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They Keep Going Past Your Threshold: Privacy in Web 3.0 with Keep Network

Keep it secret, keep it safe. As world-utility moves on-chain, there remains a fundamental issue with the migration of several key services that could take advantage of blockchain technology, and that’s privacy.

MucH blockchain utility will require private information to function successfully. For example, if a doctor wanted to access your medical records, a bank to access your credit score, and so on and so forth. This creates a problem, as one of the characteristics of the blockchain is a publicly viewable ledger.

Smart contracts need to interact with this private information to execute functions, but the information itself needs to be kept secret. This is where the KEEP network comes in. Its goal, with its successor Threshold Network (more later), is to allow smart contracts to access and manage private encrypted data.

How Does the Keep Network Work?

The Keep Network stores information and makes it accessible by and integrated with smart contracts without exposing the underlying data. The data is held in ‘keeps’, whose security is guaranteed by holders of the KEEP token, who stake in order to earn rewards. These keeps are off-chain, and even Keep team members have zero access.

The data is held in small, randomly allocated and encrypted files that can’t be viewed in concert, but only accessed by smart contracts performing specific permissioned functions. The data is not exposed to the public blockchain by using an ECDSA.

Users are only assigned a fraction of each secret using the Random beacon protocol. It uses threshold signatures alongside digital signature relays to randomly choose groups of KEEP token holders to be the transaction signers. The randomness of the validator is essential to maintain network security.

In this way, user privacy is kept but the information provided can be validated and used by protocols and dApps to make decisions and perform actions.

tBTC: Private Bitcoin

The first offering and main product of the KEEP network was tBTC, a permissionless bridge between Bitcoin and Ethereum. It is both fully audited and insured, which belies KEEPs quite storied backing from VC firms like a16z, Paradigm and Coinbase Ventures.

With it, the private keys to users bitcoins are stored within keeps, where they cannot be exposed to the public Ethereum blockchain. The tBTC is an ERC-20 token that is fully composable with the Ethereum DeFi ecosystem and lets users farm yield and engage in other DeFi activities with their BTC without sacrificing wallet privacy. It is similar to other wrapped tokens, with complete privacy over the wallet address being the core differentiator.

Keep and NuCypher Merge to Threshold Network

The Keep Network has also made news recently with its announced merger with NuCypher, a privacy network that shared Keep Network’s goal. The resulting ‘Keanu project’ is one of the first mergers to happen in the blockchain industry, and as mainstream adoption continues, it’s likely that this more traditional business methodology emerges, as protocols recognise each other’s value and collaborate on their security and codebases.

After putting it to both the Keep and NuCypher communities, the Keanu vote passed, and the Threshold Network was created.

It is a decentralised, on-chain protocol merge, but KEEP tokens will still be used to guarantee the security and the authority of the Keep network. The details of allocations are still being worked out, but the process of upgrading KEEP tokens to T tokens can be found here.

Keep On Moving

The KEEP network, like its new merger partner NuCypher, have long histories as privacy solutions for the blockchain. Now together as Threshold, the new network that combines the best of each other’s technology will help overcome one of blockchain’s problems – the lack of real privacy – and by doing so bring new real-world applications in financial, medical, and personal data and integrate them with the new digital economy.

How can I get KEEP?

Getting KEEP is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for KEEP*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your KEEP.

*direct KEEP purchases coming soon.

Download Numio to get Keep Network

How can I get KEEP?

Getting KEEP is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for KEEP*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your KEEP.

*L2 trades for other tokens coming soon

About Numio

Buy, sell, trade, earn crypto with DeFi, collect NFTs, and more, while saving you up to 100x on Ethereum fees. Numio gives you more control over your digital assets in one convenient app. Numio can be used pseudonymously, or with an optional zkProof powered identity verification system. All Numio products are non-custodial.

Available on Android and iOS, Numio was the first zkRollup powered mobile payments app to be released on Google Play.

 

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