True privacy in the blockchain.
One of the most touted advantages of blockchain and cryptocurrency is it is inherent privacy-because users use pseudonyms (such as finances addresses) and also have full possession of data and resources, so many argue that blockchain was created to conceal users’ identities and protect their personal privacy. But in fact, this is not necessarily true. One feature of many blockchains, including bitcoin blockchains, is that all data is published in public ledgers. This means that anyone in the world can access the complete history of wallets and the transactions sent between them. This allows third parties to “infer” the identity behind different wallets by analyzing transaction paths, relay IP addresses, and so on. When everything is actually made public, there is no “privacy”.
Some cryptocurrencies try to solve this privacy issue. One of them is Zcash, which has won a lot of attention for its encryption complexity and incredible privacy guarantees. However, in the wider field of blockchain (including decentralized financial DeFi, decentralized application DApp, etc.), there has not been much progress on the issue of user privacy until recently. As the DeFi ecosystem thrives, the demand for privacy will be higher than ever before, as this is the key difference that distinguishes it from traditional finance.
What is the solution to the issue of user privacy?
Keep Protocol is a network that delivers completely private data containers that users can gain access to from the general public chain. An integral problem with many blockchains today is that data that might need to be seen on a string is stored in the general public ledger. Which means that any consumer that has access to the general public ledger can view the info. Keep solves this issue by using an off-chain storage space pot to store data privately, and the code and transactions in the string gain access to the info through encrypted signatures and confirmation. Which means that with appropriate permissions, a blockchain can gain access to private data and you don’t have to expose the data in the process.
How does Keep work exactly?
“Keep” is basically an off-chain storage space pot. A “Keep company” is actually a node reserved by a bunch (nearly the same as a server or bucket of the cloud service). The items of Keep can only just be seen through sMPC.
Pantera partner: tBTC is a magic weapon of Keep. Encryption technology such as sMPC provides more potential.
At an increased level, sMPC functions by storing all “private data” (sometimes called “secrets”) across multiple nodes, where each node contains only area of the key. The only path to access the whole secret is to get usage of all nodes, which requires multiple different tips, thus improving security. Nodes are designated to user storage space by using an arbitrary beacon protocol.
When users want a “Keep”, they post the demand to the blockchain. Keep Process encourage the demand and securely come back the necessary tips to allow users to gain access to the items of Retain in future transactions or agreements. Users is now able to write agreements to access this content of “Keep”, change this content of “Keep” or do some calculations on this content of “Keep”, and then publish the trick to the general public string in encrypted or unencrypted form. All signatures and transaction data are guarded by threshold elliptic curve digital signature algorithm (T-ECDSA) and zero-knowledge proof to ensure that private data is never disclosed. The protocol combines the micro-level security stored under the chain with the completely clear macro-level security of the general public ledger, creating a remarkably versatile and powerful abstraction for the blockchain.
At the moment, Keep gets to production scale in Taifang block string, however the team is developing code to permit other block chains to have cross-chain functionality. That is also main contracts to use sMPC in Ethernet Fong.
Incomplete use cases of Keep.
Up to now, the team has proposed five use situations:
Decentralized signature. Keep can become a digital notary and is capable of doing authentication / consumer authentication using offline data or services (such as SSH, PCP, TLS, etc.).
Fail switch. So long as certain conditions in the contacting block string (such as episodes or node failures) are fulfilled, Keep can be written to expose secrets (such as trusts, programs, forward contracts, etc).
Maintain your wallet. You should use Maintain generate a pocket, and the Ethernet Fong agreement can send a number of encrypted assets to the wallet. That is very important to resolve the long-standing problem in the blockchain field-interoperability and cross-chain trading.
Block string encrypted storage. This is actually the most apparent use case-some Ethernet Fong agreements may require usage of private data that users do not need to create to the public ledger. Keep provides a system for users to store private data externally.
Digital goods trade. Audio books, music, movies, games and other goods can be stored in the Keep under the chain. The contract can then disperse these documents and services in trade for encrypted money, making sure security throughout the purchase.
One of the most compelling use situations for Keep is tBTC. TBTC can be an ERC-20 digital asset backed by BTC (on the real bitcoin blockchain) at an exchange rate anchored at 1:1. TBTC can be utilized on Ethernet Fong and essentially offers a BTC analogue in Ethernet Fong, allowing Ethernet Fong agreements to use / send tBTC matching to the real BTC value. The capability to always support tBTC with BTC at the 1:1 anchored exchange rate depends upon the out-of-chain secrets held in Keep and the cross-chain communication applied by Keep.
Pantera partner: tBTC is a magic weapon of Keep. Encryption technology such as sMPC provides more potential.
Overall, Keep is a robust answer to any blockchain problem that will require usage of private data. The process has an array of versatility and can adjust to many specific use situations in neuro-scientific private data storage space and blockchain gain access to.
Just how do users purchase storage and just how do service providers get compensation?
Keep builds its economic system around its original token, KEEP. Users who request Keep storage space use ETH or KEEP to pay for storage; users can choose different services, and the payment method varies depending on the storage plan selected.
Provide economic compensation for the storage under the managed chain of the service provider. The agreement requires service providers to ensure that their storage is reliable, so service providers must also pledge KEEP to become part of the storage market. Service providers continue steadily to charge fees for working Keep, however, many of their pledged KEEP may also be lost if they’re unreliable or negligent. KEEP tokens become traditional security debris, providing financial bonuses for providers to really provide powerful and available storage space.
At the moment, Keep Protocol is investing a lot of energy throughout the legitimacy and popularity of the tBTC economy. Because tBTC’s maintained services are taken care of by Keep, tBTC signer (signer) usually must pledge KEEP and ETH to fully perform its duties. Since KEEP has not yet been released to the public, the agreement launched a “pledge airdrop” in June this year. Stakedrop, Volkswagen can invest in ETH (only accept ETH) to sign tBTC, and then, over time, get a return in the form of KEEP tokens. Essentially, this means that anyone can mortgage ETH in the next few months to earn KEEP, and build a market of service providers that can pledge KEEP and provide users with off-chain storage.
Throughout the life cycle of the agreement, the supply of KEEP tokens is fixed at 1 million, 25 per cent of which will be publicly distributed in the “pledged airdrop”.
To sum up.
Keep Protocol uses some of the most powerful encryption tools in recent history, such as zero knowledge proof and secure multi-party computing sMPC, and provides one of the most promising solutions to solve the basic problem of stop chain-user personal privacy. Keep Process can properly join the blockchain with the offline storage space, which brings a great deal of opportunities for the contracts and DApp in Ethernet Fong. The excitement around tBTC economy demonstrates secure offline data storage has considerable requirements, and Keep has the potential of blockchain etc, interoperability, complicated DApp and digital item market. The process uses KEEP tokens to motivate storage space agencies to keep strong uptime and security around their string of storage, rendering it one of the very most reliable solutions for private data storage space under the string. In the long run, Keep Protocol got a huge step of progress in boosting consumer privacy and agreement versatility on the blockchain without diminishing the advantages of blockchain general public books and full transparency.