Bitcoin on Ethereum Blockchain, fairy tale, or reality? An introduction of tBTC

Randomness: Keep Network and tBTC

There are three projects involved in the functionality of tBTC; Keep, Cross-Chain Group, and Summa. These projects have their specific technical functions that make tBTC a safe platform for users to earn on the Ethereum-based platform with their Bitcoin. Keep’s part involves the provision of the random beacon that is saddled with the responsibility of selecting the signatories to tBTC deposits.

Keep brings different features to the system, and some of them include:

As a way to improve the security of transactions, Keep provides an enhanced privacy framework for users by ensuring that important network components are kept as private as possible. Signing groups will not function except the signing takes place from a private key that is unknown to all, and this also affects the random beacon in the same way. Randomness is a core functionality of Keep, and there would have to be a collusion of the parties in order to ascertain what a user is up to; this collision is impossible because there is a randomness to the selection of signers, and that invariably promotes privacy of transactions.

  • Protection

It is important to note that tBTC is an on-chain framework; however, private information is stored by Keep with the aid of threshold ECDSA, and is kept off-chain. Keep communicates through the Ethereum chain but functions away from it, while the smart contract protocols of both the Keep network and tBTC interact with each other. This is a way to ensure that users’ privacy and earning remain protected.

  • Trustlessness

Trustlessness is assured with tBTC because the platform has a framework of “signers’ groups” that mitigates risks from counterparties. With the facilitation of the signers’ groups, transactions are performed without any form of interference from a middleman.

Primarily, Keep helps maintain the trustlessness needed to keep tBTC functioning effectively with the implementation of the random beacon.