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What is Keep Network (KEEP)?
Quick Facts
- Token: KEEP (ERC-20 on Ethereum)
- Founded: 2017 by Matt Luongo and Corbin Pon
- Mainnet Launch: April 2020
- Core concept: Off-chain private data containers called 'keeps'
- Flagship product: tBTC — a decentralized Bitcoin-to-Ethereum bridge
- Token type: Work token — stake to earn fees for performing network services
- Notable event: Merged with NuCypher to form the Threshold Network
Introduction
Keep Network is a privacy-focused protocol built on Ethereum that bridges the gap between public blockchains and private data. It enables smart contracts and decentralized applications to interact with sensitive data without exposing it to the open blockchain.
The project's native asset, KEEP, functions as a 'work token' — holders stake it to participate in the network and earn fees in return.
History & Background
Keep Network was founded in 2017 by Matt Luongo and Corbin Pon, both veterans of the cryptocurrency industry. The project is a product of Thesis, a crypto venture production studio.
The mainnet launched in 2020, and the network raised over $28 million across multiple funding rounds, with backers including Paradigm. A landmark milestone was the merger with NuCypher to create the Threshold Network, combining the strengths of both projects into a unified decentralized privacy layer.
How Keep Network Works
At its core, Keep Network relies on small off-chain containers called 'keeps' to store and encrypt private data away from the public blockchain. Smart contracts can call upon these keeps to manage sensitive information without ever exposing it publicly.
To select which nodes perform work, the protocol employs a random beacon — a mechanism that generates verifiable random numbers. Node operators are selected to form signing groups without knowing in advance who will be chosen, preventing collusion and ensuring censorship resistance.
Data within keeps is secured using threshold ECDSA cryptography, meaning no single party ever holds a complete private key.
Tokenomics
KEEP is designed as a work token — holding and staking it grants the right to perform key functions on the network. Operators stake KEEP as collateral to join the network, and their chances of being selected for work are proportional to the amount staked.
Stakers earn fees generated by network activity, aligning incentives between operators and the health of the protocol. A portion of the token supply was reserved for public distribution through the 'Play for Keeps' community program, rewarding active contributors with KEEP.
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Circulating supply
| 965.06 million KEEP |
|---|---|
| |
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Total supply
| 999.85 million KEEP |
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Max supply
| -- KEEP |
Ecosystem & Use Cases
Keep Network's most prominent application is tBTC, a fully Bitcoin-backed ERC-20 token pegged 1:1 to Bitcoin. Users deposit BTC and receive tBTC, which can be used freely across the Ethereum DeFi ecosystem — all without centralized intermediaries.
Beyond tBTC, the protocol supports the development of privacy-preserving dApps that need to handle sensitive user data, such as identity verification or private transactions.
Team, Governance & Community
Keep Network was built by a team of engineers with expertise in cryptography and discrete mathematics, led by Matt Luongo (CEO of Thesis) and Corbin Pon. KEEP holders participate in decentralized governance decisions covering network upgrades and protocol parameters.
The community engages through Discord, Telegram, Reddit, and the project's Medium blog.
Advantages
- Privacy on public chains: Enables private data handling without sacrificing decentralization.
- Censorship resistance: Random beacon selection prevents coordinated attacks or collusion.
- DeFi utility: tBTC opens Bitcoin liquidity to the Ethereum DeFi ecosystem permissionlessly.
- Staking rewards: Operators earn real fee-based yield for providing network services.
- Composability: Third-party dApps can integrate keeps to add privacy features.
Risks & Challenges
- Complexity: Threshold cryptography and random beacon infrastructure are technically demanding to operate.
- Token migration: The merger into the Threshold Network introduced a new T token, creating potential fragmentation of the KEEP holder base.
- Competition: Other privacy and Bitcoin-bridge solutions compete for the same use cases.
- Adoption dependency: Network value depends heavily on demand for privacy-preserving dApps and tBTC usage.
Long-Term Vision
Keep Network envisions a future where private data and public blockchains coexist seamlessly, enabling a new generation of fully decentralized applications that were previously impossible due to privacy constraints. Through the Threshold Network merger and ongoing tBTC development, the project aims to serve as a foundational privacy and Bitcoin interoperability layer for the broader Web3 ecosystem.
Frequently Asked Questions
- What is Keep Network?
Keep Network is a privacy protocol on Ethereum that uses off-chain containers called 'keeps' to store and encrypt private data. It allows smart contracts and dApps to interact with sensitive information without exposing it to the public blockchain.
- What is the KEEP token used for?
KEEP is a work token that node operators stake as collateral to participate in the network and perform services. Stakers earn fees generated by network activity in return for their work and collateral.
- What is tBTC?
tBTC is a fully Bitcoin-backed ERC-20 token on Ethereum, pegged 1:1 to Bitcoin. It lets users deposit BTC and receive tBTC to use across the Ethereum DeFi ecosystem without relying on centralized intermediaries.
- How does the random beacon work?
The random beacon generates verifiable random numbers to select which node operators perform signing duties. Operators do not know they have been selected until the moment of selection, preventing collusion and ensuring fairness.
- Who founded Keep Network?
Keep Network was founded in 2017 by Matt Luongo and Corbin Pon through Thesis, a crypto venture production studio. The team includes engineers specialized in cryptography and discrete mathematics.
- What is the Threshold Network?
The Threshold Network was formed by a merger between Keep Network and NuCypher. It combines the privacy technologies of both projects into a unified decentralized network, introducing a new token called T.
- How can I earn with KEEP tokens?
You can stake KEEP tokens to operate network nodes and earn fees for performing services like running the random beacon or acting as a tBTC signer. Token holders can also delegate their stake to existing operators and share in rewards.
- On which blockchain does KEEP operate?
KEEP is an ERC-20 token deployed on the Ethereum blockchain. The Keep Network protocol and its applications, including tBTC, operate within the Ethereum ecosystem.