Keep Network News

The Keep network is an off-chain repository for personal data designed to allow private data to be used on public blockchains like Ethereum while maintaining confidentiality. Keep allows for the development of online marketplaces for things like video, audio and other digital assets. 

The Keep network provides a decentralized solution by bridging the gap between the need for data privacy in specific smart contracts and the call for public blockchain transparency. A system of participants known as signers assists in storing and managing these data containers, receiving “keeps” (private data) at random from the network. This source of randomness is provided by Keep’s primary application, the Random Beacon, which also seeks to prevent a single signer from being able to decipher the data kept in the network. For a service fee, each participant stakes KEEP tokens to serve as a signer. 

Moreover, the network uses secure multiparty computation (sMPC) to manage any third-party risks that may arise. SMPC is a process that cryptographically secures data and computations while maintaining privacy on distributed ledgers. The KEEP token is also used for membership and work purposes. KEEP grants users the right to perform specific actions on the network by delegating collateral. The token’s utility depends on the quantity delegated, taking into account the user’s commitment to the network. Apps in the ecosystem must be approved by members based on specific criteria and constraints.