What is the Threshold Network? The Threshold network provides and maintains a set of cryptographic primitives for different dApps. The network is the product of the protocol merger between Keep Network and NuCypher, which ended on January 1, 2022 with the launch of the T token.
## What is the T token?
The T token is both a utility token for the Threshold Network and a governance token for the Threshold DAO.
## What is the T token for?
The T token is mainly used to stake out a node. Node operators receive fees from various applications that rely on the cryptographic primitives of the Threshold network.
The T token is also a governance token and users can lock the token in hedging pools to earn a return in exchange for underwriting collateral risk in the network.
## What are Threshold primitives and use cases?
Threshold provides a set of cryptographic blocks for privacy, access controls, and cross-chain bridging, including:
* Proxy re-encryption (PRE) (https://en.wikipedia.org/wiki/Proxy_re-encryption)
* Threshold Signatures (TSS) (https://academy.binance.com/en/articles/threshold-signatures-explained)
* Distributed Key Generation (DKG) (https://en.wikipedia.org/wiki/Distributed_key_generation)
* Random Beacon (RB) (https://blog.keep.network/whats-in-a-beacon-12c34b0bc078)
## What is tBTC?
tBTC is Threshold's flagship app. tBTC is tokenized Bitcoin that is permissionless (i.e. non-custodial), allowing anyone to tokenize their Bitcoin and use it in DeFi applications without sacrificing privacy or risking censorship.
## Old Threshold Story
Keep and NuCypher merged into the Threshold Network in a decentralized chain merger. The idea of merging the two networks was first proposed by the community in February 2021. The first iteration of the merger proposal was posted on the Keep Network forum in March. The final proposal from rc0 defined the terms of the merger and was approved in June 2021 by both communities, with an instant vote for Keep and NuCypher token holders.
## T Supply details
* Initial Supply 10B
* 4.5B awarded to UN holders
* 4.5B allocated to KEEP holders
* 1B assigned to DAO Threshold
### Update to T
Vending machine contracts, with static conversion rates, will be available to NU and KEEP holders indefinitely. There is no pressure or inconvenience in waiting to update NU/KEEP in T, so stay safe, take your time and commit everything.
As a reminder, existing NU and KEEP participants will not be able to use vending machine contracts until their bets are unlocked and liquid. Legacy participants will be transferred to Threshold via special participation adapters.
*T token contract address: 0xCdF7028ceAB81fA0C6971208e83fa7872994beE5
*NU< > T vending machine contract address: 0x1CCA7E410eE41739792eA0A24e00349Dd247680e
* HOLD & lt; > T vending machine contract address: 0xE47c80e8c23f6B4A1aE41c34837a0599D5D16bb0
*NU conversion factor: ~3.26T
* HOLD conversion factor: ~4.78T
* NU token contract: 0x4fE83213D56308330EC302a8BD641f1d0113A4Cc
* HOLD token contract: 0x85eee30c52b0b379b046fb0f85f4f3dc3009afec
* Multisig threshold plate: 0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f