The Keep team has been hard at work on the Keep Random Beacon, a decentralized source of randomness for Ethereum that is both a foundational component for the Keep Network and will be available for any use case that requires trusted randomness. To understand why we’re investing so much time into building this component right, we have to look at why trusted randomness is important at all.Public blockchains and randomness
Trusted randomness is the core foundation of decentralization. It allows a network to function autonomously and securely, without any kind of intervention or manipulation. In Keep’s case, it is the component that makes group selection possible. Trusted randomness removes the need for involvement of a centralized player, oracle or other external entity, allowing for mutual trust across an open network.“Recently we have seen more private blockchains being announced, but the TRUE decentralized blockchains are the PUBLIC blockchains. “ — Axel Blikstad, Certified Financial Analyst.
If decentralized networks didn’t operate with a democratic, fair system of decision making, public blockchains would become trivial. Democracy is predicated on a system of trust, specifically, impartial opportunity for all participants. This is what public blockchains are based on, and within this model trusted randomness is essential.Democracy and Decentralized Networks
Dating back to its creation in Athens, Greece, democracy was founded on the idea that random samples of the population would best serve the overall populace. Similar to jury selection today, people are randomly chosen to assemble and determine the outcome of a particular problem. What underpins this system is trust in the random selection process. If the process leaves room for manipulation, it no longer works.
Democracy has taken a few turns since the seemingly utopian days of ancient Greece, leading to the development of decentralized networks that re-distribute power ...