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Keep Network
Keep Network
Keep Network (KEEP) is an incentivized network for storing and encrypting private data on the public blockchain.[1][2]
The Keep Network launched its mainnet on April 27, 2020.[3]
Overview
The Keep Network features off-chain containers for private data called keeps that allow smart contracts to interact with this data while aiming to maintain transparency and transaction auditability. Keeps encrypt private data and keep it protected through secure multi-party computation (sMPC). [4]
The network consists of node operators called signers that stake KEEP tokens to store and manage private data in exchange for a service fee. The token and staking mechanism discourage Sybil attacks as well as dishonest behavior (malicious acts can lead to signer losing a part of their stake). Signers are selected at random to store a given data submission through Keep's core application, the Random Beacon. As a whole, the Keep system aims to ensure signers cannot co-opt and exploit the system or decode the private data stored in the protocol.[5]
The Keep Network was founded in 2017 by Matt Luongo and Corbin Pon, crypto industry veterans who previously founded the Bitcoin rewards app Fold. [6]
The Keep Network launched its mainnet on April 27, 2020. [7]
KEEP applications and tools include:
- Keep Random Beacon
- tBTC - a decentralized Bitcoin bridge on Ethereum
- Keep Token Dashboard - an interface to manage and stake KEEP tokens
- Keep Stats
- high level summary of Keep and tBTC network stats
- All the Keeps
- a tool to monitor all tBTC deposits on the Keep Network [8]
KEEP Token
KEEP is the network’s native work token with dividends and a slashing model. It provides the Sybil resistance that allows the Keep network to be censorship-resistant and permissionless.[9] Staked KEEP holders earn revenue from operating the beacon and participating in work across the network, in the form of keeps. Keeps are multi-party computation setups that offer services to other smart contracts, including decentralized signing, encryption, and data storage.[10][11]
KEEP can be used to:
- Secure the Keep Network and tBTC via staking
- Run the random beacon and Elliptic Curve Digital Signature Algorithm nodes on the network
- Run tBTC, similar to running a full node. KEEP stakers can play an even larger role as tBTC signers by bonding ETH.
- Earn fees for providing work on the network[12]
The Keep Network launched its mainnet with 1 billion KEEP tokens created. KEEP tokens are a fixed supply asset, there will never be more than 1 billion KEEP in existence.[13]
Token Allocation
- Private sale: 35%
- Early team: 10%
- Advisors: 5%
- Keep SEZC (the Keep project corporate entity): 25%
- Staking & Protocol Incentives: 25%[14]
Private Sale
Keep conducted an industrial staker sale that occurred in two tranches. The Series A tranche occurred in 2018, and the Series B tranche occurred in Fall 2019/Winter 2020. All purchasers were accredited investors, sold via a 506(b) offering. As of November 2020, Keep sold approximately $20 million worth of KEEP tokens. One covenant of the SAFT (Simple Agreement for Future Token) agreements that was included was the requirement that purchasers support the network by staking their KEEP tokens.[15]
KEEP Stakedrop
Keep and tBTC’s stakedrop kicked off on June 8, 2020, with a Crowdcast event where the team shared information, updates, and the plan for the coming months. The stakedrop lets anyone holding ETH participate as a tBTC signer, with the potential to earn rewards in the form of KEEP tokens. Once the stakedrop is up and running, any ETH holder can run a Keep node and collect fees on their ETH. The stakedrop lasts for approximately 6–12 months, until all of the KEEP tokens allocated to the drop are exhausted. After that point, all stakers will once again be required to put down KEEP to act as signers. As the stakedrop progresses, ETH stakers will be granted KEEP based on their performance. As much as 20% of the total KEEP supply will be distributed.[16][17][18]
tBTC
tBTC, a Bitcoin bridge on Ethereum, is the first application built on top of the Keep Network. It is an open-source project supported by groups including Keep, Summa and the Cross-Chain Group. tBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of Bitcoin. It facilitates Bitcoin holders acting on the Ethereum blockchain, accessing the DeFi (Decentralized Finance) ecosystem, and earning with their Bitcoin. [19]
tBTC went live in September 2020, fully audited and open-source. [20]
Playing for Keeps
Play for Keeps is the Keep Network's incentivized testnet giving a chance to learn to stake and win KEEP by contributing to the community. Anyone can join Play for Keeps and start earning rewards from 100–100,000 KEEP. Each month, a panel of community judges recognizes contributions that are eligible to receive KEEP.[21]
A major part of the initial stage of Playing for Keeps is the buildup to the network's stakedrop, which lets ETH holders earn KEEP by proving their ability to secure the Keep network. The Keep network uses the amount of KEEP staked by a user to power the random beacon, choosing random nodes to join new keeps, or small off-chain data containers. As nodes operate keeps, they earn fees for providing secure, private computation to the Ethereum network. [22]
The main place where the community is gathering for Playing for Keeps to stake and learn from each other is the Keep Discord channel. [23]
Rules
- The Play of Keeps follows Keeps Standard Disclosure Terms, which are summarized here.
- Each submission will be judged by a panel of independent judges. The number of selection of judges may change throughout the Play of Keeps.
- Judges will attempt to announce winners bi-weekly. However, this schedule may change based on a variety of factors, including the number of submissions.
- Issues or projects that have already been submitted by another user or are already known to the Keep team are not eligible for bounty rewards.
- Public disclosure of a vulnerability makes it ineligible for a bounty.
- A user can start or fork a private chain for bug hunting.
- Keep's core development team, employees and all other people paid by the Keep project, directly or indirectly, are not eligible for rewards.
- Anyone who works with the codebase as a professional Keep developer is not eligible for rewards.
- Keep websites or Keep Foundation infrastructure in general, are NOT part of the bounty program.
- Keep bounty program considers a number of variables in determining rewards. Determinations of eligibility, score and all terms related to an award are at the sole and final discretion of the Keep Foundation bug bounty panel. [24]
Team
- Matt Luongo - Project Lead
- Corbin Pon - Developer & Ops
- Antonio Salazar Cardozo - Head of Engineering
- Carolyn Reckhow - Head of Business Strategy
- Laura Wallendal - General Manager
- Michael Gluzman - Head of Design
- Sloan Thompson - Head of DevOps
- Piotr Dyraga - Tech Lead
- Liz Shinn - Designer
- Promethea Raschke - Protocol Designer
- Dmitry Paremski - Developer
- Jakub Nowakowski - Developer
- Łukasz Zimnoch - Developer
- Nicholas Evans - Developer
- Rafal Czajkowski - Developer
- Erin Ng - Developer [25]
Advisors
- Brayton Williams, Boost VC
- John Packel, Hard Core Decentralization Developer
- James Prestwich, Summa, formerly Storj Labs
- Axel Blikstad, International Finance
- Joseph Urgo, district0x
- Luis Cuende, Aragon [26]
Partners
- Paradigm
- Polychain Capital
- Fenbushi Capital
- Andreessen Horowitz
- Draper Associates
- Fabric Ventures
- Distributed Capital Partners [27]
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