How To Buy Keep Network (KEEP)?

A common question you often see on social media from crypto beginners is “Where can I buy Keep Network?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Keep Network on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Keep Network (KEEP)

First, you will need to open an account on a cryptocurrency exchange that supports Keep Network (KEEP).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Keep Network (KEEP) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Keep Network (KEEP)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Keep Network (KEEP) or Keep Network (KEEP) trading pairs. Look for the section that will allow you to buy Keep Network (KEEP), and enter the amount of the cryptocurrency that you want to spend for Keep Network (KEEP) or the amount of fiat currency that you want to spend towards buying Keep Network (KEEP). The exchange will then calculate the equivalent amount of Keep Network (KEEP) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Keep Network (KEEP) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Keep Network (KEEP)?

The Keep Network is a privacy layer for blockchains that allows users and applications to store data privately. It features off-chain containers for private data called keeps. The network randomly assigns keeps to a system of participants, called signers, that help store and manage these data containers. Keep’s core application, the Random Beacon, provides this source of randomness and aims to ensure an individual signer cannot decode the information stored in the network. Each participant stakes KEEP tokens to act as a signer in exchange for a service fee.

Keep Network was founded in 2017 by Matt Luongo and Corbin Pon, who both previously started Fold, a bitcoin shopping app. While working on Fold, the two found there was a need for better privacy tooling for Ethereum. Therefore, Matt and Corbin set out to build a new data layer that allows blockchain-based applications to store and access private information.

The Keep Network features off-chain containers for private data called keeps that allow smart contracts to interact with this data while aiming to maintain transparency and transaction auditability. Keeps encrypt private data and keep it protected through multi-party computation (sMPC).

The network consists of node operators called signers that stake KEEP tokens to store and manage private data in exchange for a service fee. The token and staking mechanism discourage Sybil attacks as well as dishonest behavior (malicious acts can lead to signer losing a part of their stake). Signers are selected at random to store a given data submission through Keep’s core application, the Random Beacon. As a whole, the Keep system aims to ensure signers cannot co-opt and exploit the system or decode the private data stored in the protocol.

The first use case for Keep is the tBTC application. tBTC serves as a trust-minimized bridge between the Bitcoin and Ethereum blockchains. Keep Network signers facilitate the exchange and storage tasks of swapping BTC for Ethereum-compatible tBTC tokens so BTC holders can access Ethereum’s decentralized finance (DeFi) sector. tBTC launched on the Ethereum and Bitcoin mainnets in May 2020. But a vulnerability discovered in the code a few day post-launch led tBTC’s development team, Thesis, to pause user deposits. After several rounds of security audits and retesting the app on a public testnet, the team relaunched tBTC in Sep. 2020.

What is the KEEP token?

The KEEP token is a work token. Work across the network is distributed to KEEP stakers, in proportion to their staked amount, by a random beacon. Misbehaving stakers have their KEEP slashed and are removed from the network, similar to other proof of stake mechanisms.

According to the Keep team, the random beacon (the core of the system used for work selection) cannot function without a network-specific token that grows and shrinks with the utilization of the network. Using a network-specific token makes attacks from outsiders with large pools of capital much more expensive.

Staked KEEP holders earn revenue from operating the beacon and participating in work across the network, in the form of keeps. Keeps are multi-party computation setups that offer services to other smart contracts, including decentralized signing, encryption, and data storage.

Any dApps built on top of the Keep Network, such as tBTC, require operational keeps in order to function and thus staked KEEP. No other existing digital asset can serve as a replacement to the KEEP Token in the tBTC ecosystem.

What makes Keep Network (KEEP) unique?

Keep Network’s key feature is its ability to store private data, called ‘secrets’, outside the blockchain systems in ‘keeps’. 

‘Keeps’ allow blockchain-based applications to interact with ‘secrets’ without fully exposing their contents through the use of smart contracts, who, when a specific criteria is met, can provide data, encrypted files or verification of a user’s identity to the application.

Computers, or nodes, who maintain ‘keeps’ are known as keep providers and are assigned fractions of a ‘secret’ using the random beacon protocol, an advanced cryptography technique for trustless randomization.  

When a user wishes to purchase a ‘keep’, they publish a request to the Keep Network, who, in turn, divides and mixes their secrets, sends shares of them to different keep providers, and returns keys to the users to access the content of their ‘keeps’ when needed.   

KEEP providers must stake a certain amount of KEEP that can be retrieved by the protocol should they be unreliable or negligent with the keeps. However, providers incentivized through KEEP rewards for their services, including providing encryption, computation, and storage services.

Keep Network development updates in 2023

In 2023, the Keep Network, known for its unique approach to smart contracts and privacy on public blockchains, has undergone several notable developments. Here’s a detailed overview of these updates:

• Smart Contract Storage and Privacy Enhancements: The Keep Network is a network of computers developed to use smart contracts to store private data from public blockchains. It addresses privacy concerns by maintaining private data in “keeps”, which are essentially containers that allow smart contracts to access and manage portions of the data held privately on the blockchain. This feature continues to attract investors and traders due to its assurance of preserving private data, a critical issue in blockchain privacy concerns​​.

• Staking System and User Participation: The Keep Network has a staking system that encourages users to store their coins within the network, rewarding them in KEEP or ETH. This system has gained popularity among users, with substantial KEEP tokens and ETH earned as rewards. The staking requirement, initially set at 90,000 KEEP, has been gradually decreasing, making it more accessible to a wider user base​​.

• tBTC: Bridging Bitcoin and Ethereum: One of the first applications produced by the Keep Network is tBTC, a decentralized tokenized bitcoin on the Ethereum network. This application serves as a bridge between Bitcoin and Ethereum, enhancing the interoperability and utility of both networks. The tBTC is among the earliest implementations of decentralized tokenized bitcoins on Ethereum, contributing to the growing synergy between these two major blockchain platforms​​.

• Exchange Listings and Trading Volume: The KEEP token has been listed on major cryptocurrency exchanges like Coinbase and Binance. This accessibility to large trading platforms has the potential to increase the adoption and trading volume of the KEEP token, boosting its market presence and investor interest​​.

• Market Performance and Price Predictions: As of 2023, the Keep Network’s market capitalization stood at approximately $111.90 million. The token has shown a mix of bearish and bullish trends based on various technical and fundamental analyses. Price predictions for KEEP vary, with some forecasts indicating potential increases in value over the next few years, while others suggest a more cautious outlook. It is important for investors to consider these predictions carefully and conduct their own research before investing​​​​.

• Investment Viability: The Keep Network’s unique approach to combining smart contract functionality with enhanced privacy measures on public blockchains positions it as a distinctive player in the cryptocurrency space. However, like any investment in the volatile crypto market, potential investors should evaluate the risks and perform thorough due diligence before making investment decisions.

These developments highlight the Keep Network’s ongoing efforts to enhance its platform and expand its use cases. The focus on privacy, interoperability, and accessibility positions KEEP as a noteworthy project in the evolving blockchain and cryptocurrency landscape.

Official website: https://keep.network/

Best cryptocurrency wallet for Keep Network (KEEP)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Keep Network (KEEP)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).