Keep Network Coin Price & Market Data
Keep Network price today is $0.468194 with a 24-hour trading volume of $40,294,560. KEEP price is down -8.5% in the last 24 hours. It has a circulating supply of 440 Million KEEP coins and a max supply of 1 Billion. If you are looking to buy or sell Keep Network, Binance is currently the most active exchange.
What is Keep Network?
The Keep Network functions as a privacy layer for public blockchains by building bridges between public blockchains and private data. Their products include tBTC, which allows users to deposit Bitcoin and redeem an ERC-20 compatible version that can be used for DeFi protocols.
What are KEEP tokens?
The KEEP token is the network’s native token which will be used to power the network and support all future applications that will be built on it.
KEEP tokens are required to become a member of the network where members get to earn rewards for performing tasks. These tasks include the computation required to select and read associated off-chain data.
In order to be eligible to perform work, KEEP token holders must delegate KEEP tokens as collateral. Work opportunities are awarded randomly, but this will slowly move towards a system where more tokens delegated will result in more work opportunities. KEEP tokens holders will earn rewards that are proportional to the amount of tokens delegated.
On a general level, KEEP tokens provide a form of cash flow as users can receive fees for all activities that take place on the Keep Network.
How does the Keep Network function?
To act as a viable bridge between private and public data, Keep Network uses keeps, which are small off-chain containers for storing and securing data. Using this technology, Keep is able to offer a high level of interactivity with private data. By allowing dApps access to private data, Keep makes it possible to build even more innovative products on top of its network.
One of the first products that the Keep Network team have launched is tBTC, an ERC-20 compatible version of BItcoin on the Ethereum network. Users can mint tBTC by depositing Bitcoin into a deposit address. The network will accept the Bitcoin and call upon a selected group of signers from the pool of users that have delegated KEEP in order to verify and hold the deposited BTC. Once this is completed, users will receive tBTC on a 1:1 ratio. The minting process is reversible and users can convert their tBTC back into Bitcoin.
How do I get KEEP tokens?
Alternatively, users can earn more KEEP through fees collected by participating in the network and performing tasks.
Users can also join the ‘Play for Keeps’ program, by staking KEEP tokens and contributing as a community member to the Keep Network. Every month, a panel of community judges will recognize contributions that are eligible to receive KEEP tokens. The amount of tokens received are at the discretion of the judges and can range from 100 to 100,000 KEEP.