BITSONIC’s Cyrpto School Part 1 — KEEP Network
Bitsonic’s Crypto School introduces promising overseas projects that investors may want to know about.
Part 1 begins with KEEP Network.
What is KEEP Network?
Keep Network was established in 2017 and based on a service called KEEP that stores personal data off-chain; they provide a combination of KEEP’s core program Random Beacon and related Defi ecosystem coins and staking services.
Open Chain Data Storage ➡️ DeFi Protocol
KEEP Network initially came out on the market with off-chain data storage for privacy. However, since the end of 2019, due to changes in the market, they have launched a staking program and a tBTC product that migrated Bitcoin to the Ethereum ecosystem by incorporating their unique technology, Random Beacon. So, they converted it into the Defi protocol.
Investors in KEEP Network
KEEP Network got invested from 8 firms, including Andreessen Horowitz (a16z), Polychain Capital, and Compound (American VC), in the initial funding round in April 2018.
Continuous Investment
In April 2020, Paradigm Capital and Fenbushi Capital invested $7.7M in new funding round, proving the market’s expectations for KEEP Network. A16z of the initial funding round and Paradigm Capital, a lead investor in April this year, is a famous VC investing in coins listed on the Coinbase exchange in the United States.
Coincidentally, the Coinbase Exchange also put the KEEP Network’s KEEP token on the listing review list.
What is the KEEP token?
The KEEP token is a token supported by all Apps (tBTC, Random Beacon) built on KEEP Network and strengthens the Network that KEEP builds. It acts as a reward for the activities that users perform within KEEP’s platform. Through this, KEEP induces the users’ constructive activities while pursuing the platform’s efficiency and trust.
KEEP Network is viral abroad because of a staking function of Ethereum and Bitcoin’s Ethereumization (ERC-20 tokenization). If you stake Ethereum on the KEEP Network, KEEP tokens are paid, and simultaneously, tBTC can be issued through Ethereum staking. tBTC functions as Bitcoin on the Ethereum network to compete with the Kyber Network’s wBTC, which is currently mainstream.
With the DeFi fever throughout the global blockchain market, numerous new projects are pouring out. Under these circumstances, KEEP Network is a highly expected project as solid capitals such as Venture Capital and a16z support it.
Check out the KEEP Network community below for more details!
