in the Keep Network.
In summary, the Keep Network provides a solution for securely storing private data on the Ethereum blockchain. Its sMPC system ensures secure computation on distributed data without exposing it. The Keep Network's ecosystem is powered by the KEEP token, which grants users the right to perform critical functions in the network. The Keep Network's autonomous incentive design ensures that the system cannot be exploited, making it a genuinely decentralized protocol.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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