What is Keep?

What is Keep?

Keep allows developers to use Bitcoin safely in Ethereum DeFi

Decentralized finance (DeFi) is one of the most exciting sectors to watch in 2020. Over the past year the amount of ETH locked in DeFi applications has grown from roughly $300 million to over $1 billion. tBTC’s developers have developed a solution that best utilizes the respective strengths of BTC and ETH to deliver a new product. The key point for users is that tBTC makes it possible to safely and transparently use Bitcoin to act on Ethereum:

Keep Basics – tBTC

Using BTC on the Ethereum Blockhain

Decentralized finance (DeFi) is one of the most exciting sectors to watch in 2020. Over the past year the amount of ETH locked in DeFi applications has grown from roughly $300 million to over $1 billion. tBTC’s developers have developed a solution that best utilizes the respective strengths of BTC and ETH to deliver a new product. The key point for users is that tBTC makes it possible to safely and transparently use Bitcoin to act on Ethereum:

The process can be reversed just as easily using the exact same steps.

itBTC Mailing list   for updates including information about tBTC’s upcoming launch on Ethereum mainnet. To learn more about tBTC’s technical design, read the technical spec. Join the Keep #tbtc channel on Discord for technical questions about tBTC and tbtc.js, and follow these Twitter handles for news and opportunities to participate:

Keep: Staking Delegation and Claiming Rewards

Staking Delegation and Claiming Rewards with MetaMask

IMPORTANT!

Screenshots and steps are from Testnet and shown using grant tokens to delegate. Steps and screens may change once KEEP goes to Mainnet.

Update:

The KEEP Documentation has updated to show the additional wallet types supported when Mainnet launches.  To see wallets support for Mainnet, go here: https://keep-network.gitbook.io/staking-documentation/how-to-stake/how-to-get-staking-after-tge

This guide will be broken into 2 parts:

  1. Delegating to a KEEP operator
  2. Claiming your rewards

This guide will go through the steps for delegation and claiming rewards with MetaMask (it is only one available for Testnet).

(Optional) Setting up MetaMask

To access the KEEP dashboard and delegate to an operator, you will need to import your wallet to MetaMask (or connect your hardware wallet to MetaMask).

Follow these instructions to import an account using the JSON file: https://metamask.zendesk.com/hc/en-us/articles/360015489331-Importing-an-Account

Follow these instructions to connect your Ledger or Trezor wallet: https://metamask.zendesk.com/hc/en-us/articles/360020394612-How-to-connect-a-Trezor-or-Ledger-Hardware-Wallet

Part 1: The Keep Dashboard and Delegating to an Operator

Selecting your Account

Go to https://dashboard.test.keep.network/ in the same browser in which MetaMask is set up.

In MetaMask, select the account with the Keep tokens.

keep1.jpg

IMPORTANT! You control which wallet the KEEP dashboard is connected to through MetaMask. Before any action in the Dashboard, check the top right corner of the dashboard to make sure you are using the correct account.

keep2.jpg

Delegating

Go to the TOKENS tab on the dashboard (https://dashboard.test.keep.network/tokens)

This will show you:

  • On the right is a summary of your tokens
  • On the left is the place to delegate
  • Below is the history of your delegations

The following screenshots are from Testnet and show delegating Grant tokens. In Mainnet, the actual Owned token balance will show for your wallet, and will delegate Owned tokens, not Grant tokens.

 1. Enter the amount of tokens to delegate to the KEEP.

keep3.jpg

     2. Then enter the necessary addresses.

Definitions of the addresses from KEEP’s official documentation with notes specific to Blockdaemon. https://keep-network.gitbook.io/staking-documentation/how-to-stake/how-to-get-staking-after-tge

    • Beneficiary Address: The address to which rewards are sent that are generated by stake doing work on the network.
      • Recommended this to be a separate cold wallet address, as you will receive rewards in ETH.
    • Operator Address: A staking client that has been delegated a stake, but may not yet be in a singing or random beacon group. Also known as a staker, this could be a client you’re running in-house or it could be a staking provider.
      •   Blockdaemon’s Operator Address: <tbd mainnet>
    • Authorizer: A role that approves operator contracts and slashing rules for operator misbehavior.
      • It is recommended by KEEP to have this be the same as the Operator address, as the KEEP Operator will focus on choosing the contracts as they are released or updates are done.
      • Blockdaemon’s Authorizer (Operator) Address: <tbd mainnet> 

IMPORTANT! The addresses in the image below are for Testnet, not Mainnet.  Please refer to the addresses highlight above to stake to Blockdaemon.

keep4.jpg

          3. Select delegate, and you’re done!

 

Part 2: Claiming Rewards

The REWARDS tab on the KEEP dashboard will show the rewards earned and available to claim, after delegating to an operator. As well as reward history.

https://dashboard.test.keep.network/rewards

It will be required to visit this tab to collect your ETH rewards.

For more information on claiming rewards, go to KEEP’s documentation: https://keep-network.gitbook.io/staking-documentation/how-to-stake/how-to-claim-rewards.

Resources

Keep Exchange

 Beginners guide to Keep Staking

Keep: the Random Beacon

The Keep Network requires a trusted source of randomness for the process of trustless group election. While the network requires that randomness to function correctly, the source of randomness is itself broadly applicable. This trusted source of randomness takes the form of a BLS Threshold Relay.

The threshold relay is a way of generating verifiable randomness that is resistant to bad actors both in the relay network and on the anchoring blockchain. The basic functioning of the relay (further details are in the section on System Details) is:

  • Some number of groups exist in the relay.
  • An arbitrary seed value vs counts as the first entry in the relay.[1]
  • A request ri is dispatched to the chain for a new entry.
  • The previous entry vs is used to choose a group to produce the response to the request.
  • vs is signed by at least a subset of the chosen group members, and the resulting signature is the entry generated in response to the request. It is published to the anchoring blockchain as the entry vi.
  • The new entry vi may trigger the formation of a new group from the set of all members in the relay.
  • A group expires after a certain amount of time.

Resources

Full info and implementation of the Random Beacon

Random Beacon group selection

Distributed Key Generation

Random Beacon signing

Signature Generaton