With Keep Networks having now completed its collaboration with NuCypher, the pair have produced Threshold - what they claim is the first on-chain merger between two decentralised networks with a shared goal. The merger was announced last June and codenamed Keanu.
"Both projects are focused on guaranteeing user sovereignty on the public blockchain through the use of threshold cryptography," they said.
Keep is a network of computers created to store private information from public blockchains via smart contracts. Decentralised applications (dApps) running on public blockchains – for example, Ethereum – collect users’ private data to operate. The Keep Network aims to address the privacy issue: it stores private data out of blockchains in “keeps”.
Keeps represent “containers” that enable smart contracts to use and manage parts of the stored data without exposing it to the public blockchain. Nodes, or computers that maintain keeps – known as “keep providers” – get fractions of private data (also called secrets) via a random beacon protocol (a technique for trustless randomisation).
What makes KEEP attractive to potential traders and investors? The KEEP cryptocurrency ensures the safekeeping of private data, which is an ongoing issue amid blockchain privacy concerns. The first network’s application – tBTC – works as a bridge between Bitcoin and Ethereum.
Let’s take a closer look at the latest KEEP price analysis, analyst sentiment and KEEP coin price prediction, and delve deeper into the platform, which claims to be a “truly decentralised network and the future of decentralised finance (DeFi)”.
What is Keep Network’s crypto?
KEEP, the Keep Network’s token, is used to perform several functions within the network:
Secure the Keep Network’s operation through staking
Run tBTC application
Earn fees for providing services within the network
The Keep’s mainnet (an independent blockchain running its own network with its own technology and protocol) was launched on 27 April 2020 with one billion KEEP tokens created. The cryptocurrency has a fixed supply, which means there won’t be more than one billion KEEP tokens in circulation.
KEEP token outlook: current price and key drivers
The price of KEEP reached its all-time high of $2.24 just a month since its inception on 22 May 2020. Within the next 10 days, the price of the token fell to $0.29, which was a plunge of 87%. After that, KEEP gradually rebounded to $1.51 on 16 August 2020, but didn’t manage to support the level above the $1.00 for a long time and slid down to its all-time low of $0.17 on 17 November 2020.
After that major crash, the cryptocurrency made another attempt to climb up to $1.00, but it failed. Having reached $0.76 on 10 April 2021, the price of KEEP fell to $0.25 and has been fluctuating within the range of $0.24–0.29 during June–August 2021. It had a mid October peak of $0.9337 and briefly popped above $1 in November but from there it has experienced a run of declining peaks, the last in the New Year which was below the significant resistance level of $1. At the time of writing (13 January) it is at $0.65 well off its all time high in May 2020 of $2.24.
So, the KEEP token had been severely hammered and this relative low may present a “buy the dip” opportunity for those who believe in the fundamental value behind the project.
What are the major drivers that could contribute to the KEEP token’s adoption and send the price higher?
Using the staking dashboard, Keep users are motivated to store their tokens within the network and earn rewards in KEEP or ETH. It looks like users’ activity is gaining traction. More than 21.2 million KEEP coins had been earned by stakers – plus $6m in a few months – according to the Network’s official data on 2 December 2020.
However, it is worth mentioning that staking on the Keep Network requires holding a minimum amount of KEEP, which is now equal to 90,000 KEEP, according to Keep’s minimum stake schedule. The good news here is that this number is gradually decreasing.
Major listing: Coinbase and Binance
All the project’s fundamental values could fade away if it had no trading volume and adoption. This is not the case with the KEEP token, which has been recently added to two of the most popular cryptocurrency exchanges: Coinbase and Binance. This was big news as the token became available to the two reputable exchanges with millions of potential traders.
According to the Keep Network’s press release:
tBTC: bridging Bitcoin and Ethereum
tBTC is the first app developed on the Keep Network, which serves to bridge Bitcoin and Ethereum. tBTC is considered one of the first decentralised tokenised bitcoins available on the Ethereum network. tBTC is a Bitcoin-backed ERC-20 token, which is pegged to the price of bitcoin 1:1.
One of the major benefits of tokensied bitcoin is that it adds additional liquidity to the Ethereum blockchain. Moreover, it allows bitcoin holders to benefit from DeFi projects.
tBTC represents an alternative approach to building a bridge between the two giant networks. The centralised approach is mainly represented by wrapped bitcoin (WBTC), while the trustless decentralised approach is showcased by tBTC.
Although they have a similar purpose – to connect the two platforms and give bitcoin owners the possibility to invest in dApps – tBTC addresses two crucial blockchain issues: decentralisation and privacy.
The decentralised nature of DeFi projects and dApps presupposes that no central authority has control of the keys (which guarantee the ownership of the funds in a wallet). This is why the centralised approach of bringing bitcoins into Ethereum using custodians (managers who store bitcoins in a smart contract and issue wrapped bitcoin [WBTC] in return) contradicts with this principle.
