Threshold Network is the first-of-its-kind outcome of a combination of two decentralized protocols — NuCypher (NU) and Keep Network (KEEP) — to give its users complete security and anonymity. Threshold Network is inspired by Keep Network's structural features and NuCypher's privacy aspects. The united network offers a suite of Threshold cryptographic services aimed at addressing some of the most pressing privacy problems while still allowing customers complete ownership over their digital assets on the public blockchain. Its services include the tBTC bridge protocol and the proxy re-encryption service (PRE).

The rise of blockchain-based decentralized programs (DApps) is enabling the rise of a new age of the internet, often known colloquially as web3. However, the existing web3 platforms based on public blockchains pose privacy threats to users. Threshold Network offers a one-of-a-kind solution to user privacy problems in web3 via its proxy re-encryption service (PRE). Users can manage access to sensitive data on public networks via proxy re-encryption without revealing the underlying data to any third party or validator.

History

MacLane Wilkison established Threshold Network(T) in 2022. MacLane Wilkison is the cofounder and CEO of NuCypher, a firm supported by Y Combinator and Polychain Capital that provides decentralized key management and cryptographic access restrictions for decentralized apps. He is a software engineer and former Morgan Stanley investment banker, where he offered M&A and finance services to technology, media, and telecoms companies. He is a Chartered Financial Analyst (CFA), a Qualified Information Systems Security Professional (CISSP), and a certified Financial Risk Manager.

How does it work

Threshold Network Token — T — is the Threshold Network's native token. It functions as both a network utility token and a governance token for Threshold DAO. Within the Threshold ecosystem, this coin has a variety of applications. It not only makes the network function more smoothly, but it also provides different possibilities to generate money. The T token, for example, may be used to stake a node and earn rewards. T token holders can contribute to the operation of the Threshold Network by staking and maintaining a decentralized node to validate any network activity.

T is necessary to vote on crucial network decisions as a governance token for holders. By participating in the Threshold DAO, T token holders can ensure the network's decentralized and community-driven character.

Total supply and circulation

T tokens have a total quantity of 10 billion, with 4.5 billion allotted to NU holders and another 4.5 billion assigned to KEEP holders. The Threshold DAO has received the remaining 1 billion T tokens. At the time of writing, the circulating quantity of T tokens was 8.25 billion.