Keep Network seeks to leverage off-chain technology in blockchains to tackle two of the biggest challenges blockchain is facing- how to maintain privacy and how to increase scalability. The project was started from the project lead Matt Luongo’s ventures into building a decentralized gift card exchange. Through these ventures, Luongo discovered some key limitations in blockchain technology in terms of scalability and also privacy. Luongo could not benefit from the full potential of Ethereum’s public blockchain when the user’s sensitive data was going to be completely public. The wider scale of the problem was noted with applications such as credit scoring, health records, and financial data all going to be severely limited in their ability to use blockchain technology.
Scalability is the second key issue. With the throughput of the Ethereum network being 15 tps, applications built upon the blockchain will be severely limited. Keep Network propose to develop Keeps which will be small off-chain containers able to secure and store data. Off-chain applications drastically increase throughput as seen in the Bitcoin off-chain payment network, Lightning. And the ability to secure and store data aims to effectively tackle the privacy issues facing those building applications upon a public blockchain. Examples for potential applications of the technology include custodial wallets of various cryptocurrencies, the ability to keep information either private or public, and marketplaces for digital goods.
The project aims to raise $30 Million. There will be 1 Billion tokens in total. 50% will be available for sale to the public. This equates to an asking price of $0.06 per token.
The team currently consist of fourteen members with professional expertise across a variety of areas. Most of the team is comprised of developers with seven in total plus a technology lead. Other professionals on the team include community managers, a content manager, and operations a research. Matt Luongo is the project lead and was also the project lead on the decentralized gift card exchange, Fold. Luongo is an active developer who has worked on a number of different projects. Although the team has expertise in a variety of areas with a focus on development, it seems to lack the experience operating a project the size of $30 Million.
One of the key strengths to the projects is the support it has. Project Advisors include John Packel from ConsenSys, Joseph Urgo co-founder District0x, and Luis Cuende co-founder of Aragon among others. The project’s partners include District0x and Lendroid with supporters including Polychain Capital, Andressen Horowitz, and Draper Associates. This quality of advisors, partnerships, and support can really serve to drive a project forward.
The project has a relatively large community following for an ICO at the pre-raise stage. The project has almost 2000 subscribers in its subreddit, almost 7500 Twitter followers, and 12400 Telegram channel subscribers.
The verdict for this ICO is currently neutral. Although it is tackling key issues in the blockchain space, many projects are developing solutions to these problems. There is also only 50% of the tokens that will be on sale to the public. It is questionable whether the market price when the token hits the exchanges can rise above $0.06. With 1 Billion tokens in existence and entering a market that has an array of solutions being developed, the price of the token may very well depreciate when it lists on exchanges. There are no dates yet announced for the ICO.