Meanwhile, tBTC is considered a fully decentralised solution. It is trustless, meaning that it uses a system of signers (persons or entities that have partial control and access over a cryptocurrency wallet) by a random beacon to safeguard the deposited bitcoins. The process is claimed to be resistant to external manipulation. It means users can convert tBTC into BTC and vice versa with no intermediary involved.
Still, Dune Analytics’ statistics, as of 13 January 2022, showed that WBTC accounted for 80.6% out of 331,136 BTC-pegged or wrapped tokens on the Ethereum Network, versus 823 tBTC, which comprised just 0.25% of the total supply.
Keanu: Keep and NuCypher hard merger
The merger of the two blockchain projects, Keep Network and NuCypher, as Threshold has been completed and will draw traders’ attention to the KEEP token. Nicknamed “Keanu”, the merger is an historic milestone for the blockchain industry, as it is the first example where the two competitive crypto projects have merged their protocols into a distributed autonomous organisation (DAO).
Instead of wasting time and effort competing with each other, the two encryption communities decided to interconnect their protocols and use a common blockchain infrastructure. Thus, tBTC v2 will become the first product on the new protocol.
According to Matt Luongo, the CEO of Thesis, the company behind Keep:
Keep Network price prediction: analyst sentiment
Commenting on the Keep perspectives, Capital.com analyst Mikhail Karkhalev said: “Keep Network is definitely a potentially promising project, because decentralised data storage (secrets) is a logical continuation of the evolution of the Internet itself.
“First, we had a decentralised network for information exchange and communication (Internet), then came blockchain and decentralised assets (cryptocurrencies, stablecoins, NFT tokens), then decentralised contracts (smart contracts), decentralised exchanges (DEXs), decentralised file-sharing services and finally the Keep Network project.
“It doesn’t mean that Keep will revolutionise the industry or that it is a breakthrough project, but it is a logical part of decentralisation evolution, and someone had to roll out such a project. Right now, it's just a matter of whether the founders can squeeze the most out of it and make it a success. Since this is still a start-up, the risk of investing in this project is high, but as practice shows, investing in promising start-ups can potentially yield high returns”.
Keep Network price predictions 2022, 2023, 2025 and beyond
Algorithm-based forecasting services share mixed views on the KEEP/USD forecast for the next five years. Wallet Investor is bearish on the long-term Keep Network price prediction, expecting a price of $0.925 at the start of 2023 rising to $2.13 in 2027.
DigitalCoin has a rather conservative outlook on investing in KEEP tokens. According to its prediction, the price of KEEP could hit $0.88 in 2022 and climb up to $2.25 by 2028.
Please note that the above Keep Network (KEEP) forecasts are generated with the help of deep-learning technologies and technical analysis data. You shouldn’t base your own investment decisions on them. Remember that past performance does not promise future returns. Moreover, you should never invest more funds than you can afford to lose.
We kindly ask traders to create their own trading strategy, considering personal risk tolerance and investing goals. We suggest conducting thorough research before every trade, taking into account both fundamentals and technical analysis, expert opinion and the latest crypto market trends.
Should you invest in Keep Network (KEEP)?
Keep Network represents a decentralised threshold cryptography platform, which runs a trust-minimised bridge tBTC. It helps to interconnect liquidity of the Bitcoin blockchain with the new opportunities offered by the Ethereum network. The project gives bitcoin owners the possibility to invest in dApps and has no centralisation issues faced by its peer WBTC. Will it be enough to gain mainstream adoption? Time will tell.
The price of KEEP is at $0.65 at the moment of writing, suggesting that investors who believe in the fundamental value behind the project have been taking advantage of a “buy the dip” opportunity. However, algorithm-based forecasting services Wallet Investor expects a price of $0.925 at the start of 2023 rising to $2.13 in 2027 while DigitalCoin thinks the price of KEEP could hit $0.88 in 2022 and climb up to $2.25 by 2028.
You should always make your own research before making any investment decision.
Keep Network is solving the issue of decentralised storage of private data in public blockchains. If you believe in its mainstream adoption, you can potentially watch it closer as an investment. Please conduct your own research before making any investment decision. Mind that the cryptocurrency is currently trading at a relative low of $0.65 and, despite some peaks and troughs, with some signs of trend reversal (as of 13 January 2022). Algorithm-based forecasting tools share mixed views on the KEEP token’s future, ranging from bearish to conservatively bullish.
KEEP is now available for trading on the two reputable crypto exchanges, Coinbase and Binance.
KEEP reached its all-time high of $2.24 on 22 May 2020, but hasn’t managed to climb back to this level again yet. As of 13 January, the price of KEEP was possibly creeping up towards the $1. It’s up to you to decide whether the price will eventually move up, or it will continue falling down and lack traders’ support.
KEEP has a finite supply of one billion. As of 30 November 2021, there were 596m coins in circulation.
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