Keep Network (KEEP) Review – Keep Network ICO Ratings and Details

Ticker:
KEEP

Token type:
ERC20

Fundraising Goal:
30,000,000 USD

Total Tokens:
1,000,000,000

Available for Token Sale:
50%

What is Keep Network?

The business plan for Keep Network explains that while public blockchains have been beneficial because of the transparency and reliability they offer, they do present a potential risk in that smart contracts on the blockchain can be accessed by many different interests and the information it contains can be compromised. In order to do things like verify identities or only sharing private information after certain steps can be impossible on a public blockchain

This is where Keep Network comes in. It is an extra layer of protection that that operates via an off-chain container. This allows the benefits of a public blockchain to be utilized while private data is securely encrypted and stored within keeps using secure multi-party computation or sMPC. Contracts will be able to access the stored private data when necessary and it can be bought, sold, and transferred on the public blockchain.

The roadmap states that the token sale is scheduled for February, but that seems unlikely at this point, as an official date still has not been set. In early 2018 the ICO has been primarily focused on testing and developing the keeps that store the information and will make improvements based on there results of the testing. Private smart contracts are expected to be made available by the third quarter of 2018.

How Does Keep Network Work?

Those who use Keep Network are classified into two different categories – clients and providers. Essentially, the clients are those that pay for the storage capacity that Keep provides and offers it up for the storing of secrets. The clients purchase the private data storage using tokens or ETH and they can choose which type of keep they want based on what is being stored and what guarantees they need.

Meanwhile, providers are the ones who hold keep tokens and use them in order to store personal data or secrets. Th providers get paid to operate the keeps using their computing power and storage. Providers select which network token is used to secure a new keep. They are also required to put down security deposits for each new keep that they help operate and then the rate of their pay is agreed upon.

Features and Benefits of Keep Network

Some of the primary features of the Keep Network are highlighted through the platform website. The network provides decentralized signing which will allow contracts to confirm their identity off-chain by integrating with tools like PGP, SSH, and TLS which acts as a bridge within the infrastructure. Also utilized is something called the dead man switch which allows the user to automatically expose information and transfer funds in certain situations.

Furthermore, Ethereum smart contracts will be able to utilize keeps to make their own cryptocurrency wallets – called custodial wallets – in order to participate in cross-chain exchanges. The platform also offers a marketplace through which digital goods can be bought and sold, such as videos, MP3’s, and ebooks.

Perhaps most importantly, Keep Network offer blockchain storage encryption that makes it possible for smart contracts and DAO’s to privately store files without having to put their trust in third-parties.

The Keep Network Token Sale

A date for the token sale has not yet been determined, though a roadmap on the platform website states the sale will take place in February 2018, that seems unlikely at this point, as the whitelist period hasn’t even been set yet. There are not any countries that are disallowed from participating in the sale. The tokens will be known as KEEP and will be distributed as ERC20. In total 1,000,000,000 tokens will be created and half of them will be made available for the sale.

The fundraising goal for Keep Network is set at $30 million. It does not appear that the ICO has any sort of presale planned, so that money will be raised during the public sale. The sale will accept ETH as its primary form of payment. As of yet there have been no minimum or maximum contributions identified by the ICO, but we expect more information to become available when the actual sale date is set.

Unfortunately, there is no explanation or graphic regarding how the ICO intends on distributing all their tokens or how they plan to allocate the funds raised from the token sale. The whitepaper does not expand on this either, which could make some investors wary.

Who’s Behind Keep Network?

The project lead for Keep Network is Matt Luongo. Luongo graduated from the Georgia Institute of Technology in 2009 with a BS in Computer Science. He is currently the CEO of a company called Fold – where many other Keep Network team members work. Corbin Pon is the co-founder and COO of Fold and will work as developer for Keep Network.

The position of tech lead is filled by Antonio Salazar Cardozo. He holds a BS is Computer Science from Georgia Institute of Technology and previously worked for Vico as a Maintainer. Laura Wallendal is in charge of growth and has worked as a growth strategist consultant for several years. In total, there are eight positions listed and links are provided to the various social media accounts of the employees.

There is also an advisory board of six people, including founders, blockchain specialists, finance experts, and operations managers. Some of the companies founded by members of the advisory board include Boost VC, Storj Labs, and district0x.

Conclusion

The ICO’s idea of bringing private data storage to the public blockchains is sensible and appealing. As the business proposal for Keep Network explains, they believe this is the next logical step in the development of cryptocurrency and how we use it. First came currency, then private currency, then smart contracts, and Keep now gives use private smart contracts. The potential benefits of private smart contracts are explained clearly through the platform website, but the main benefit is that users will not have to worry about their personal information being accessed through the blockchain.

We are somewhat concerned with the lack of information regarding the token sale or how they are planning to spend the money they raise. There is a roadmap on the website that states that the public token sale is going to take place in February 2018, but no other information is presented regarding the sale. This can potentially be confusing for those who want to invest in the ICO, though the site also promises more information soon. That said, the team behind the ICO has a significant amount of experience and many of them seem to have a history together at other companies.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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