What is KEEP Token? How to Buy and Use it

What is KEEP Token? How to Buy and Use it

Keep Network (KEEP) is a blockchain-based project that aims to enable private data to be stored and accessed securely on public blockchains. The project’s core technology is a network of off-chain containers called “keeps,” which are designed to securely store private data and execute smart contracts on behalf of users without revealing the data to anyone, including the Keep Network itself.

The project aims to address the privacy problem in public blockchains. Public blockchains are transparent, meaning anyone can see all the data on the blockchain. While this is desirable for some use cases, it can be a problem for applications that require privacy, such as financial transactions or medical records. Keep Network  aims to provide a solution by allowing users to store their private data off-chain in a secure container and execute smart contracts on that data.

KEEP is the native token of the Keep Network, and it is used to incentivize network participants to perform various tasks, such as securing the keeps or executing smart contracts. It is also used for governance, allowing token holders to vote on proposals related to the network’s development and operations.

KEEP Network Features and Updates

The KEEP Network is a privacy-focused, decentralized platform that allows users to create private and secure blockchain apps. Here are some of its features and updates:

tBTC

KEEP Network created tBTC, which is a Bitcoin-backed ERC-20 token that can be used on the Ethereum network. Users can use tBTC to access Ethereum-based decentralized finance (DeFi) applications without selling their Bitcoin.

Random Beacon

The Random Beacon is a feature of KEEP Network that generates unpredictable and unbiased randomness that can be used for various purposes, such as selecting validators, distributing rewards, and executing smart contracts.

Threshold ECDSA

KEEP Network utilizes threshold ECDSA (Elliptic Curve Digital Signature Algorithm) to enable private key management across multiple parties. This feature ensures that no single entity has complete control over the private keys, making it more secure.

Cross-Chain Interoperability 

KEEP Network aims to provide cross-chain interoperability between different blockchain networks. This feature will enable users to transfer assets between different blockchain networks in a decentralized and secure way.

Future Developments 

The KEEP Network team is working on developing new features such as token bridges, enabling the use of multiple blockchain networks simultaneously, and integrating with Layer 2 scaling solutions.

Furthermore, as part of the pledge of the KEEP team, a latest update to enable KEEP holders upgrade their keep token to T. 

Read more: What is Arweave (AR)? – How to Buy and Use It

Who are the Founders of KEEP Network?

The KEEP Network was founded by a group of developers and entrepreneurs, including Matt Luongo, Corbin Pon, and Antonio Salazar Cardozo. The Head of Project at the KEEP Network is Matt Luongo, who brings expertise in cryptocurrency and software development. The Chief Technical Officer, Corbin Pon, has a background in cryptography and blockchain technology, while Antonio Salazar Cardozo, the Tech Lead, has experience in machine learning and computer science. The founders lead the KEEP Network team in designing and implementing the platform’s features and advancements.

What Makes KEEP Network Unique?

KEEP Network offers several unique features that set it apart from other blockchain networks:

  • Focus on Privacy: KEEP Network prioritizes privacy and security, allowing users to keep their sensitive information and activities private. This is achieved through the use of trusted execution environments (TEEs) and threshold cryptography, which enables private key management across multiple parties.
  • Token Economics: KEEP Network’s unique token economics design rewards participants for staking and contributing to the network’s security and growth.

How Many KEEP Are There in Circulation?

According to CoinMarketCap, the circulating supply of KEEP tokens was approximately 860.762 million out of a total supply of 999.84M tokens.

How is KEEP Network Secured?

KEEP Network is secured through the use of a decentralized network of nodes that work together to perform various tasks on the network. These nodes are responsible for maintaining the integrity of the network and ensuring that it operates smoothly.

In addition, KEEP Network uses a threshold signature scheme, which involves breaking up a private key into multiple parts that are distributed across different nodes. This ensures that no single node can access the full private key, reducing the risk of a single point of failure.

Finally, KEEP Network also employs a system of incentives to encourage nodes to behave honestly and to penalize nodes that act maliciously. This helps to ensure that the network remains secure and that all participants act in the best interests of the network as a whole.

Related Reading: What is Helium (HNT)? – How to Buy and Use It

How can Crypto Investors Use KEEP Network?

KEEP is the only cryptocurrency that can be used for certain key network operations, such as staking for node operators and governance. Users who wish to be providers must first acquire and stake KEEP tokens in a smart contract to participate in the network.

In addition, the use of KEEP tokens for staking also helps to secure the network and prevent bad actors from compromising the system. The more KEEP a provider stakes, the higher their chances of being selected to operate a keep and earn rewards for doing so.

Notably, users can pay for storage on the network using either KEEP tokens or ETH. This provides flexibility for users who may prefer to pay with one cryptocurrency over another.

Where Can You Buy KEEP?

KEEP can be traded on various cryptocurrency exchanges. Here are some popular exchanges where you can buy KEEP:

Kraken

Gate.io

Uniswap

DigiFinex

FAQ

Is KEEP a good investment?

In light of the direction in which Keep Network is heading, we believe that it is a good investment at the moment.

Is KEEP a good cryptocurrency?

In cryptocurrency, giving financial advice is one of the most difficult things to do. However, KEEP has remained relevant with its constant updates.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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