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Topic: KEEP NETWORK - A privacy layer for Ethereum - page 2. (Read 1015 times)
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A KEEP is an off-chain container for private data. Keeps help contracts harness the full power of the public blockchain — enabling deep interactivity with private data.
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Privacy and scalability are the two biggest hurdles to mainstream adoption of public blockchains. We’re tackling privacy by building a bridge between public blockchains and private data. We use keeps, or small off-chain containers, to secure and store this data. Keeps enables entirely new ways to work with private data.
Decentralized finance (DeFi) is one of the most exciting sectors to watch in 2020. Over the past year the amount of ETH locked in DeFi applications has grown from roughly $300 million to over $1 billion. Major names including Facebook, Walmart and JPMorgan are beginning to enter the market, and opportunities to earn returns on cryptoassets continue to multiply.
But many Bitcoiners are reluctant to get involved in the various DeFi projects being built on chains such as Ethereum. Some are put off by the complex and sometimes alienating technical language and concepts that surround them, which can make altcoins and DeFi seem like a black box.
But many Bitcoiners are reluctant to get involved in the various DeFi projects being built on chains such as Ethereum. Some are put off by the complex and sometimes alienating technical language and concepts that surround them, which can make altcoins and DeFi seem like a black box.
Keep is one of the three projects contributing to tBTC, which will launch April 27 and allow Bitcoin holders to use Ethereum decentralized finance applications for the first time. Keep, Summa, and Cross-Chain Group are each responsible for at least one of the technical elements of the open-source project, which enables users to earn safely on Ethereum with their Bitcoin. Keep’s specific contribution is the random beacon that selects the signers for deposits of TBTC, which are ERC-20 tokens. tBTC needs a system with its own work token for Sybil resistance. The signers themselves are also selected from among a pool of candidates on the Keep network.
Keep is about privacy
Keep is designed as a privacy solution. Specifically, Keep enables privacy around essential network components. Signing groups can’t operate unless they’re signing from a key that nobody knows; this applies to the random beacon as well. At the core of Keep’s solution is the ability to keep small amounts of data (such as a private key) actually private in order to do things with that data. This is why true randomness is so important in Keep. All parties would have to collude to know what a user is working on, and collusion becomes almost impossible when signer selection is truly random.
Keep is about privacy
Keep is designed as a privacy solution. Specifically, Keep enables privacy around essential network components. Signing groups can’t operate unless they’re signing from a key that nobody knows; this applies to the random beacon as well. At the core of Keep’s solution is the ability to keep small amounts of data (such as a private key) actually private in order to do things with that data. This is why true randomness is so important in Keep. All parties would have to collude to know what a user is working on, and collusion becomes almost impossible when signer selection is truly random.
Threshold ECDSA “keeps” protect users’ Bitcoin
The distinction between on-chain and off-chain is important here. tBTC is entirely on-chain. But Keep stores private information, such as keys, in off-chain “keeps” that use threshold ECDSA — which is audited and used by top crypto wallets and exchanges including Binance. These “keeps,” which are named after the most secure part of a castle, communicate via the Ethereum chain but exist apart from it. tBTC’s smart contracts interact with the smart contracts on the Keep network, which touch the off-chain keeps.
The concepts Keep employs aren’t new. What’s novel, and special, about the way Keep acts within tBTC is the specific assembly of the concepts. The ideas are put together with smart contracts in a defined and secure way. The design is rooted in an ethos that prioritizes giving the token holder the maximum degree of autonomy. Holders and operators can decide where they want to put their risk and how to manage it, rather than the network deciding for them. All of this is done in a trustless environment.
The distinction between on-chain and off-chain is important here. tBTC is entirely on-chain. But Keep stores private information, such as keys, in off-chain “keeps” that use threshold ECDSA — which is audited and used by top crypto wallets and exchanges including Binance. These “keeps,” which are named after the most secure part of a castle, communicate via the Ethereum chain but exist apart from it. tBTC’s smart contracts interact with the smart contracts on the Keep network, which touch the off-chain keeps.
The concepts Keep employs aren’t new. What’s novel, and special, about the way Keep acts within tBTC is the specific assembly of the concepts. The ideas are put together with smart contracts in a defined and secure way. The design is rooted in an ethos that prioritizes giving the token holder the maximum degree of autonomy. Holders and operators can decide where they want to put their risk and how to manage it, rather than the network deciding for them. All of this is done in a trustless environment.
Use Bitcoin to leverage the power of Ethereum
It’s true that Bitcoin has clear dominance in terms of overall crypto market capitalization, with a combined value greater than that of all other tokens put together. But it’s Ethereum that has managed to attract the largest developer community. Until now this has meant that the largest pool of crypto capital has been effectively cut off from many projects that push the boundaries of what is possible with blockchain and promise to rewrite the way the world looks at finance and other crucial areas.
Now, tBTC combines the stability and liquidity of Bitcoin with the innovations and developer momentum of Ethereum. When the token launches on Ethereum mainnet it will offer people a transparent, decentralized, and safe way to put BTC to work. Users of tBTC will be able to use their Bitcoin to take part in the innovative projects and opportunities being developed by Ethereum’s passionate community.
Follow tBTC
Bitcoin accounts for most of the crypto assets in the world on a value basis, and now there’s a safe, decentralized, transparent way for that BTC to be put to work supporting promising DeFi use cases and other projects on Ethereum. Our team has identified a number of DeFi use cases for tBTC in particular, and will be sharing additional information and announcements soon. As of today, tBTC is live on the Ropsten Ethereum testnet. To learn more about tBTC’s technical design, read the technical spec.
It’s true that Bitcoin has clear dominance in terms of overall crypto market capitalization, with a combined value greater than that of all other tokens put together. But it’s Ethereum that has managed to attract the largest developer community. Until now this has meant that the largest pool of crypto capital has been effectively cut off from many projects that push the boundaries of what is possible with blockchain and promise to rewrite the way the world looks at finance and other crucial areas.
Now, tBTC combines the stability and liquidity of Bitcoin with the innovations and developer momentum of Ethereum. When the token launches on Ethereum mainnet it will offer people a transparent, decentralized, and safe way to put BTC to work. Users of tBTC will be able to use their Bitcoin to take part in the innovative projects and opportunities being developed by Ethereum’s passionate community.
Follow tBTC
Bitcoin accounts for most of the crypto assets in the world on a value basis, and now there’s a safe, decentralized, transparent way for that BTC to be put to work supporting promising DeFi use cases and other projects on Ethereum. Our team has identified a number of DeFi use cases for tBTC in particular, and will be sharing additional information and announcements soon. As of today, tBTC is live on the Ropsten Ethereum testnet. To learn more about tBTC’s technical design, read the technical spec.
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