Threshold Network (T) is an advanced blockchain platform that integrates robust security and privacy solutions for users. It was formed by the merger of NuCypher and Keep Network, offering standout products like tBTC and TACo.
So, how does Threshold Network work, and what advantages does the T token offer? Let’s explore the details with AZCoin through the content below!
What is Threshold Network (T)?
Threshold Network is a decentralized security protocol designed to provide services related to privacy and data protection on the blockchain. Threshold combines technologies like Proxy Re-encryption (PRE) to ensure that encrypted data can be shared securely without revealing the entire content.
The project emerged from the merger of Keep Network and NuCypher, two leading security protocols in the blockchain space, aiming to harness the strengths of both and create a more powerful ecosystem.
Development team, investors & partners
Development team
Threshold Network prides itself on having an experienced and capable development team. Their expertise ensures that products in the Threshold Network ecosystem are deployed with the highest precision and efficiency. Key members of the development team include:
- Founders: MacLane Wilkison, Michael Egorov
- Core Team: Amrit Kumar, Steven Waterhouse, etc.
Investors & partners
Threshold Network does not disclose detailed information about its investors or funding rounds. However, due to the merger between NuCypher and Keep Network, the T project inherits the investment portfolios and funding rounds from these two prior projects.
- NuCypher: Successfully raised $26.5 million through four funding rounds, led by major funds such as Polychain, Creative Destruction Lab (CDL), and Y Combinator.
- Keep Network: Completed three funding rounds, raising a total of $8.7 million, with investment from Paradigm and other investors.
Partners of Threshold Network include NuCypher, Keep Network, Chainlink and several other organizations.
Products of Threshold Network
Threshold Network offers several products, including:
- tBTC: A decentralized bridge between Bitcoin and Ethereum, allowing Bitcoin users to access DeFi applications on Ethereum without needing a third party. tBTC uses randomly selected node operators on the Threshold Network to secure users’ Bitcoin, with the majority consensus of node operators managing assets.
- TACo – Threshold Access Control: A solution for controlling access to encrypted data without intermediaries. TACo Mainnet DKG manages data access in a decentralized manner, providing security for Web3 developers.
- Threshold USD (thUSD): A USD-pegged stablecoin issued based on collateralized ETH and tBTC with a minimum collateralization ratio of 110%. Currently, only ETH and tBTC are accepted as collateral, with other assets potentially added in the future after DAO voting approval.
- Proxy Re-encryption (PRE): An encryption technology that enables privacy protection while sharing data. PRE re-encrypts data through proxy nodes, allowing data sharing while maintaining control and security, useful for encrypted content subscriptions or encrypted NFT transfers.
Benefits of using the Threshold Network
Here are some of the benefits of using the Threshold Network:
- Enhanced Security: Threshold Network significantly improves system security by using mathematical methods to split and combine data. This mechanism makes the system harder to attack and ensures more effective data protection.
- Increased Availability and Reliability: The Threshold Network splits data into small parts and stores them across multiple nodes, improving system availability. If one node encounters an issue or is attacked, data can still be accessed from other nodes, ensuring reliability.
- Flexibility: Threshold Network supports integration with various blockchains, increasing compatibility and allowing operations across different platforms, offering flexibility to the system.
- Cost Reduction: Distributing data across multiple nodes helps reduce costs for organizations and businesses. There is no need to invest in large-scale data storage and management systems since the data is already distributed and preserved on multiple nodes.
Basic information about the T token
Technical specifications
- Token Name: Threshold Network
- Ticker: T
- Blockchain: Ethereum
- Token Contract: 0xcdf7028ceab81fa0c6971208e83fa7872994bee5
- Token Type: Utility, Governance
- Total Supply: 10,515,000,000 T
- Circulating Supply: Updating…
T token allocation
- NU holders: 45%
- KEEP holders: 45%
- Threshold DAO: 10%
What is the T token used for?
T tokens are used for:
- Participating in network governance.
- Paying transaction fees.
- Staking in network security protocols.
- Rewarding contributors to the ecosystem’s development.
Where to buy and sell T tokens?
T tokens can be traded on the best crypto exchanges such as Binance, Coinbase, and Kraken. You can also trade T tokens on decentralized exchanges (DEXs) like Uniswap and SushiSwap.
Where to store T tokens?
T tokens can be securely stored in ERC-20 compatible wallets, such as MetaMask, Trust Wallet, and Mycelium. You can also use hardware wallets like Ledger Nano S/X or Trezor for enhanced security. These wallets offer easy management and security features for T tokens.
Should you invest in the Threshold Network?
Investing in the Threshold Network requires careful consideration based on various factors. Threshold Network integrates advanced technologies in security and privacy, with standout products like tBTC and TACo, along with an experienced development team.
However, as with any investment, you should thoroughly research the project, including evaluating its growth potential, risks, and current market conditions. Consider factors such as partnerships with major players and the project’s development progress.
Conclusion
Threshold Network (T) is emerging as a promising solution in blockchain space with advanced security technologies and strong collaborations. For more updates on blockchain projects and the cryptocurrency market, follow AZCoin’s articles!
I am Louis Dang, living in Ottawa, Canada. I am currently working as a trader for AZCoin company, with 7 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
