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KEEP Network ICO Review: Providing a Privacy Layer for Public Blockchains

Keep Network wants to provide the public blockchain with a private repository, allowing smart contracts enjoy the benefits of the blockchain tech without compromising on privacy.

Keep Network ICO Review Highlights

Keep Network Review

Let's decrypt Keep Network Use Case!


What problem is Keep Network Addressing?

When Bitcoin was introduced to the world, it was touted as a better alternative to the traditional financial system in place. The cryptocurrency was based on blockchain technology and this meant more transparency, auditability, immutable records, and completely private transactions. With time, however, it became apparent that a public blockchain can never really be completely private.

Lots of solutions have been proffered to solve the privacy issue on the public blockchain, but none has been able to address the issue without side effects. Keep Network, however, believe they have the perfect solution.

Keep Network Value Proposition

Keep Network’s solution is to provide a “container” for private data. This container, called keep, will operate away from the public blockchain while interacting with smart contracts on-chain. This will allow smart contracts enjoy the best of both systems; they retain the transparency, immutability…etc. of the public blockchain, and at the same time, the contracts keep their data completely private and off the blockchain.

Keeps was designed to work with the Ethereum blockchain, but it can be adapted for other blockchains and for cross-chain use.

Keep Network Team

Project Lead Matt Luongo was CEO of Fold—a small software company in Atlanta—for over 4 years. Before that, he held a couple of positions at other companies. He is joined on the Keep Network leadership team by Corbin Pon (Developer & Ops); Pon worked as software engineer for Lockheed Martin for almost 2 years. Antonio Salazar Cardozo is Keep Network’s Tech Lead and he has over 10 years’ experience as a software engineer/developer.

Keep Network Target Market

If Keep Network can deliver as promised and provide public blockchains with a privacy layer, the platform’s functionality will be off the charts. Their prospective customers will include developers that want to build smart contracts on public blockchains while keeping their data private.

If Keep Network only works with Ethereum, that is a market segment worth over $68 billion (as at March 12, 2018). However, the platform is being developed to work with other blockchains; meaning the project’s prospective target market is quite big—with enough room for significant growth. Keep Network’s cryptocurrency token, KEEP, may become very valuable over the years.

Keep Network Roadmap

According to the project’s website, Keep Network token sale will take place in the 2nd quarter of 2018, but no exact date has been released as of when this post was published.

The Keep Network launch is also scheduled for 2018 (no exact date).

Keep Network SWOT Analysis

Strengths

  • Strong use case(s).
  • Unlike their competitors’, Keep Network’s proposed solution has no major side effects.
  • Significant target market.

Weaknesses

  • Their team seems a little lean on experience to take on a project of this magnitude.
  • Their Roadmap is a little sketchy, and their token sale date is yet to be released.
  • For a product that is supposed to be launched in 2018, no test version has been released as at mid-March 2018.

Opportunities

  • Keep Network is proposing to tackle the second biggest issue on the blockchain after scalability; if they can pull it off, finding users will hardly be a problem.
  • By starting out as a complementary tech to Ethereum, they are leveraging the crypto giant—to draw attention and gain some traction.

Threats

  • They are trying to raise $30 million during their token sale, yet there is nearly no hard cap/valuation information available to prospective investors.
  • There are quite a number of question marks as regards this project; not a good sign this early in their career.

In conclusion, Keep Network have a mouth-watering proposal, but that seems to be the only thing they have at the moment. The technology will have a deep effect on blockchain tech, but until a test network or the network itself is launched, it is nothing but conjecture. Prospective investors will be wise to wait for more information/updates about this project before committing. As of now, there are simply too many unanswered questions and red flags.


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Disclaimer: The information contained herein is not intended to be a source of advice and the information and/or documents contained in this website do not constitute investment advice.

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