How Does the KEEP Network Interact with Bitcoin & Ethereum | by Stephen Dalton | Feb, 2022

FINTECH | CRYPTOCURRENCY | BLOCKCHAIN

The KEEP network is a decentralized infrastructure that enables businesses and individuals to interact securely and efficiently without compromising privacy or security.

Stephen Dalton
The KEEP Network – Shutterstock License # 1721221198

The network allows for the creation of decentralized applications (DApps) used by businesses and individuals worldwide. This is particularly telling when you look at the hacking statistics.

“Cryptocurrency-linked crime surged to a record high last year in terms of value, with illegal addresses receiving $ 14 billion in digital currencies, up 79% from $ 7.8 billion in 2020. – Reuters.

What Is the KEEP network?

The KEEP network is incentivized for workers to encrypt and store private data on public blockchains. KEEP solves one of the main issues with blockchain adoption, which is that the data on a public blockchain is – public. By using the KEEP network, developers can finally build totally decentralized applications.

The KEEP network includes off-chain containers that store private data; these containers are called keeps. Likewise, the KEEP token allows complete permissionless transactions.

“Permissionless blockchains, also known as trustless or public blockchains, are open networks available to everyone to participate in the consensus process that blockchains use to validate transactions and data. They are fully decentralized across unknown parties. ”Tech Target.

The KEEP token is the network token for work with slashing and dividends.

“Slashing is a mechanism used by Proof-of-Stake (PoS) protocols to discourage harmful behaviors and make validators more responsible. ” – Crypto Robin.

Sybil resistance permits the KEEP Network to stay permissionless and censorship-resistant.

According to the Binance Academy, “A Sybil attack is a kind of security threat on an online system where one person tries to take over the network by creating multiple accounts, nodes, or computers.”

However, in cryptocurrency, when a consensus is necessary to validate a block, a Sybil attack could be an attempt to create multiple nodes to prevent a transaction from being validated by outvoting “honest” nodes. Therefore, Sybil resistance is crucial.

What Is the KEEP Token?

This token is an Ethereum-based ERC-20 token that serves as the currency for the network. You can use it to pay for goods and services on the network and reward participants for their contributions.

The tokens are also used to vote on proposals submitted to the network. This allows users to have a say in how the network is run and helps ensure that decisions are made democratically.

KEEP tokens are often used for:

  • Securing the network.
  • BTC staking via tBTC.
  • Pay fees to workers on the network.
  • Run tBTC, like running a node.
  • KEEP staking.

“Stake on Ethereum’s first private computer and earn up to 167% APY.” – KEEP network.

Why Use KEEP for Staking?

Beyond the promise of 167% APY, it offers unique staking experiences not available on other networks. It can allow Bitcoin, Ethereum, and other altcoins staking without compromising confidentiality.

Additionally, it offers a variety of features that are not found on other networks, such as governance and voting. Users also get to enjoy all of the benefits of staking while also having access to additional features.

What is tBTC?

The Bitcoin token (tBTC) was “The first secure and decentralized tokenized bitcoin on Ethereum.” It is a Bitcoin-backed token that can validate how many BTC the holder has without requiring the owner to divulge their cryptocurrency private key. It is designed to be an efficient and trustless, blockchain-based version of Bitcoin that businesses, developers, and individuals can use worldwide.

The tBTC token is linked to BTC so that you have as many tBTC as you do BTC on hold in the KEEP network. This concept allows people to stake their BTC on exchanges that allow it, where BTC is not allowed for staking, as it is a Proof-of-Work (PoW) coin.

When you initially buy cryptocurrency from an exchange, you get two keys. One is the public key. This key is like an email address, so you can give that to anyone without fear of theft. However, your private key is equivalent to the combination of your safe or the pin for your debit or credit card. You do not want to give that to anyone, ever.

“Private Key: A private key is like a password – a string of letters and numbers – that allows you to access and manage your crypto funds.” – Coinbase.

The network is composed of two layers. The first layer is a decentralized storage network that allows users to store files securely and anonymously. The second layer provides a Turing-complete blockchain platform that enables developers to create smart contracts and DApps. Together, these two layers form the network protocol, allowing anyone to build privacy-preserving applications on top of Ethereum.

KEEP Price Data from Coin Market Cap

13 FEB ’22 – “The live Keep Network price today is $ 0.639926 USD with a 24-hour trading volume of $ 42,392,788 USD. We update our KEEP to USD price in real-time. Keep Network is down 3.40% in the last 24 hours. The current CoinMarketCap ranking is # 144with a live market cap of $ 404,121,090 USD. It has a circulating supply of 631,512,691 KEEP coins and a max. supply of 1,000,000,000 KEEP coins. ” – CoinMarketCap.

KEEP Network to USD Chart

KEEP Network to USD Chart – Screenshot from the Coin Market Cap website

Final thoughts about the KEEP Network

The KEEP network functions as a privacy protocol that provides a bridge between BTC, ETH, and altcoins, which can be used as currencies in our everyday lives but may also be staked to provide Annual Percentage Yield (APY) compound interest earnings without compromising your crypto. key.

Bank safe deposit boxes – Shutterstock License # 1401372095

Keeps could be compared to a bank lockbox or safe deposit box. You can keep your crypto secure and stake it with other entities without giving up your crypto key.

“Keeps are core to the Keep network’s value proposition.” – The KEEP network.

Plus, developers can build genuinely decentralized applications on the KEEP Network.

The KEEP network is awesome, but whether the KEEP token is worthy of your investment is something you will have to decide for yourself. However, if you look at the chart above, you will see that it only $ .02 higher than its opening price, even though it reached $ 2.20 within weeks of opening.

DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser and anything I propose should be considered friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.

Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.

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