It is clear that blockchains solve many problems. Think, for example, of problems related to inflation, as well as problems about the central storage of data. And users can almost never reach that. It all has to do with the privacy we have on the internet and blockchains. This is exactly the problem the creators of Keep Network would like to address. We see more and more crypto traders showing interest in this project.
Because of this increased demand, we thought it would be helpful to write an article detailing all the important things you need to know about Keep Network. Here we tell you what Keep Network is and what it does, how users can stake their KEEP tokens to secure the network, as well as where to buy (and store) KEEP tokens. This way, after reading this article, you will be fully aware of everything that has to do with Keep Network. But first, watch this video below.
What is Keep Network (KEEP)?
Blockchain technology underlies the thousands of cryptocurrencies that have been created over the past decade . It has the potential to affect our lives and a number of sectors, from banking to healthcare.
However, it is still early days and the cryptocurrency industry is struggling to solve various problems such as sustainability and scalability. Some blockchains consume large amounts of energy, and others prove difficult to scale. Another challenge? Privacy.
Blockchains are being touted as better ways to store all kinds of information, including medical records, contracts, and credit histories. They are anonymous, transparent and difficult to hack. But this transparency can be a double-edged sword: If you’re going to store personal information in a public ledger, you want to make sure that information stays private.
This is where Keep Network (KEEP) comes in. It stores private information in encrypted containers (known as “keeps”) outside the blockchain. Applications and other blockchain networks can then access this data if necessary.
It was founded in 2017 by crypto industry veterans Matt Luongo and Corbin Pon, who previously founded the Bitcoin rewards app Fold. The native KEEP token allows completely unauthorized access and is resistant to censorship. Essentially, the platform solves one of blockchain’s biggest conundrums: data on public blockchains is public. With Keep, developers can now create fully decentralized applications (dApps).
You can earn additional KEEP tokens by betting on the network, and the token itself works with dividends and a haircut model to boost node security. Keep Network offers a large number of applications, such as Keep Random Beacon, tBTC (a decentralized Bitcoin bridge on Ethereum ), Keep Token Dashboard, Keep Stats and All the Keeps.
Partners of Keep Network
The fundraiser reportedly involved big names in the cryptocurrency industry, including:
- Paradigm Capital; the independent investment trader led by Fred Ehrsam
- Fenbushi Capital; co-founder of Coinbase
- A Chinese venture capital fund
- VC Collaborative Fund; a large technology company
While proclaiming the success of this funding round, Matt Luongo, the founder of the Keep Network, did not fail to praise the merits of his project. He believes that tBTC is a perfect combination of Ethereum and Bitcoin. Since then, Keep Network has been attracting more and more interest from small investors active in crypto.
How can I stake KEEP tokens?
It wasn’t easy at first to use a staking pool to stake your KEEP. The major exchanges do not offer KEEP staking, and you would need a large minimum amount and some technical knowledge to join an existing pool. Even more so if you would like to run your own node.
Now, however, you can stake your KEEP directly on their website. There is no minimum and no obligation to validate anything or save data. You need a Metamask wallet and enough Ethereum (ETH) to pay the transaction costs (Gas).
What is strike?
Perhaps it is not yet entirely clear what strike actually is. Many cryptocurrency networks offer rewards for staking certain coins. It’s a bit like a dividend paying stock. These networks use staked coins to validate transactions and ensure their security.
If you are willing to lock your coins for a certain period of time, you can be rewarded from 0.5% to 40% or more. This depends on the currency, the number of people who stake and the length of the period in which you are willing to commit your wealth. If a currency has just been launched or is being upgraded, higher rates may be offered for a short period of time.
Is it smart to stop KEEP?
If you support Keep Network’s mission, staking can be a way to actively participate in making blockchains more private. As with many cryptocurrencies, if you buy and stake the coin, you can become part of this community.
But be careful, especially if you’re new to staking. Currently, Keep is not fully designed to support retail investors. For example, there is no help desk, so you will have to sign up to the Discord channel to get help. You should be sure to move your assets from the exchange to a Metamask wallet, and then use that wallet.
The other question is whether you want to buy a volatile coin to lock it in for a certain amount of time. Keep Network is a relatively new cryptocurrency that has only recently been listed on crypto exchanges such as Binance and Bitvavo . All cryptocurrencies are risky: the massive decline in recent months has wiped out many of the gains from earlier this year. But new cryptocurrencies carry even more risks. So you need to do careful research to decide if you see a solid long-term future in the currency.
