Keep Network ICO Analysis
ICO Token: KEEP (ERC20)
ICO Token price: $0.06
Hard cap: $30mn
Raised in pre sale: $12mn
Tokens in ICO: 500,000,000
Total supply: 1,000,000,000
PROJECT OVERVIEW:
The project aims to provide an off-chain “containers” — called keeps — that should keep private data safe from the public blockchain, thereby enabling smart contracts to maximize the full potential of blockchain tech without compromising on transparency or privacy. Keeps will be used to encrypt and store private data, and the keeps are to be protected by secure multi-party computation (sMPC) that allows generating, storing, encrypting and transmitting of data among different users.
The project claims to have developed “Ethereum’s first private computer, able to store and compute data hidden even from itself. With the help of this system, each individual is given access to a small portion of a secret which is encrypted. To gain or share access to that secret, the outputs are reported back from all the individuals and decrypted to reveal the secret.”
If true, this should make it possible for information to be transferred on public blockchains even when all participants are not online. Keep Network also claims that their solution is superior to private blockchains, zero-knowledge proofs, and the hash-reveal solutions in use at the moment.
Keeps can also be used to store private data like medical reports, credit rating, financial data etc. off the public blockchain.
TOKEN UTILITY:
Users will pay in ETH in order to store their data private using “keeps” storage capacity. Providers in the ecosystem will hold KEEP tokens and use them to compute and store private data. They may also stake KEEP tokens in order to boost their chances of being selected by the network to secure new keeps — for every new keep, they need to stake new KEEP tokens. The more keeps a Provider secures, the more rewards they receive over time.
TEAM, ADVISORS AND VC:
TEAM: (Strong)
Matt Luongo (Project Lead): Founder Fold Inc:2013
Corbin Pon (Dev and operations): Co founder Fold
Strong team of developers and researchers including Prashanth Irudayaraj: Tesla senior programme manager and Nik Grinkevich: Developer Google
ADVISORS: (VERY STRONG)
John Packel: Developer at COnsensys
James Prestwich: Founder Stroj labs
Joseph Urgo: Co found destrict 0x
Luis Cuende: Co found Aragon
VC: (STRONG)
TOKENOMICS: Not announced yet
ROADMAP:
GITHUB: Nothing impressive but will put before public sale as said by the team.
MARKETING:
Twitter followers: 5k
Telegram: 4k
Reddit: 900 readers
Medium: 1.6k
Strong marketing support on reddit and medium which is a positive.
PROS/CONS:
PROS:
Strong team and advisors
Blockchain VC for the project (Polychain capital)
Strong marketing on Reddit and medium
Alliances with District 0x and lendroid (margin trading protocol)
CONCERNS:
No detailed information on Token distribution and use of funds.
Not much work on Github
Competition ENIGMA (https://medium.com/coinremix/technology-comparison-keep-network-vs-enigma-e4bde0c28680)
New Projects like Nucypher also coming up with similar approach but instead of SMPC Nucypher main technology is the use of proxy re-encryption.
CONCLUSION:
We think its a strong project with strong team and VC support. We are confident on the roadmap and team will be able to achieve them. Also Enigma competitor has given 15x return after ICO. It will be a good investment as well.
We would like to rate this ICO 8.5/10
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