Keep Network — Review of ICO

The goal of the project is to provide secure multiparty computing (MPC), which allows to generate, protect, store, encrypt and transmit data within the public chain Ethereum. In other words, Keep Network ICO provides a new level of confidentiality for the Etherium network, allowing information to be transferred in a blockchain that is private even to itself.

Development team
The Keep Network team includes Matt Luongo and Corbin Pong, two founders of the Fold project, aimed at promoting the use of Bitcoin as a means of payment outside of virtual space. The first of them has extensive experience working with technologies in the field of cryptography, and the second – in the defense industry.

In total, 20 specialists and advisers work on the project, including:

Matt Luongo (Project Manager);
Corbin Pong (developer);
Antonio Salazar Cardozo (technical manager);
Laura Walland (Project Development Specialist);
Eliza Petrovska (manager of contacts with the community).

Project partners:

lendroid.com;
district0x.io;
dfinity.org;
a16z.com;
polychain.capital;
dhvc.com;
draper.vc;
distributedcapital.io.

Main objectives of the project

Despite the fact that public blockchains have become more transparent and verifiable in the financial world than ever before, they also caused privacy problems. At the moment, ensuring the confidentiality of information, such as a credit rating for assessing a borrower’s risk on a loan (information that a borrower may want to show only to interested parties) is extremely difficult. The issue of confidentiality is not a new concept for Bitcoin and Ethereum developers.

The main principle of Keep Network is to provide the ability to monitor personal data and an idea that is particularly relevant in the era of permanent cyber attacks and security threats. The Keep Network project focuses on private computing, rather than on file sharing. A similar privacy protocol already exists in Enigma, but it has a number of drawbacks, including Sybil attack risks, like other multiparty computing systems (MPCs).

Keep Network Technology

The underlying solutions are aimed at eliminating the problem of creating a publicly verifiable, decentralized and censored application that can transmit personal data. This will increase the level of security and manage confidential information outside the network, while in the blockchain all work will be based on the use of smart contracts.

Before the idea of Keep Network creators appeared, there were several ways to transfer private data in a blockchain, each of which had its advantages and disadvantages:

Hash-show. Intellectual contracts that can receive and process hashes from private data also called liabilities. In this case, users enter information into the chain because of its limits. The disadvantage of this method is the need to find users online to send and receive personal data and check hashes.

Private blockchain. Private blockchains are also known as distributed books (for example, JP Morgan Quorum and Microsoft Colo Framework). Disadvantages of private blockchains are that they are not public, they are resistant to censorship and do not provide for proper transparency.

Proof with zero disclosure. Provide verification of the identity of the user through difficult questions, to which only those who know the right answers can answer. In this case, it is often said that a user wants to prove his right to access private information without disclosing any data related in any way to this private information. Instead, a person confirms his identity and the ability to access it using a special key and an encrypted password. In this case, the private key itself remains private. However, evidence of zero knowledge still does not allow the transfer of personal data directly, and it also requires users to be on the network at the time of this process.

Vaults or containers with closed chains for storing private information are a new solution to this problem. This allows you to keep access to private storage and the public chain through smart contracts Ethereum without the risk of acquisition of information by third parties.

This is done in three main ways:

  • Cryptography – with the help of secure multi-party computing (MPC). This is a process where several users are provided with classified information that needs to be reassembled by performing calculations by each participant. This makes it possible to provide secure access to information without disclosing it to anybody fully.
  • Incentives – members of the network receive incentives for storing sensitive data. The system can also punish them for violating the rules of conduct (for example, sharing secrets).
  • Unpredictability – network participants are randomly chosen so that no one can specifically select specific secret data to store. This is achieved using Key’s Random Beacon technology.

Keep Network Applications

Real applications of the platform will be aimed at providing some influence on the sphere of finance, health and business among other things. For example, it provides for the use of the Dead Man Switch, which automatically activates a trust plan, including in relation to real estate in the event that the owner of the will is incapacitated.

Token KEEP

Digital platform coins, also known as “work tokens”, differ from those used as a means of payment within the platform in that the so-called “rates” are required to participate in the network.

This ensures network stability and minimizes the risk of attacks, making for malicious users attempts to take control of the network with expensive steps (for example, Sybil attacks) and causing significant economic losses to any user with negative intentions. The bet is executed with a two-week waiting period to prevent quick rates for eliminating tokens.

As the authors of the project explain, the economic model of the platform developed by them allows users to make a bet and profit from the provision of confidentiality services. The coin is not planned as a means of payment. The Keep Network maintains that most systems use this approach solely to provide a collection mechanism. They do not want to make a money out of the KEEP token.

The model they offer is capable of enabling engineers to create self-healing systems that can grow themselves. This corresponds to the concept of a project that uses tokens in combination with the user’s own efforts to generate revenue.

Keep Network Architecture

The network will use storage or small blocks for secure encryption and storage of private data.

Two parties will participate in the transmission of information within the network:

  • The client (the one who pays for using the data warehouse).
  • Provider (users who hold tokens and use them to perform computational processes and store information).

Stored data can be shared between multiple providers. Anyone can act as a provider. To do this, you will need to have a certain number of tokens on your account. All repositories will be accessible, reliable and provide both confidentiality and integrity of the stored data.

Network Keep Network will include two main types of MPC-providers: simple and signed.

The first will be supported by nodes. Each of these nodes will store part of the data, but it will not be possible to access them without cooperating with all the other nodes. The only way to do this is to use the secret sharing of the so-called “Shamir secret sharing scheme” and encrypt each piece of information by using the public key of the corresponding node. Only then can the data be published in a public blockchain or outside it.

MPC signing includes the provision of stored data with pseudo-random numbers with digital signature and encryption. Signing Keeps will provide protection for smart contracts in a chain and off-line. Randomization of number generation is a better option than existing methods used in public blockchains, which makes Keep Network safer.

Customers and providers will be able to rely on various incentives to prevent misconduct on the network. While customers will need to purchase data warehouses using KEEP or ETH tokens, providers will receive payment for providing their computers with data storage. Each new store will require a new deposit. Providers will be able to receive payment for safe work.

The Keep Network market will bring customers and suppliers together through a random selection process to ensure equity. Members of the network will be located in the threshold group. Each such group will have its own cryptographic signature. Each time a new number is requested, a new group will be determined according to the previous number and a random cryptographic signature will be created.

This method is called a threshold relay because each newly generated number is based on the previous number. This principle is based on the idea developed by the Dfinity team.

Roadmap

2018:

III quarter – the launch of a secure multi-party computing (MPC) system;
IV quarter – the beginning of the use of private smart contracts.
Period and conditions of Keep Network ICO
Official site: https://keep.network/

As of August 31, 2018, on the official website of the project, it was indicated that its authors had not yet decided on the date of the sale of the KEEP token. At the time of writing, there was only limited information about the upcoming ICO:

The basic conditions of crowd sale:

  • total number of tokens – 1 million;
  • the number of tokens for sale – 500 thousand;
  • hard cap – $ 30 million;
  • accepted currencies are ETH.

Conclusion
Based on the information provided by the Keep Network developers, it can be called a promising project. The team consists of specialists who have experience both in the field of blockchain technology and in software development in general.

Despite the fact that the minimum work product (MVC) is not yet available, the network has good prospects for use by ordinary users and corporate customers, as well as whole ecosystems.

The only drawback is the relatively small number of tokens allocated to ICO. Given the scale of the project and the attention to it from investors, many of them can not get tokens. Benefits will be given to those who have passed the verification of KYC before others and got on the “white list”.

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