Lendroid + Keep = Smarter Smart Contracts
With Keep, the Lendroid Smart Contract just got a whole lot more efficient and economical.
Privacy hasn’t been the greatest priority of the public blockchain. Transparency, yes. Auditability, definitely. Not privacy. What if there were a decentralized privacy layer where you could not only encrypt and store your secrets (keeping the data hidden from itself), but also predetermine when to release or use that secret? That would harness the power of the blockchain for a whole new range of applications that depend on privacy and/or efficiency.
With Keep, we’ve just moved from hypothetical to imminently viable.
Lendroid has a long and warm relationship with Keep. For one, their founders, Matt Luongo and Vignesh Sundaresan, respectively, are dear friends. Their views on many things blockchain and crypto and ethereum tend to converge, and Keep represents solutions to some fundamental questions they’ve both been independently hacking away at. Keep primarily has three-pronged applications. The sub applications within these are limitless.
- Private Blockchain Storage — Private storage on the blockchain, encrypted with Secure Multi Party Computation (SMPC) to eliminate third party dependency. Nifty use of the native token also makes it Sybil-resistant. In short, finally a way to use your private data (think medical records, personal financial data) without having to expose it on the public blockchain. The data is stored in off-chain ‘Keeps’, off-chain containers that are provisioned and messaged by contracts on-chain.
- Blockchainizing Content — I’ve always believed that an increasing number of assets will walk over to the blockchain, entitities we value, but haven’t thought of putting a value to. With secure Keeps storing a wide range of content, one can easily envision a marketplace where digital goods like videos, books, music, intellectual property, could be bought and sold. The ecosystem takes care of computational requirements for their maintenance.
- Decentralized Execution — This is the bit that excites Lendroid. Keep makes smart contracts digital notaries that can ‘sign’ off-chain. We’ll look at this in some detail in just a bit. What this means though, is that smart contracts just got smarter.
“We’re excited to work with the Lendroid team. They are strong technologists who have been around the block in crypto and they have a deep understanding of the issues in today’s decentralized markets,” says Keep Project Lead Matt Luongo.
It’s interesting that Keep has chosen Lendroid as a use case. There are a lot of obvious applications for a privacy layer on the blockchain, but to take on a decidedly complex protocol and increase its efficiency like a charm; it speaks volumes about the elegance and versatility of Keep.
Smarter Smart Contracts on Lendroid
On Lendroid, the primary off-chain operation, initiated by the all-important Lender, is the defining of the offer object. The lender sets a range of parameters including amount, interest, loan expiration, offer expiration, etc. At some point, it must go on-chain, to record the Lender’s sign on the block. However, with Keep, one trip on-chain is saved.
“Keep fits a key requirement of our protocol like a glove. The smart contract acts ‘human’, one with notary powers, who signs the offer off-chain. Gas cost is thus saved, transaction turnaround time is reduced, and overall efficiency is increased. Also for Lendroid, integrating with Keep is a nice experience of its compatibility with other protocols in the ecosystem,” says Lendroid Founder Vignesh Sundaresan.
To learn more about Keep visit: https://keep.network/
To learn more about Lendroid visit: https://lendroid.com/