Keep’s privacy solutions look interesting and the management team has experience with crypto. But it’s also worth understanding other companies operating in this space, such as Cardano (ADA) and Internet Computer (ICP).
If you are new to staking and not using a third party wallet, it is a good idea to start with the exchange where you bought your crypto. Look at the coins you can stake there, weigh the potential stake rewards against the losses due to volatility, and bet a small amount first to get a feel for how it works. And if you are confident in your crypto skills and the future of Keep Network, you can follow the staking instructions on the Keep Network website.
Where can I buy KEEP tokens?
You can buy KEEP in several places. The best place to buy cryptocurrencies like KEEP is at a centralized cryptocurrency exchange . But while some cryptocurrency investors like to trade from a decentralized exchange (DEX), central cryptocurrency exchanges offer low fees and streamlined interfaces that are hard to match.
We recommend that you do this at Binance or Bitvavo, given the high liquidity of these platforms. You are then sure that you can buy or sell KEEP at all times. That’s something you can’t be sure of with small exchanges.
Of course, as we just mentioned, it is also possible to buy KEEP from decentralized exchanges such as Uniswap , Sushiswap and Pancakeswap . However, keep in mind that it is a lot more difficult to buy KEEP from these platforms. It is much simpler to purchase it via, for example, Binance or Bitvavo. You have to go through much fewer steps there, and you do not necessarily have to link an external wallet to the exchange.
How can I keep my KEEP?
Since KEEP is an ERC20 token, you can easily store it in both a software wallet and a hardware wallet . Almost all wallets support the ERC20 protocol, as this is the protocol used by Ethereum. Thus, all tokens running on the Ethereum blockchain are almost always an ERC20 token.
The safest way to keep KEEP is to store it in a hardware wallet. You can disconnect the wallet from the internet, so that the tokens and coins on the hardware wallet are protected against hackers. It is much easier for hackers to attack a software wallet, which is always connected to the internet, and steal coins from it.
Ledger and Trezor are the most famous hardware wallet publishers. Their wallets are very safe and easy to use, and can be ordered over the internet. Because they are sent from abroad, it can take a few days for the wallet to be delivered.
Is it smart to buy KEEP tokens?
If you want to get involved in the mission Keep Network is on, or if you want to speculate on the future price increase of KEEP tokens, buying and holding for the long term could be a good decision. Also, if you want to trade the KEEP coin for a short-term gain, you may be able to take advantage of the high volatility to get a nice profit from your investment.
However, before investing in Keep Network, make sure you do your own research. Altcoin projects in their early stages are never guaranteed success, and there are many technological hurdles and competition to overcome before sustainable value can be created.
We believe that Keep Network will be a great and profitable project in the long run and that the holders of tokens will be rewarded. However, there is always a significant risk associated with investing in altcoins in the early stages. That’s why we can’t say it often enough: always do your own research and never invest money that you really couldn’t afford to lose.
The price forecast of KEEP
KEEP continued to increase in value for a long time and because of this, more and more investors became interested in this cryptocurrency; an almost doubled trading volume was proof of that at the time.
Giving a price target for KEEP, or any other altcoin at an early stage, is an unreliable art. The sheer number of variables, the volatility of the crypto space, and the possibility of unpredictable swings in market sentiment make calculating the fundamental value of some cryptocurrencies incredibly difficult.
What we can say is that Keep Network is a project that we hope will create added value for token holders, at least in the short term.
To know for sure whether the right time to buy has come, it is best to keep a close eye on KEEP’s price. Of course you want to buy KEEP for the best price, which is why it is best to do so in a falling price. When you expect the price to have bottomed out, it is a perfect time to buy the token.
You will then have to sell the token for a higher price, in order to make a nice profit on your investment.
Keep Network aims to solve one of the problems facing blockchains: keeping data safe. There are many people who are concerned about their privacy on the internet, as well as their privacy on blockchains. Keep Network uses various techniques to ensure privacy. Subsequently, they have also launched some products such as Keep Random Beacon, tBTC (a decentralized Bitcoin bridge on Ethereum), Keep Token Dashboard, Keep Stats and All the Keeps.
The number of applications is growing, so there is a good chance that the value of KEEP will increase in the future. Nevertheless, we always recommend that you do good research yourself into the tokens you would like to invest in. You should always keep in mind that you can also lose money. That is why it is important to never invest money that you could not afford to lose.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com